Weak trade prevails in afternoon deals

Indian equity benchmarks continued their weak trade in the afternoon session on account of selling in frontline blue chip stocks such as Asian Paints, Axis Bank, GAIL and HDFC among others. Investors have maintained cautious approach ahead of Index of Industrial Production (IIP) data for March and Consumer Price Index (CPI) data for April scheduled to be released today. Investors overlooked SBI Research’s Ecowrap report, which said that the easing of crude oil prices will have positive effect not only on inflation but also on GDP growth. It has said that average crude oil prices will be around $ 45 for the next half of this year and this, coupled with positive macro fundamentals, could translate into better growth numbers for the country. In scrip specific development, TVS Motor was up by over two percent after foraying into the Central American market with a reputed local group Mayor Servicios Socieda Anonima (Masesa) as its sales and distribution partner.

On the global front, Asian markets were trading mixed, on concern about the appetite of U.S. consumers to keep spending, while bonds and gold extended gains. Back home, the BSE Sensex is currently trading at 30187.37, down by 63.61 points or 0.21% after trading in a range of 30152.23 and 30299.74. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.52%, while Small cap index was down by 0.53%.

The top gaining sectoral indices on the BSE were, IT up by 0.87%, TECK up by 0.46%, Metal up by 0.33%, Auto up by 0.17% and PSU up by 0.14%, while Healthcare down by 0.85%, Bankex down by 0.69%, Consumer Disc down by 0.49%, Telecom down by 0.46% and FMCG down by 0.43% were the losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.87%, Hero MotoCorp up by 1.82%, Cipla up by 1.16%, ONGC up by 0.90% and Coal India up by 0.75%. On the flip side, Asian Paints down by 2.99%, Axis Bank down by 1.90%, GAIL India down by 1.64%, HDFC down by 1.07% and Dr. Reddys Lab down by 0.99% were the top losers.

Meanwhile, in an attempt to check cheap import from flooding the domestic market, India is likely to impose anti-dumping duty of $1.04 per kg on import of ceramic table and kitchenware from China.

The Directorate General of Anti- Dumping and Allied Duties (DGAD), under the commerce ministry, in its preliminary findings, has concluded that the products were exported to India by Chinese firms below their normal value. It also said that the domestic industry has suffered material injury due to the dumping of ceramic table and kitchenware, excluding knives and toilet items from China. It added that the authority considers it necessary and recommends imposition of provisional anti-dumping duty on imports of these goods.

The All India Pottery Manufacturers' Association (AIPMA) and the Indian Ceramic Society had filed the application for the anti-dumping probe. In the financial year 2015-16, total import of the products from China has spiked to 10,160 tonnes from 5,519 tonnes in 2012-13. Meanwhile, the purpose of anti-dumping duties, in general, is to eliminate injury caused to the domestic industry by the unfair trade practices of dumping so as to re-establish a situation of open and fair competition in the market, which is in the general interest of the country.

The CNX Nifty is currently trading at 9393.60, down by 28.80 points or 0.31% after trading in a range of 9384.05 and 9437.75. There were 20 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 1.96%, Infosys up by 1.90%, ONGC up by 1.25%, Cipla up by 1.09% and Coal India up by 1.09%. On the flip side, Yes Bank down by 3.82%, Zee Entertainment down by 2.93%, Asian Paints down by 2.87%, Axis Bank down by 1.99% and Indiabulls Housing down by 1.86% were the top losers.

Asian markets were trading mixed, FTSE Bursa Malaysia KLCI increased 1.12 points or 0.06% to 1,776.51, Shanghai Composite rose 19.54 points or 0.64% to 3,081.04 and Jakarta Composite surged 26.39 points or 0.47% to 5,679.39. On the flip side, Nikkei 225 decreased 77.65 points or 0.39% to 19,883.90, Taiwan Weighted shed 14.66 points or 0.15% to 9,986.82 and KOSPI Index was down by 10.35 points or 0.45% to 2,286.02.