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Benchmarks continue to trade flat in morning deals
May-25-2022

Benchmarks were trading flat in morning deals, as investors awaited the last leg of earnings reports from India Inc for cues.  Traders remained cautious as Former World Bank chief economist Kaushik Basu said that even though the fundamentals of the Indian economy are strong, the rise in divisiveness and polarisation in the country is damaging the foundations of the nation’s growth. Traders also took a note EEPC India stating that export of engineering goods to CIS countries including Russia and Ukraine fell the most year-on-year during April 2022, while that to North America registered the highest growth during this period. As per the region-wise data, exports to CIS countries slumped to $25.1 million in April 2022 from $90 million in the same month last year. However, traders found some support with Union Minister for Commerce and Industry Piyush Goyal’s statement that India's exports rose to a record high of $421.8 billion during the financial year ended March 2022 despite the COVID-19 pandemic and global supply chain disruption and the shipment may surge to $1 trillion by 2030. On the global front, Asian markets are trading mostly in green even as central banks piled into aggressive rate hikes to battle soaring inflation and left investors worried about slower global growth.

The BSE Sensex is currently trading at 54045.66, down by 6.95 points or 0.01% after trading in a range of 54016.46 and 54379.59. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.87%, while Small cap index was down by 1.23%.

The lone gaining sectoral index on the BSE was Bankex up by 0.86%, while IT down by 2.46%, TECK down by 1.92%, Consumer Discretionary down by 1.20%, Consumer Durables down by 1.08% and Realty down by 1.06% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.93%, Nestle up by 1.76%, Kotak Mahindra Bank up by 1.60%, ICICI Bank up by 1.14% and HDFC up by 1.05%. On the flip side, Tech Mahindra down by 3.48%, Asian Paints down by 3.24%, TCS down by 2.74%, Wipro down by 2.62% and HCL Tech. down by 2.04% were the top losers.

Meanwhile, the World Economic Forum (WEF) in its biennial travel and tourism study has ranked India at the 54th place in a global travel and tourism development index, down from 46th in 2019, but still remained on the top within South Asia. Japan has topped the global charts, followed by the US, Spain, France, Germany, Switzerland, Austraila, UK, Singapore and Italy in the top 10. The study also showed a recovering sector following pandemic lows, though the recovery has been uneven and challenges remain. The Travel and Tourism Development Index assesses 117 economies, identifying key factors in enabling the sustainable and resilient growth of travel and tourism economies.

Lauren Uppink, Head of Aviation, Travel and Tourism at the World Economic Forum, said ‘Covid-19 shutdowns have re-emphasised the important contribution travel and tourism makes to many economies around the world’. He added ‘as the world emerges from the pandemic, economies must invest in building a strong and resilient environment to deliver the travel and tourism experience and services for many decades to come’.

While overall international tourism and business travel is still below pre-pandemic levels, the sector recovery has been bolstered by greater vaccination rates, return to more open travel, and growing demand for domestic and nature-based tourism. Many businesses and destinations have adapted to these shifting demand dynamics. WEF said the Travel and Tourism Development Index 2021 is a direct evolution of the Travel and Tourism Competitiveness Index, which has been published biennially for the past 15 years.

The CNX Nifty is currently trading at 16133.40, up by 8.25 points or 0.05% after trading in a range of 16114.30 and 16223.35. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were SBI Life Insurance up by 3.29%, HDFC Life Insurance up by 2.69%, Indusind Bank up by 2.07%, Nestle up by 1.82% and Grasim Industries up by 1.62%. On the flip side, Adani Ports &SEZ down by 3.69%, Tech Mahindra down by 3.48%, Asian Paints down by 3.05%, TCS down by 2.75% and Wipro down by 2.30% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted strengthened 167.03 points or 1.05% to 16,130.66, Hang Seng increased 128.88 points or 0.64% to 20,240.98, KOSPI rose 19.98 points or 0.77% to 2,625.85, Shanghai Composite gained 17.73 points or 0.58% to 3,088.66 and Nikkei 225 slipped 5.03 points or 0.02% to 26,743.11.

On the flip side, Straits Times trembled 6.50 points or 0.2% to 3,188.54 and Jakarta Composite lost 30.72 points or 0.44% to 6,883.42.
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