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Key indices remain positive; Sensex up by around 150 points
Nov-20-2019

Key Indian equity indices remained positive in late afternoon session, despite weak cues from European markets. The street were optimistic, as the Centre is planning to set up a dedicated cell for agriculture startups and small entrepreneurs. National Rainfed Area Authority (NRRA) CEO Ashok Dalwai said there are numerous areas where startups can help farmers reduce cost and increase income. Adding some comfort, the Commerce and Industry Minister Piyush Goyal said that the government has strengthened several trade remedial measures, with an aim to provide a level-playing field for the domestic industry and protect it from unfair trade practices in a time-bound manner.

On the global front, European markets were trading in red, as UK manufacturers continued to log a decline in orders in November but the pace of decrease slowed from October. The survey data from the Confederation of British Industry, or CBI, showed that the order book balance fell to -26 percent in November from -37 percent in October. This was well below the long-run average of -13 percent. Asian markets were also trading in red.

Back home, textile industry stocks were in focus, after the textile Ministry convened a stakeholders meeting for inputs for a new textile policy, which will include in it the need for creating an umbrella brand for the country's textiles sector for the global market.

The BSE Sensex is currently trading at 40619.56, up by 149.86 points or 0.37% after trading in a range of 40575.96 and 40816.38. There were 14 stocks advancing against 16 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.11%, while Small cap index was up by 0.05%.

The top gaining sectoral indices on the BSE were Energy up by 2.02%, Healthcare up by 1.99%, Oil & Gas up by 0.96%, Capital Goods up by 0.67% and Industrials up by 0.61%, while Telecom down by 0.89%, Realty down by 0.80%, Consumer Durables down by 0.40%, Power down by 0.27% and Utilities down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 5.95%, Indusind Bank up by 4.22%, Reliance Industries up by 2.67%, Maruti Suzuki up by 1.38% and Larsen & Toubro up by 1.24%. On the flip side, Tata Motors - DVR down by 1.23%, Kotak Mahindra Bank down by 1.13%, SBI down by 1.09%, Bharti Airtel down by 0.93% and Hindustan Unilever down by 0.68% were the top losers.

Meanwhile, with an aim to provide a level-playing field for the domestic industry and protect it from unfair trade practices in a time-bound manner, the Commerce and Industry Minister Piyush Goyal has said that the government has strengthened several trade remedial measures.

The minister also underlined several steps taken by the government like reduction in time to initiate anti-dumping cases to protect domestic companies from unfair trade practices, noting that the average number of days for initiation of an anti-dumping investigation dropped to 32 in 2019 from 259 in 2016.

Piyush Goyal also mentioned that the average number of days for the start of a probe for imposing countervailing duty has been declined to 66 in 2019 from 72 in 2016. Besides, the Commerce and Industry Minister said that the number of anti-dumping cases initiated in 2019 was 25 against five in 2016.

The CNX Nifty is currently trading at 11985.30, up by 45.20 points or 0.38% after trading in a range of 11966.05 and 12038.60. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 6.56%, Sun Pharma up by 6.08%, Indusind Bank up by 4.39%, Dr. Reddy’s Lab up by 3.90% and BPCL up by 3.33%. On the flip side, Bharti Infratel down by 3.97%, Indian Oil Corporation down by 2.37%, Eicher Motors down by 1.28%, Kotak Mahindra Bank down by 1.14% and Britannia down by 1.03% were the top losers.

All Asian markets were trading in red; Hang Seng decreased 212.19 points or 0.78% to 26,881.61, Taiwan Weighted dropped 25.20 points or 0.22% to 11,631.20, Shanghai Composite declined 19.62 points or 0.67% to 2,914.37, Jakarta Composite lost 4.91 points or 0.08% to 6,147.18, KOSPI fell 27.92 points or 1.3% to 2,125.32, Straits Times trembled 6.12 points or 0.19% to 3,232.75 and Nikkei 225 was down by 144.08 points or 0.62% to 23,148.57.

All European markets were trading in red; FTSE lost 58.82 points or 0.80% to 7,264.98, CAC fell 48.48 points or 0.82% to 5,860.57 and DAX was down by 124.83 points or 0.94% to 13,096.29.
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