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Indian indices settle with notable gains on Tuesday

Indian equity indices settled with notable gains on Tuesday. The start of the day was firm, aided with Union Minister Anurag Thakur’s statement that India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world. Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. The street remained optimistic, amid reports that India has the potential for very rapid economic growth over the next decade which will lift people out of poverty and allow the government to invest in health and education priorities in an exciting way.

Despite some volatility during the session, bourses managed to keep their heads above water for the whole day, taking support with Finance Minister Nirmala Sitharaman’s statement that the government has implemented major reforms in the last five years to build the investment climate in the country for becoming a $5 trillion economy. Investors took a note of Finance Commission chairman NK Singh’s statement that the government must complete unfinished tax reforms to improve the woefully inadequate tax buoyancy witnessed in the past one-and-a-half years, while advocating that simple direct tax code should be implemented soon & that the GST Council ought to go to the drawing board to address compliance issues.

On the global front, European markets were trading in green, after Europe's passenger car sales increased to the highest October level on record since 2009. The European Automobile Manufacturers Association, or ACEA, reported that car registrations grew 8.7 percent from last year to reach 1.17 million units in October. Asian markets ended mostly higher, as China's central bank unexpectedly cut its short-term lending rate, which was the first reduction in over four years, in a bid to boost slowing growth. The People's Bank of China lowered the seven-day repurchase rate to 2.50 percent from 2.55 percent. That was the first cut since October 2015.

Back home, automobile industry stocks ended lower, as Heavy Industries and Public Enterprises Minister Prakash Javadekar said that vehicle sale of all categories dropped to 11.7 million in April-September 2019 period as compared to 14.1 million units sold in the same period last year, on the back of cyclical slowdowns in many economies. Further, stocks related to airline industry remained in focus, after the Directorate General of Civil Aviation in its latest data revealed that the domestic air passenger traffic increased by 3.98 per cent to 12.31 million in October 2019 as compared to 11.84 million in the same month of last year on account of tourist season.

Finally, the BSE Sensex rose 185.51 points or 0.46% to 40,469.70, while the CNX Nifty was up by 55.60 points or 0.47% to 11,940.10.

The BSE Sensex touched high and low of 40,544.13 and 40,290.21, respectively and there were 11 stocks advancing against 20 stocks declining.

The broader indices ended mixed; the BSE Mid cap index fell 0.05%, while Small cap index was up by 0.31%.

The top gaining sectoral indices on the BSE were Telecom up by 8.52%, Energy up by 2.38%, PSU up by 0.99%, Power up by 0.92% and TECK up by 0.88%, while Metal down by 0.94%, Auto down by 0.74%, FMCG down by 0.58%, Consumer Disc down by 0.47% and Basic Materials down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 7.36%, Reliance Industries up by 3.52%, Axis Bank up by 3.43%, Power Grid up by 2.44% and Tech Mahindra up by 1.84%. On the flip side, Yes Bank down by 2.66%, Mahindra & Mahindra down by 2.19%, Tata Steel down by 2.02%, TCS down by 2.02% and Tata Motors down by 1.35% were the top losers.

Meanwhile, DoT Secretary Anshu Prakash has said telecom is a critical sector with direct impact on country’s GDP growth, employment and other crucial domains such as healthcare and agriculture, and the arrival of 5G will strengthen this connect. He said the sector is also playing a key role in empowering citizens, contributing to better governance and enhancing transparency.

Telecom Regulatory Authority of India (TRAI) Chairman RS Sharma has stated that information and communications technologies are all-pervasive, and hence the security of systems and data safety are becoming increasingly important. He also said now that everything is going to ride on this sector, the vulnerability of the sector becomes an important concern, the security of the sector, and safety of the data also become important. Therefore, he said ‘concepts like cyber security, data security, data privacy, become relevant and we need to learn and appreciate the importance they are going to play tomorrow.'

The TRAI chief further said while legal and regulatory systems need to evolve to keep pace with the fastchanging digital world, they should not have a knee jerk evolution. He stated that they should not evolve to strangulate innovation or become an obstacle to the development, they should evolve in a harmonized manner to ensure that while innovations do take place, the growth is orderly. So, he said the approach of regulations in this sector should be facilitating, rather than obstructing.

The CNX Nifty traded in a range of 11,958.85 and 11,881.75. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 10.96%, Bharti Airtel up by 8.66%, Axis Bank up by 3.71%, Reliance Industries up by 3.59% and Power Grid up by 2.78%. On the flip side, Yes Bank down by 2.51%, Mahindra & Mahindra down by 2.21%, Zee Entertainment down by 2.09%, TCS down by 1.98% and Tata Steel down by 1.72% were the top losers.

European markets were trading in green; UK’s FTSE 100 increased 77.05 points or 1.05% to 7,384.75, France’s CAC was up by 28.42 points or 0.48% to 5,958.21 and Germany’s DAX added 157.03 points or 1.19% to 13,364.04.

Asian markets ended mostly higher on Tuesday, bolstered by news that the Trump administration on Monday issued a new 90-day extension that allowing US companies to continue doing business with Chinese telecom giant Huawei Technologies. Chinese shares ended higher on hopes that Beijing will deliver some economic stimulus measures to boost slowing economic growth. Moreover, Hong Kong shares extended its gains even as concerns mounting over unrest in the Country.

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