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Markets continue to trade in high spirit
Apr-16-2019

Indian equity benchmarks continued to trade in high spirit in early noon session, on account of broad based buying in blue chip counters amid positive Asian cues. Healthy buying was observed in blue-chip stocks like ICICI Bank, Indusind Bank and Asian Paints. Sentiments remained bullish as the government is targeting public procurement worth Rs 50,000 crore through the commerce ministry's online marketplace--Government e-Marketplace (GeM)--during the current financial year (2019-20). In FY19, GeM touched Rs 17,325 crore mark in terms of value of transactions as compared to Rs 5,885 crore in the previous financial year and Rs 422 crore in 2016-17. The strength in the markets was being supported by the India Meteorological Department (IMD) in Long Range Forecast for 2019 southwest monsoon rainfall stated that the country is likely to have 'near normal' monsoon this year with a well distributed rainfall which could be beneficial for the agriculture sector. Meanwhile, Civil Aviation Minister Suresh Prabhu has called for a review of issues related to struggling Jet Airways, including rising fares and flight cancellations. Prabhu has also asked Civil Aviation Secretary Pradeep Singh Kharola to take necessary steps to protect the rights and safety of passengers.

On the global front, Asian markets were trading in green, despite disappointing bank earnings dented Wall Street, though recent signs the global economy is likely to avoid a sharper downturn helped limit the losses. Back on street, Wipro shares were in limelight ahead of the announcement of quarterly earnings by the company later in the day. Besides, broader indices were also trading in green, supporting their larger peers. On scrip specific development, Polycab India listed with 17.66% premium on the BSE on debut. Polycab India has debuted at Rs 633.00 on the BSE, up by 95.00 point or 17.66% from its issue price of Rs 538. The offering, which was open for subscription between April 05, 2019 and April 09, 2019, was subscribed 52%. The issue price was fixed at Rs 538 per share i.e. at upper end of price band of Rs 533-538 apiece.

The BSE Sensex is currently trading at 39242.27, up by 336.43 points or 0.86% after trading in a range of 39038.81 and 39277.96. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surge 0.26%, while Small cap index was up by 0.40%.

The top gaining sectoral indices on the BSE were Bankex up by 1.18%, Capital Goods up by 1.14%, Consumer Durables up by 1.05%, Energy up by 0.88%, Oil & Gas was up by 0.87% while, Realty was down by 0.77% was the only losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 2.74%, Indusind Bank up by 2.20%, Asian Paints up by 2.16%, Larsen & Toubro up by 1.86% and Maruti Suzuki was up by 1.38%. On the flip side, Tata Motors down by 1.19%, Tata Motors - DVR down by 1.12%, Infosys down by 0.58%, Bharti Airtel down by 0.56% and Coal India was down by 0.08% were the top losers.

Meanwhile, continuing their growth momentum for sixth straight month, India’s merchandise exports rose to a five-month high of 11.02 percent in March 2019 as compared to same period of last year, on account of higher growth mainly in pharma, chemicals and engineering sectors. However, trade deficit, gap between imports and exports, narrowed to $10.89 billion during the month under review, as against the deficit of $13.51 billion in March 2018. Though, the trade deficit has widened to $176.42 billion during the fiscal 2018-19 from $162.05 billion compared to the year-ago period.

As per the data released by the Commerce Ministry, merchandise exports grew by 11.02% to $32.55 billion in March 2019, as compared to $29.32 billion in the same month a year ago. In Rupee terms, exports were higher by 18.63% to Rs 2,26,138.76 crore in March 2019, as compared to Rs 190,619.25 crore in March 2018. Cumulative value of exports for the period April-March 2018-19 was $331.02 billion as against $303.53 billion during the period April-March 2017-18, registering a positive growth of 9.06%. In Rupee terms, it was up by 18.29% to Rs 23,14,429.08 crore from Rs 19,56,514.53 crore.

Non-petroleum and Non Gems and Jewellery exports in March 2019 were $25.59 billion, as compared to $22.57 billion in March 2018, exhibiting a positive growth of 13.41%. Non-petroleum and Non Gems and Jewellery exports in April-March 2018-19 were $243.02 billion, as compared to $224.52 billion for the corresponding period in 2017-18, an increase of 8.24%.

On the other hand, imports during March 2019 rose by 1.44% to $43.44 billion as compared to imports of  $42.82 billion in March 2018, and in rupee terms it was up by 8.39% to Rs 3,01,814.05 crore from Rs 2,78,441.24 crore in March 2018. Cumulative value of imports for the period April- March 2018-19 was $507.44 billion, as against $465.58 billion during the period April- March 2017-18, registering a positive growth of 8.99%. In rupee terms, it was Rs 35,48,004.48 crore, up by 18.23% from Rs 30,01,033.43 crore in the same period last year. 

Oil imports in March 2019 were $11.75 billion, which was 5.55% lower, compared to $11.13 billion in March 2018. Oil imports in April- March 2018-19 were $140.47 billion which was 29.27% higher compared to $108.66 billion, over the same period last year. Non-oil imports were estimated at $31.69 billion in March 2019. Non-oil imports in April- March 2018-19 were $366.97 billion which was 2.82% higher, compared to $356.92 billion in April- March 2017-18. Non-Oil and Non-Gold imports were $28.42 billion in March 2019, down 2.67% over the same period of last year. Non-Oil and Non-Gold imports were $334.15 billion in April- March 2018-19, up 3.37%, over the same period of last year.

The CNX Nifty is currently trading at 11779.15, up by 88.80 points or 0.76% after trading in a range of 11731.55 and 11787.05. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 2.75%, Asian Paints up by 2.24%, Indusind Bank up by 2.11%, Titan Co up by 2.07% and Larsen & Toubro was up by 2.04%. On the flip side, Tata Motors down by 1.62%, Cipla down by 0.94%, Bharti Airtel down by 0.78%, Infosys down by 0.68% and BPCL was down by 0.42% were the top losers.

Asian markets were trading in green, Hang Seng increased 205.02 points or 0.69% to 30,015.74, Shanghai Composite gained 47.87 points or 1.51% to 3,225.66, Taiwan Weighted strengthened 38.62 points or 0.36% to 10,914.22, Straits Times advanced 5.56 points or 0.17% to 3,331.42, Jakarta Composite soared 11.86 points or 0.18% to 6,447.01, KOSPI rose 4.34 points or 0.19% to 2,247.22and Nikkei 225 was up by 67.44 points or 0.3% to 22,236.55.
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