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Benchmarks trade lower in early deals on weak global cues

17 Nov 2014 Evaluate

Indian equity benchmarks were trading in red terrain in early deals on Monday on the back of feeble global cues. The US markets made a flat closing in last session despite the release of data pointing to solid consumer spending. The Asian markets were trading in the red at this point of time with some of the indices losing 1-2 percent in early deals, led by the Japanese market, which is down over two percent, after the world’s third-largest economy unexpectedly entered recession.

Back home, losses remained capped as there is some positive news from domestic Services sector front, as the Services exports rose 5.3 per cent to $ 12.94 billion in September this year compared to the same month last year. Meanwhile, industry chamber Assocham has suggested that government must use the opportunity to integrate proposed Foreign Trade Policy with the ‘Make in India’ programme. Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 645.90 crore on Friday, as per provisional stock exchange data.

On the sectoral front, auto, power and public sector undertaking witnessed the maximum gain in trade, while software, fast moving consumer goods and banking remained the top losers on the BSE sectoral space. The broader indices, however, were trading with traction, while the market breadth on the BSE was positive; there were 1171 shares on the gaining side against 949 shares on the losing side while 64 shares remain unchanged.

The BSE Sensex opened at 28018.68; around 28 points lower as compared to its previous closing of 28046.66, and has touched a high and a low of 28052.27 and 27967.01 respectively. The BSE Sensex is currently trading at 28009.63, down by 37.03 points or 0.13%. There were 15 stocks advancing against 15 stocks declining on the index.

The overall market breadth remained in the favour of advances with 53.62% stocks advancing against 43.45% declines. The broader indices were trading in the green; the BSE Mid cap index was up by 0.34%, while Small cap index up by 0.61%.

The gaining sectoral indices on the BSE were Auto up by 0.85%, Power up by 0.81%, PSU up by 0.63%, Infrastructure up by 0.62% and Consumer Durables up by 0.37% while, IT down by 0.37%, FMCG down by 0.33%, Bankex down by 0.30%, Metal down by 0.27% and TECK down by 0.22% were the losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.54%, Tata Motors up by 2.33%, Hero MotoCorp up by 1.51%, NTPC up by 1.33% and Bajaj Auto up by 0.98%. On the flip side, HDFC Bank down by 1.75%, HDFC down by 1.15%, Mahindra & Mahindra down by 0.99%, BHEL down by 0.83% and Sun Pharma down by 0.70% were the top losers.

Meanwhile, moving closer to end the log jam at WTO over the signing of Trade Facilitation Agreement (TFA), India and the US successfully resolved their differences on the issue of public stockholding for food security purposes. According to the agreement, the US will support India's proposal at WTO that 'peace clause', crucial for uninterrupted implementation of India's food security programme, should continue indefinitely till a permanent solution is found.

The agreement will enable India to continue procurement and stocking of foodgrain for distribution to poor under its food security programme without attracting any kind of action from WTO members even if it breaches the 10 per cent subsidy cap as prescribed by the multilateral trade body. The agreement comes two days ahead of the G-20 Summit in Australia, which will be attended by Prime Minister Narendra Modi and other world leaders including the US President Barack Obama. WTO related matters are likely to come up during discussion between world leaders.

Earlier, in July 2014, India had made it clear to WTO that it would not agree to the Trade Facilitation Agreement (TFA) unless there is a permanent solution on safeguards to run food security programmes. The WTO’s Ministerial Conference at Bali last December had provided for only a four-year “peace clause” during which no member country would be legally barred from implementing food security programmes even if the farm subsidies breached the caps imposed by the original Agreement on Agriculture (AoA). India had, however, rejected the temporary peace clause and insisted on its right to provide unlimited subsidies until a “permanent solution” to the issue was found. This stance attracted strong criticism, especially from developed countries including the US, the EU and Australia.

The CNX Nifty opened at 8,378.40; around 11 point lower as compared to its previous closing of 8,389.90, and has touched a high and a low of 8,382.60 and 8,361.55 respectively.

The CNX Nifty is currently trading at 8375.65, down by 14.25. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were SBI up by 2.59%, Asian Paints up by 2.35%, Tata Motors up by 2.31%, IDFC up by 1.68% and Hero MotoCorp up by 1.49%. On the flip side, HDFC Bank down by 1.88%, DLF down by 1.72%, HDFC down by 1.29%, Ultratech Cement down by 1.14% and Jindal Steel & Power down by 1.07% were the top losers.

Asian markets were trading mostly in the red; Nikkei 225 tumbled by 420.17 points or 2.40% to 17,070.66, Hang Seng declined by 131.68 points or 0.55% to 23,955.70, KOSPI Index contracted 3.66 points or 0.19% to 1,941.48, Straits Times dipped 19.35 points or 0.58% to 3,296.32, FTSE Bursa Malaysia KLCI slipped 3.19 points or 0.18% to 1,810.60 and Taiwan Weighted was down by 58.91 points or 0.66% to 8,923.97.

On the flip side, Jakarta Composite surged by 4.11 points or 0.08% to 5,053.59 and Shanghai Composite was up by 16.98 points or 0.68% to 2,495.80.

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Name: Atharva Bhide

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