HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Indian markets maintain upward momentum
Dec-17-2018

Indian equity markets maintained their upward momentum in the early noon session and continued to trade on positive bias, following gains in Metal, Power, Utilities and Energy stocks. Healthy buying was observed in blue-chip stocks like Tata Motors, Tata Motors - DVR, Power Grid Corporation, Vedanta and Wipro. Further, appreciation in Indian rupee too supported the sentiments. Besides, support also came in as the Finance Minister Arun Jaitley stated that the government will stick to the 3.3 per cent fiscal deficit target in the current financial year. He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world’s fastest growing major economy.

On the global front, Asian markets were trading mostly in green, with hope to this week’s Federal Reserve monetary policy meeting. There is some sense that the US central bank will steer a dovish path into 2019, with perhaps fewer interest rate hikes in prospect than have been seen this year. Back home, power stocks remained in focus as record coal supply has helped power plants to replenish dwindling stockpile even after pumping up generation as electricity demand spiked 14% during the October festive season and continued to grow apace at 5.5% in November. In stock specific movement, IOC gained on the bourses as the company has reportedly entered into a memorandum of understanding (MoU) with the Savera Group, with an aim to open food stores in the company’s highway retail outlets across the country. The first such store, Amaravathi Highway Family Restaurant, was formally inaugurated at Chengapalli.

The BSE Sensex is currently trading at 36228.84, up by 265.91 points or 0.74% after trading in a range of 36123.62 and 36268.18. There were 26 stocks advancing against 3 stocks declining, while 2 stocks remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.25%, while Small cap index was up by 0.23%.

The top gaining sectoral indices on the BSE were Metal up by 1.35%, Power up by 1.17%, Utilities up by 1.07%, Energy up by 1.04 and  Oil & Gas was up by 0.96%, while Consumer Durables down by 0.43%, IT down by 0.26%, TECK down by 0.21% and Telecom was down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 4.34%, Tata Motors - DVR up by 4.20%, Power Grid Corporation up by 3.10%, Vedanta up by 2.73% and Wipro was up by 2.06%. On the flip side, Kotak Mahindra Bank down by 1.27%, Hero MotoCorp down by 0.99% and Infosys was down by 0.83% were the top losers.

Meanwhile, continuing growth momentum for the second straight month, India's exports grew by a meagre 0.80 percent to $26.5 billion in November. However, the trade deficit widened to $16.67 billion in the month under review, from $15.10 billion during the same month a year ago. The overall trade deficit for April- November 2018-19 is estimated at $76.19 billion as compared to $61.58 billion during April- November 2017-18.

As per the data released by the Commerce Ministry, exports grew by 0.80% to $26.50 billion in November 2018, as compared to $26.29 billion in the same month a year ago. In Rupee terms, exports were higher by 11.66% to Rs 1,90,429.46 crore in November 2018, as compared to Rs 1,70,541.01 crore in November 2017. Cumulative value of exports for the period April- November 2018-19 was $217.52 billion as against $194.93 billion during the period April- November 2017-18, registering a positive growth of 11.58%. In Rupee terms, it was up by 20.40% to Rs 15,14,369.74 crore from Rs 12,57,811.49 crore.

Non-petroleum and Non Gems and Jewellery exports in November 2018 were $18.57 billion, as compared to $19.32 billion in November 2017, exhibiting a positive growth of 3.93%. Non-petroleum and Non Gems and Jewellery exports in April- November 2018-19 were $ 156.55 billion, as compared to $143.77 billion for the corresponding period in 2017-18, an increase of 8.89%.

Imports during November 2018 increased by 4.31% to $43.17 billion as compared to imports of $41.39 billion in November 2017, while in rupee terms it was up by 15.55% to Rs 3,10,215.46 crore from Rs 2,68,467.53 crore in November 2017. Cumulative value of imports for the period April- November 2018-19 was $345.64 billion, as against $301.31 billion during the period April- November 2017-18, registering a positive growth of 14.71% over the same period last year. In rupee terms, it was Rs 24,07,273.87 crore, up by 23.81% from Rs 19,44,355.48 crore in the same period last year.

Oil imports in November 2018 were $13.49 billion, which was 41.31% higher, compared to $9.55 billion in November 2017. Oil imports in April- November 2018-19 were $97.43 billion which was 49.14% higher as compared to $65.33 billion over the same period last year. Non-oil imports in November 2018 were estimated at $29.68 billion which was 6.79% higher, compared to $31.84 billion in November 2017. Non-oil imports in April- November 2018-19 were $ 248.21billion which was 5.18% higher, compared to $235.98 billion in April- November 2017-18. Non-Oil and Non-Gold imports were $26.92 billion in November 2018, down 5.78% over the same period of last year. Non-Oil and Non-Gold imports were $226.13 billion in April- November 2018-19, up 6.27% over the same period of last year.

The CNX Nifty is currently trading at 10862.25, up by 56.80 points or 0.53% after trading in a range of 10844.85 and 10878.25. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.01%, Power Grid Corporation up by 2.99%, Vedanta up by 2.58%, Wipro up by 2.09% and ICICI Bank was up by 1.82%. On the flip side, Bajaj Finserv down by 1.67%, Indiabulls Housing down by 1.47%, Kotak Mahindra Bank down by 1.31%, Infosys down by 1.18% and Hero MotoCorp was down by 1.08% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 148.68 points or 0.7% to 21,523.51, Straits Times advanced 41.15 points or 1.34% to 3,118.24, Hang Seng increased 20.14 points or 0.08% to 26,114.93, Taiwan Weighted strengthened 16.42 points or 0.17% to 9,790.58, KOSPI rose 3.49 points or 0.17% to 2,072.87 and Shanghai Composite was up by 0.33 points or 0.01% to 2,594.07.

On the flip side, Jakarta Composite was down by 61.10 points or 0.99% to 6,108.74.

  RELATED NEWS >>
Most Viewed >>
April 22 , 2024
Invest lumpsum through systematic transfer pla
April 22 , 2024
FPIs mount bearish bets as risk aversion grows
April 22 , 2024
FPIs withdraw over Rs 5,200 crore in April so
April 23 , 2024
Sensex climbs 560 points, Nifty closes above 2
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.