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Bourses trim gains in late afternoon session
Aug-19-2019

Indian equity bourses trimmed most of their gains in late afternoon session but managed to remain in green terrain, on the back of firm cues from European markets. Market sentiments were positive, amid reports that private equity and venture capital investments in India crossed $8 billion in July -- the highest fund infusion in a month by PE/VC funds -- amid strong investment activity in infrastructure and real estate asset classes.  Some support also came with Reserve Bank of India (RBI) Governor Shaktikanta Das’ statement that the business community has been facing various challenges at the moment and growth is a matter of highest priority for the monetary policy committee (MPC) of the central bank.

On the global front, European markets were trading in green, despite euro area trade surplus declined in June as exports logged a monthly decline amid an increase in imports. The data from Eurostat showed that the trade surplus fell to a seasonally adjusted EUR 17.9 billion in June from EUR 19.6 billion in May. In the same period last year, the surplus totaled EUR 12.5 billion. Asian markets were also trading in green. Back home, auto stocks were trading lower, after automobile dealers' body Federation of Automobile Dealers Associations (FADA) said retail sales of passenger vehicles (PV) in July declined 11 per cent to 2,43,183 units against the same period last year. According to FADA, PV sales stood at 2,74,772 units in July 2018.

The BSE Sensex is currently trading at 37461.29, up by 110.96 points or 0.30% after trading in a range of 37393.75 and 37718.88. There were 13 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.18%, while Small cap index was up by 0.36%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.27%, Capital Goods up by 1.22%, Healthcare up by 0.69%, Industrials up by 0.64% and Realty up by 0.56%, while PSU down by 0.78%, Oil & Gas down by 0.63%, Auto down by 0.45%, Basic Materials down by 0.43% and Metal down by 0.39% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.83%, Larsen & Toubro up by 1.55%, Axis Bank up by 1.47%, Tech Mahindra up by 1.46% and ICICI Bank up by 1.17%. On the flip side, Yes Bank down by 2.96%, Power Grid down by 1.85%, Mahindra & Mahindra down by 1.38%, ONGC down by 1.13% and SBI down by 1.01% were the top losers.

Meanwhile, calling for an urgent review of corporate governance at state-run banks, Reserve Bank of India (RBI) Governor Shaktikanta Das has said the business community has been facing various challenges at the moment and growth is a matter of highest priority for the monetary policy committee (MPC) of the central bank.

Das also pointed signs of slowdown in key economies as the key risk to global financial stability but he said banks are more resilient to shocks. He added that Insolvency and Bankruptcy Code (IBC) amendments would help ring-fence banks.

Further, Das wanted state-run banks to access capital from markets rather than depending on the government. Besides, he noted that the RBI is keeping a close watch on the interconnectedness of banks and non-banking finance companies.

The CNX Nifty is currently trading at 11059.45, up by 11.65 points or 0.11% after trading in a range of 11050.45 and 11146.90. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 2.97%, Sun Pharma up by 2.71%, Larsen & Toubro up by 1.48%, Tech Mahindra up by 1.47% and Axis Bank up by 1.38%. On the flip side, Yes Bank down by 3.08%, UPL down by 2.54%, Grasim Industries down by 2.29%, Power Grid down by 1.94% and GAIL India down by 1.93% were the top losers.

Asian stocks were trading in green; Hang Seng increased 601.03 points or 2.34% to 26,335.25, Taiwan Weighted strengthened 67.86 points or 0.65% to 10,488.75, Jakarta Composite soared 17.26 points or 0.27% to 6,303.92, Nikkei 225 surged 144.35 points or 0.71% to 20,563.16, Shanghai Composite gained 55.34 points or 1.96% to 2,879.16, KOSPI rose 12.73 points or 0.66% to 1,939.90 and Straits Times was up by 20.32 points or 0.65% to 3,135.35.

All European markets were trading in green; FTSE gained 47.63 points or 0.67% to 7,164.78, CAC rose 31.76 points or 0.60% to 5,332.55 and DAX was up by 80.82 points or 0.70% to 11,643.56.
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