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Bulls hold tight grip over dalal Street
Aug-03-2021

Bulls were holding a tight grip over the Dalal Street during late morning session, with both Sensex and Nifty trading with strong gains, despite negative cues from other Asian markets. Traders got encouragement, after markets regulator Sebi has reduced the minimum application value of REITs and InvITs, and revised trading lot to one unit for these emerging investment instruments to make them attractive for retail investors. The minimum application value has been cut down to the range of Rs 10,000-15,000 for both REITs and InvITs, compared to the earlier requirement of Rs 50,000 for REITs and Rs 1 lakh for InvITs, Sebi said in two separate notifications dated July 30.

On the global front, Asian markets were trading mostly in red, after consumer prices in South Korea were up a seasonally adjusted 0.2 percent on month in July, Statistics Korea said on Tuesday. That exceeded expectations for a flat reading following the 0.1 percent decline in June. On a yearly basis, inflation climbed 2.6 percent - again beating forecasts for 2.4 percent, which would have been unchanged.

The BSE Sensex is currently trading at 53365.48, up by 414.85 points or 0.78% after trading in a range of 53088.35 and 53402.03. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.07%, while Small cap index was up by 0.26%.

The top gaining sectoral indices on the BSE were Telecom up by 1.43%, Consumer Durables up by 1.24%, TECK up by 0.92%, FMCG up by 0.92% and IT up by 0.85%, while Metal down by 0.98%, Basic Materials down by 0.23%, Oil & Gas down by 0.06% and Energy down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Co up by 3.93%, Sun Pharma up by 2.67%, Bharti Airtel up by 2.41%, HDFC up by 2.35% and Indusind Bank up by 1.82%. On the flip side, Tata Steel down by 0.88%, Bajaj Auto down by 0.56%, ICICI Bank down by 0.53%, NTPC down by 0.42% and Reliance Industries down by 0.07% were the top losers.

Meanwhile, the provisional data of the commerce ministry showed that India’s exports grew by 47.19 per cent to $35.17 billion in July on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery. Imports during the month also rose by 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion.

As per the data, exports of petroleum, engineering, and gems and jewellery in July increased to $3.82 billion, $2.82 billion and $1.95 billion respectively. However, exports of oilseeds, rice and meat, dairy and poultry products have recorded negative growth in the month under review. Imports of petroleum, crude, and products rose by 97 per cent to $6.35 billion.

Similarly, imports of gold were up by 135.5 per cent to $2.42 billion and pearls, precious and semi-precious stones inbound shipments stood at $1.68 billion in July. However, imports of transport equipment, project goods and silver have recorded negative growth in July. Further exports to the US, UAE, and Belgium increased to $2.4 billion, $1.21 billion and $489 million in July.

The CNX Nifty is currently trading at 15990.25, up by 105.10 points or 0.66% after trading in a range of 15914.35 and 16000.65. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Titan Co up by 3.83%, Sun Pharma up by 2.58%, Bharti Airtel up by 2.41%, HDFC up by 2.39% and Indusind Bank up by 1.79%. On the flip side, JSW Steel down by 1.75%, Grasim Industries down by 1.42%, Tata Steel down by 0.94%, Hindalco down by 0.81% and Shree Cement down by 0.74% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 248.64 points or 0.95% to 25,987.16, Nikkei 225 slipped 158.92 points or 0.57% to 27,622.10, Straits Times trembled 26.43 points or 0.84% to 3,134.79 and Taiwan Weighted dropped 5.39 points or 0.03% to 17,497.89. On the flip side, Shanghai Composite gained 0.02 points or 0.01% to 3,464.31, KOSPI rose 6.34 points or 0.2% to 3,229.38 and Jakarta Composite soared 37.89 points or 0.62% to 6,134.43.

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