Benchmarks continue to trade jubilantly in afternoon session

Markets continue to trade jubilantly in afternoon deals as there is no sign of profit taking from any corner yet and buying was sustaining even at higher levels. Sentiments remained up-beat after Greek parliament approved the austerity reforms. The narrowing of trade deficit $ 10.8 billion as against $ 11.7 billion in same month previous year too lifted sentiment. However, country’s exports contracted for the seventh straight month by 15.82 percent to $22.2 billion on account of slump in global demand. Meanwhile, rate sensitive shares remained in limelight across the exchanges on hopes of a rate cut on the back of narrowing trade deficit data because of declining crude oil prices.

On the global front, European counters have made a positive opening and CAC, DAX and FTSE all were trading in green with a gain of around half a percent in early deals. Asian markets were trading mixed at this point of time, though some of the indices were trading marginally in red but many have extended their gains after Greece’s parliament endorsed the fresh set of austerity measures. Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too equally participated in the rally. On the sectoral front, banking, oil and gas and public sector undertaking witnessed the maximum gain in trade, while there were no losers on the BSE sectoral space. The market breadth on the BSE was positive; there were 1,439 shares on the gaining side against 1,054 shares on the losing side while 127 shares remain unchanged.

The BSE Sensex is currently trading at 28351.38, up by 153.09 points or 0.54% after trading in a range of 28245.81 and 28374.44. There were 20 stocks advancing against 9 stocks declining on the index while 1 stock remained unchanged.

The broader indices were trading in green; the BSE Mid cap index was up by 1.00%, while Small cap index up by 0.66%.

The top gaining sectoral indices on the BSE were Bankex up by 1.15%, Oil & Gas up by 1.12%, PSU up by 0.78%, Power up by 0.74%, Consumer Durables up by 0.70%, while there were no losers on the index.

The top gainers on the Sensex were Axis Bank up by 3.16%, HDFC up by 1.74%, HDFC Bank up by 1.24%, Reliance Industries up by 1.21% and Cipla up by 1.13%. On the flip side, Mahindra & Mahindra down by 1.23%, Vedanta down by 1.03%, Hero MotoCorp down by 0.65%, Wipro down by 0.56% and Hindalco down by 0.43% were the top losers.

Meanwhile, India’s trade deficit narrowed to 10.8 billion in June as compared to 11.7 billion in same month previous year. The trade deficit for April-June, 2015-16 was estimated at $ 32225.66 million which was lower than the deficit of $33083.93 million during April-June, 2014-15. However, country’s exports contracted for the seventh straight month by 15.82 percent to $22.2 billion on account of slump in global demand. 

As per the government data, Exports during June, 2015 were valued at $22289.43 million which was 15.82 per cent lower in Dollar terms than the level of $26479.72 million. In rupee terms Exports stood at Rs 142341.88 crore, 10.00 per cent lower, as compared to Rs 158165.21 crore  during June, 2014. Cumulative value of exports for the period April-June 2015-16 was $ 66690.90 million as against $80112.30 million, while in rupee term it stood at Rs 423315.24 crore compared to Rs 478928.90 crore, registering a negative growth of 16.75 per cent in Dollar terms and 11.61 per cent in Rupee terms over the same period last year.

The imports also dropped 13.40 percent to $33116.55 million in May as compared to $38242.96 million and in rupee term the level of imports valued at Rs 211484.61 crore, 7.42 per cent lower as compared to Rs 228427.88 crore in June 2014. Cumulative value of imports for the period April-June 2015-16 was $98916.56 million as against $113196.23 million, while in rupee term it was Rs 627830.30 crore against Rs 676694.53 crore, registering a negative growth of 12.61 per cent in Dollar terms and 7.22 per cent in Rupee terms over the same period last year.

Oil imports during June, 2015 were valued at $8676.38 million, 34.97 per cent lower than oil imports valued at $13342.79 million in the corresponding period last year. Oil imports during April-June, 2015-16 were valued at $ 24657.97 million which was 39.54 per cent lower than the oil imports of $ 40785.50 million in the corresponding period last year. Non-oil imports during June, 2015 were estimated at $24440.17 million, 1.85 per cent lower than non-oil imports of $24900.17 million in June, 2014. Non-oil imports during April-June, 2015-16 were valued at $ 74258.59 million which was 2.55 per cent higher than the level of such imports valued at $ 72410.73 million in April-June, 2014-15.

The CNX Nifty is currently trading at 8572.65, up by 48.85 points or 0.57% after trading in a range of 8542.90 and 8575.85. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 3.26%, Tech Mahindra up by 2.49%, BPCL up by 2.12%, Kotak Mahindra Bank up by 1.99% and HDFC up by 1.77%. On the flip side, Mahindra & Mahindra down by 1.18%, Vedanta down by 1.17%, Bank of Baroda down by 0.93%, NMDC down by 0.78% and Ultratech Cement down by 0.63% were the top losers.

Asian markets were trading mixed; Hang Seng shed 23.21 points or 0.09% to 25,032.55, Taiwan Weighted slipped 11.99 points or 0.13% to 9,042.21 and FTSE Bursa Malaysia KLCI dipped 0.53 points or 0.03% to 1,726.73.

On the flip side, KOSPI Index increased 14.98 points or 0.72% to 2,087.89, Straits Times gained 16.69 points or 0.5% to 3,355.55, Shanghai Composite rose 15.44 points or 0.41% to 3,821.14 and Nikkei 225 increased 136.79 points or 0.67% to 20,600.12.

European Markets were trading in the green; Germany’s DAX gained 0.73%, UK’s FTSE rose 0.28% and France’s CAC was up by 0.41%.