Benchmarks trade marginally lower in noon deals

Indian benchmark indices continued to trade marginally in red in the afternoon session, on account of sustained selling by fund and retail investors in the blue chip counters. The market sentiment was also hit by the Reserve Bank (RBI) pegging GDP growth for the current fiscal lower at 7.3% and saying that rush for farm loan waivers may have inflationary spillovers. Moreover, cautious trade in global peers ahead of key political and economic events in the U.S. and Europe too influenced sentiment. Meanwhile, Indian rupee weakened by 2 paise to 64.35 against the US dollar on increased demand for the American currency from importers. In scrip specific development, Strides Shasun was up by around two percent after receiving approval from the United States Food & Drug Administration (USFDA) for Amantadine Hydrochloride Capsules USP, 100 mg.

On the global front, Asian markets were trading mostly in green, as investors braced for any surprises from the UK elections, the European Central Bank's policy meeting and congressional testimony from ex-FBI director James Comey who was fired by President Donald Trump last month. Back home, the BSE Sensex is currently trading at 31239.90, down by 31.38 points or 0.10% after trading in a range of 31214.35 and 31354.51. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.23%, while Small cap index was up by 0.25%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.99%, Metal up by 1.37%, Basic Materials up by 0.58%, Realty up by 0.27% and Bankex up by 0.15%, while IT down by 1.25%, Oil & Gas down by 1.10%, TECK down by 1.06%, Consumer Durables down by 0.89% and Energy down by 0.74% were the losing indices on BSE.

The top gainers on the Sensex were Dr. Reddys Lab up by 4.09%, Sun Pharma up by 3.54%, Tata Steel up by 3.18%, Cipla up by 2.17% and HDFC up by 1.97%. On the flip side, TCS down by 2.96%, GAIL India down by 2.87%, Hero MotoCorp down by 1.39%, ONGC down by 1.28% and Mahindra & Mahindra down by 1.17% were the top losers.

Meanwhile, giving an overview of his three-year-old government, Prime Minister Narendra Modi has said that there has been a record jump in Foreign Direct Investment (FDI) from $34,487 billion to $61,724 billion since 2013. Terming India a bright spot in the cloudy global economy, he said that doing business here has been made easier and the tax regime is more predictable and stable. He pointed out that the goods and services tax (GST) regime is also going to have long standing benefits for the nation.

Talking about his 'guiding tenet-reform to transform', Modi said that the reform agenda of government is comprehensive and inclusive, covering all sections of society, all regions of India and all aspects needing attention. He also said that it was a matter of immense happiness that a friendly spirit of competition has developed among the states for accelerating reforms and getting more investment.

On matters related to next-gen infrastructure for a new India, PM said that they are giving the added push to infrastructure projects with a special emphasis on timely completion. Adding further, he said that the government’s goal is a new India, powered by the skills and talent of the youth. He also said that substantial ground has been covered in the last three years and India is poised to scale newer heights of progress.

The CNX Nifty is currently trading at 9657.35, down by 6.55 points or 0.07% after trading in a range of 9643.05 and 9688.70. There were 20 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Dr. Reddys Lab up by 4.22%, Sun Pharma up by 3.70%, Tata Steel up by 3.28%, Aurobindo Pharma up by 2.13% and Cipla up by 2.05%. On the flip side, TCS down by 2.98%, GAIL India down by 2.88%, Hero MotoCorp down by 1.37%, Mahindra & Mahindra down by 1.26% and Tata Power down by 1.25% were the top losers.

The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 1.18 points or 0.07% to 1,787.10, KOSPI Index rose 3.43 points or 0.15% to 2,363.57, Shanghai Composite surged 7.46 points or 0.24% to 3,147.78, Taiwan Weighted added 15.79 points or 0.15% to 10,225.78 and Hang Seng was up by 46.5 points or 0.18% to 26,020.66.

On the flip side, Nikkei 225 decreased 75.36 points or 0.38% to 19,909.26 and Jakarta Composite was down by 0.41 points or 0.01% to 5,716.91.