Markets trade flat with negative bias in range-bound session

In the extremely range-bound session of trade, Indian equity benchmarks altering between positive and negative territory, were now trading flat with bit of negative bias as investors and foreign funds were adopting a cautious approach, ahead of key economic data -- industrial production (IIP) for February and consumer price index (CPI) data for March -- to be released tomorrow and the fourth quarter earnings kick starting on Friday with IT giant Infosys numbers.  Sentiments remained subdued with a WTO report stating that India's rank remained unchanged at 19th in 2015 in the list of top 30 merchandise exporters of the world, though India's ranking among top importers slipped by one notch to 13th in 2015. Besides, caution too prevailed in view of holiday-shortened week as markets will remain shut on Thursday on account of Baba Saheb Ambedkar Jayanti and on Friday for Ram Navami. However, investors got some support with Economic Affairs Secretary Shaktikanta Das’ statement that a Parliamentary panel is expected to submit its report on the Bankruptcy and Insolvency Code on April 29 and government would push for the passage of the bill in the second leg of the Budget session.

On the global front, Asian markets were trading mostly in red on Monday with Japanese shares retreating amid a slump in machine orders. Meanwhile, US stocks closed moderately higher on Friday but still booked their worst week since early February as the market failed to lock in bigger early gains sparked by a crude oil rally. Back home, stocks from Consumer Durables, Realty and Power counters were supporting the markets’ uptrend, while those from FMCG, IT and Banking counters were adding to the underlying cautious undertone.

In scrip specific development, shares of Rajesh Exports have surged after the company bagged an export order worth Rs 1,188 crore of designer range of gold and diamond studded jewellery and medallions from UAE. Furthermore, Bharti Airtel has rallied after the company entered into an agreement with Aircel to acquire its 2,300-MHz spectrum band in eight circles for Rs 3,500 crore.

The market breadth on BSE was positive, out of 2138 stocks traded, 1167 stocks advanced, while 875 stocks declined on the BSE.

The BSE Sensex is currently trading at 24644.96, down by 28.88 points or 0.12% after trading in a range of 24600.65 and 24791.36. There were 15 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.35%, while Small cap index up by 0.37%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.30%, Realty up by 1.03%, Power up by 0.96%, Oil & Gas up by 0.68% and Metal up by 0.51%, while FMCG down by 0.64%, IT down by 0.51%, Bankex down by 0.09% and TECK down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.57%, Adani Ports &Special up by 2.06%, BHEL up by 1.59%, NTPC up by 1.41% and ONGC up by 1.24%. On the flip side, Lupin down by 1.72%, Mahindra & Mahindra down by 1.26%, HDFC down by 1.20%, Cipla down by 1.18% and Dr. Reddys Lab down by 1.08% were the top losers.

Meanwhile, India's rank remained unchanged at 19th in 2015, in the list of top 30 merchandise exporters of the world, as per a WTO report which has stated that China continues to hold the top position in the list it registered the highest merchandise trade by value in 2015 with $2,275 billion worth of exports. On the other side, India's ranking among top importers slipped by one notch to 13th in 2015, from 12th in previous year. In imports, the US topped the list.

The report further stated that, during last year India's rank remained unchanged at 8th among the top 30 leading exporters of commercial services. This list was topped by the US in both exports and imports. In imports, India positioned 10th. India's exports dipped by 17.2 per cent to $267 billion last year while imports aggregated at $392 billion. In 2015, India's commercial services exports aggregated at $158 billion while imports were $126 billion

The report also highlighted that the exports of developed and developing countries should grow at around the same rate in 2016, 2.9 percent in the former and 2.8 percent in the latter half. Meanwhile, imports of developed economies are expected to outpace those of developing countries in 2016, with a 3.3 per cent rise in the former compared to a 1.8 per cent increase in the latter.

Slowdown in the global demand hit India's exports in 2015 and this year too the shipments are in the negative zone, with exports dipping 5.66 percent in February to $20738.60 million, against $21983.43 million in February 2015. India's overall exports dipped by 17.2 per cent to $267 billion last year while imports aggregated at $392 billion.

The CNX Nifty is currently trading at 7552.70, down by 2.50 points or 0.03% after trading in a range of 7534.95 and 7580.80. There were 31 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.47%, Idea Cellular up by 2.29%, Adani Ports &Special up by 2.17%, Hindalco up by 1.88% and NTPC up by 1.48%. On the flip side, Lupin down by 1.68%, HDFC down by 1.25%, Grasim Industries down by 1.23%, Mahindra & Mahindra down by 1.13% and Dr. Reddys Lab down by 1.12% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 was down by 1.12%, Jakarta Composite down by 0.94%, FTSE Bursa Malaysia KLCI down by 0.27% and KOSPI Index was down by 0.23%. On the flip side, Taiwan Weighted was up by 0.14%, Shanghai Composite up by 1.82% and Hang Seng up by 0.51%.