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Firm trade persists on Dalal Street
Apr-16-2019

Firm trade continued on Dalal Street in late afternoon session, with larger peers, Sensex and Nifty garnering gains of around a percent each, on account of firm opening of European markets. Market participants got encouragement with a private report stating that the Reserve Bank of India will cut its key policy rates by another 25 basis points, after Governor Shaktikanta Das' weekend speech focusing on ways to revive growth. Optimistic export data of March month, also contributed to the upward rally. 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.

On the global front, European markets were trading in green, despite Finland's national economic output growth slowed in February, after improving in the previous two months. The preliminary data from Statistics Finland showed that gross domestic product grew a working day adjusted 1.7 percent year-on-year after a 2.13 percent increase in January, which was revised from 1.5 percent. Asian markets were also trading in green.

The BSE Sensex is currently trading at 39340.94, up by 435.10 points or 1.12% after trading in a range of 39038.81 and 39364.34. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.17%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Bankex up by 1.76%, Capital Goods up by 1.28%, Consumer Durables up by 1.06%, Oil & Gas up by 1.06% and Telecom up by 0.94%, while Realty down by 0.84% was the lone losing index on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.91%, ICICI Bank up by 3.62%, ONGC up by 2.52%, Larsen & Toubro up by 2.26% and Asian Paints up by 1.83%. On the flip side, Tata Motors - DVR down by 0.85%, Tata Motors down by 0.58%, Coal India down by 0.40%, Power Grid down by 0.38% and Infosys down by 0.23% were the top losers.

Meanwhile, the Vice President of India, M. Venkaiah Naidu has expressed need to promote resource efficiency to achieve climate resilient urban development. He called for new urban infrastructure that will be low-carbon, green and climate resilient.

Vice President said that a massive migration from rural to urban areas has become a reality and further listed the main drivers of such migration such as education, entertainment, enhanced medical facilities and employment. He also pitched for collaborative efforts of governments at state and centre to reduce the divide by providing urban amenities in rural areas.

Naidu also called upon all the representatives of provinces and cities of various countries presented to adopt multi-dimensional and innovative approaches to ensure low emissions oriented development. He urged them to promote public transport in cities to reduce congestion and air pollution.

The CNX Nifty is currently trading at 11807.20, up by 116.85 points or 1.00% after trading in a range of 11731.55 and 11810.95. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 3.73%, ICICI Bank up by 3.72%, Titan up by 2.68%, ONGC up by 2.65% and Larsen & Toubro up by 2.35%. On the flip side, Wipro down by 2.49%, Cipla down by 1.53%, Tata Motors down by 0.86%, GAIL India down by 0.73% and Power Grid down by 0.48% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 52.55 points or 0.24% to 22,221.66, Taiwan Weighted strengthened 52.25 points or 0.48% to 10,927.85, Jakarta Composite soared 46.39 points or 0.72% to 6,481.54, KOSPI rose 5.75 points or 0.26% to 2,248.63, Shanghai Composite gained 70.35 points or 2.21% to 3,248.14, Straits Times advanced 5.91 points or 0.18% to 3,331.77 and Hang Seng was up by 246.67 points or 0.83% to 30,057.39.

All European markets were trading in green; UK’s FTSE 100 gained 15.58 points or 0.21% to 7,452.45, France’s CAC rose 2.20 points or 0.04% to 5,510.93 and Germany’s DAX was up by 68.54 points or 0.57% to 12,088.82.

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