Markets maintain uptrend supported by surge in RIL

Indian markets have stabilized after some initial hiccups and are now moving with slight conviction maintaining their uptrend, up by around a quarter percent with Nifty holding its crucial 9,900 mark. Traders are eyeing the Monsoon session of the Parliament starting today. While addressing media ahead of beginning of the Monsoon Session of Parliament, Prime Minister, Narendra Modi said he expects this session to be fruitful, adding he is hopeful that all political parties will support steps taken for betterment of nation. Meanwhile, the all-powerful GST Council will meet today to take stock of the implementation of the new indirect tax, after over two weeks of its implementation. The bourses were getting some support with the latest edition of the OECD’s economic outlook report on India, stating that economic growth is projected to remain strong and India will remain the fastest growing G20 economy.

The gain in the market was mainly driven by the market heavyweight Reliance Industries that extended gains for seventh consecutive session, though the mid cap stocks are slightly in somber mood. On the sectoral front, while the IT pack has picked up pace closely followed by tech and metals, FMCG stocks were showing sharp pull back, down by over a percent.

The BSE Sensex is currently trading at 32093.20, up by 72.45 points or 0.23% after trading in a range of 32053.98 and 32131.92. There were 21 stocks advancing against 10 stocks declining on the index.

The broader indices were showing a mixed trend; the BSE Mid cap index was down by 0.10%, while Small cap index was up by 0.05%.

The top gaining sectoral indices on the BSE were IT up by 1.04%, Metal up by 0.94%, TECK up by 0.88%, Basic Materials up by 0.78% and Energy up by 0.71%, while FMCG down by 1.48%, PSU down by 0.07% and Healthcare down by 0.01% were the few losing indices on BSE.

The top gainers on the Sensex were Wipro up by 3.51%, Adani Ports & SEZ up by 1.75%, Reliance Industries up by 1.72%, Mahindra & Mahindra up by 1.64% and Infosys up by 1.33%. On the flip side, ITC down by 2.70%, Coal India down by 0.80%, Axis Bank down by 0.60%, Hindustan Unilever down by 0.59% and SBI down by 0.55% were the top losers.

Meanwhile, extending further the growth momentum since September 2016, India’s exports grew by 4.39% for the tenth straight month to $23.56 billion in June, 2017, on the back of improvement in shipments of chemicals, engineering and marine products. However, the trade deficit widened to $12.95 billion in the month under review, from $8.11 billion in June 2016. The overall trade deficit for April-June 2017-18 is estimated at $28.6 billion as compared to $8.0 billion during April-June 2016-17. Besides, import too rose by 19% in June over corresponding period of previous year, due to rise in inward shipments of oil and gold.

As per the data released by the Commerce Ministry, exports jumped by 4.39% to $23.56 billion in June 2017, as compared to $22.57 billion in the same month a year ago. In the rupee terms exports was higher by 0.04% to Rs 151844.56 crore as compared to Rs 151904.56 crore in June 2016. Cumulative value of exports for the period April-June 2017-18 was $72.21 billion as against $65.31 billion, registering a positive growth of 10.57% over the same period last year. In Rupee terms it was up by 6.52% to Rs 465472.04 crore from Rs 436960.98 crore.

Non-petroleum and Non Gems & Jewellery exports in June 2017 were valued at $ 17.48 billion, against $16.48 billion in June 2016, an increase of 6.02%. Non-petroleum and Non Gems and Jewellery exports during April -June 2017-18 were valued at $52.71 billion, as compared to $48.02 billion for the corresponding period in 2016-17, an increase of 9.75%.

Imports during June 2017, increased by 19.01% to $36.52 billion as compared to $30.68 billion in June 2016, while in rupee terms it was up by 13.96% to Rs 235361.85 crore from Rs 206524.39 crore in June 2016. Cumulative value of imports for the period April-June 2017-18 was $112.26 billion as against $84.54 billion, registering a positive growth of 32.78% over the same period last year. In rupee terms the cumulative imports was Rs 723631.11crore, up by 27.91% from Rs 565754.29 crore in the same period last year.

Oil imports during June, 2017 were valued at $8.12 billion which was 12.04% higher than oil imports valued at $7.25 billion in June 2016. Oil imports during April-June, 2017-18 were valued at $23.17 billion which was 22.98% higher than the oil imports of $18.84 billion in the corresponding period last year. Non-oil imports during June, 2017 were estimated at $28.39 billion which was 21.17% higher than non-oil imports of $23.43 billion in June, 2016. Non-oil imports during April-June 2017-18 were valued at $89.08 billion which was 35.60% higher than the level of such imports valued at $65.69 billion in April-June, 2016-17.

The CNX Nifty is currently trading at 9909.75, up by 23.40 points or 0.24% after trading in a range of 9894.70 and 9920.30. There were 33 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Wipro up by 3.16%, Vedanta up by 2.34%, Mahindra & Mahindra up by 1.76%, Adani Ports & SEZ up by 1.58% and Reliance Industries up by 1.45%. On the flip side, ITC down by 2.65%, Coal India down by 0.86%, Axis Bank down by 0.58%, Hindustan Unilever down by 0.55% and SBI down by 0.55% were the top losers.

Most of the Asian markets were trading in green, FTSE Bursa Malaysia KLCI was tad higher by 0.22 points or 0.01% to 1,755.22, Jakarta Composite increased by 1.55 points or 0.03% to 5,833.34, KOSPI Index was higher by 11.22 points or 0.46% to 2,425.85, Taiwan Weighted added 13.63 points or 0.13% to 10,457.54 and Hang Seng surged by 159.95 points or 0.61% to 26,549.18

On the other hand, Shanghai Composite declined by23.68 points or 0.73% to 3,198.74.