Key Indian benchmarks managed to trade above their neutral lines in afternoon session, on account of buying in frontline blue chip counters. Traders were taking support from report that Union minister Ravi Shankar Prasad termed the low Gross Domestic Product (GDP) growth as a ‘temporary phenomenon’, and said things will improve in future as the fundamentals of Indian economy are strong. He added that the fundamentals of Indian economy are very strong. However, gains remain capped as investors preferred to remain on sidelines ahead of key economic data -- July IIP and August CPI, to be announced after the market hours. In the currency front, the rupee emerged strong in early trade, and was trading at 71.27 against US Dollar, higher by 39 paise. On the global front, Asian market were trading mixed amid positive developments on the US-China trade front. Markets also expect further easing measures by the European Central Bank when it announces its decision on interest rates later today.
The BSE Sensex is currently trading at 37318.42, up by 47.60 points or 0.13% after trading in a range of 37227.95 and 37435.15. There were 13 stocks advancing against 18 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 0.20%, while Small cap index was up by 0.61%.
The top gaining sectoral indices on the BSE were Basic Materials up by 0.86%, Bankex up by 0.72%, Capital Goods up by 0.43%, Industrials up by 0.35% and Healthcare up by 0.32%, while Auto down by 1.05%, Telecom down by 0.69%, TECK down by 0.60%, IT down by 0.56% and Consumer Discretionary Goods & Services down by 0.46% were the losing indices on BSE.
The top gainers on the Sensex were ICICI Bank up by 2.62%, Indusind Bank up by 1.63%, HDFC up by 1.62%, HDFC Bank up by 0.88% and ONGC up by 0.88%. On the flip side, Tata Motors - DVR down by 4.38%, Yes Bank down by 4.12%, Tata Motors down by 3.54%, Maruti Suzuki down by 1.70% and Axis Bank down by 1.58% were the top losers.
Meanwhile, the Commerce Ministry will soon seek Union Cabinet’s nod for the proposed Multi-Modal Transportation of Goods Bill, 2019, (MMTG), which aims at facilitating movement of goods for exports, imports and domestic trade also. After getting the Cabinet's approval, the Bill will be laid in Parliament for approval and would repeal the present MMTG Act 1993. Multimodal transportation includes a combination of more than one mode of movement, such as rail, road or sea, for end-to-end delivery of goods.
Commerce and Industry Minister Piyush Goyal has said that micro, small and medium enterprises (MSMEs) and start-ups would get concessions in filing patents, copyrights and trademark applications. He noted that a separate cell for MSMEs will be set up at the Directorate General of Trade Remedies (DGTR) to help them file applications for dumping cases. He also said that the ministry would provide free services to them as it costs more to hire lawyers and do data collection.
Adding further, Goyal said ‘The ministry is studying rules of all other countries pertaining to trade remedy measures like anti-dumping duties and then, we will align the rule of India. In the next 10 days, we will take a decision on this.’ He felt that India is not able to take measures in full fairness because of lesser duty rule. He also expressed hope that because of the recent liberalisation of foreign direct investment (FDI) norms in certain sectors, India can attract large-scale manufacturing.
The CNX Nifty is currently trading at 11045.90, up by 10.20 points or 0.09% after trading in a range of 11015.80 and 11081.75. There were 22 stocks advancing against 27 stocks declining on the index.
The top gainers on Nifty were Indiabulls Housing Finance up by 4.01%, Ultratech Cement up by 3.22%, ICICI Bank up by 2.58%, Grasim Industries up by 2.04% and Indusind Bank up by 1.66%. On the flip side, Yes Bank down by 4.05%, Tata Motors down by 3.65%, Eicher Motors down by 2.05%, Axis Bank down by 1.62% and Maruti Suzuki down by 1.62% were the top losers.
Asian market were trading mixed; Nikkei 225 surged 161.85 points or 0.75% to 21,759.61, Taiwan Weighted strengthened 37.20 points or 0.34% to 10,827.55 and Shanghai Composite gained 20.35 points or 0.68% to 3,029.16. On the flip side, Straits Times trembled 8.87 points or 0.28% to 3,195.65, Jakarta Composite lost 24.92 points or 0.39% to 6,357.03 and Hang Seng decreased 28.82 points or 0.11% to 27,130.24.