Benchmarks make optimistic start; Nifty regains 10,150 mark

Buoyed by firm global cues, Indian equity benchmarks have made a gap-up opening and are trading in fine fettle in early deals on Monday, with Nifty hitting new record high, crossing 10,150, surpassing the previous milestone of 10,137, hit on August 2. Traders ignored reports that trade deficit in the month widened to $ 11.64 billion from $ 7.7 billion during the same month a year ago. India’s exports rose 10.29 percent on a yearly basis to $23.81 billion in August on account of rise in shipments of engineering, petroleum, chemicals and pharmaceuticals products. Imports too increased 21.02 percent to $ 35.46 billion in August from $29.30 billion in the year-ago month due to rise in inward shipments of crude oil and gold.

On the global front, most of the Asian markets were trading in green amid relief that the weekend passed with no new provocation by North Korea. The US markets surged in the last session, with Dow and S&P climbing to new record closing highs, as traders shrugged off some disappointing economic reports, as the data was impacted by Hurricane Harvey.

Back home, oil sector stocks were buzzing, as the industry chamber Assocham has called for a cut in the cess on transport fuels, saying that the consumer is getting restive about a three-year high in the petrol prices and feels the market pricing mechanism is being distorted by tax hikes on petrol and diesel. Meanwhile, Dixon Technologies’ IPO, which was subscribed 117.83 times, have made a stellar listing with around 60% premium, while IPO of Bharat Road Network, which was subscribed 1.81 times, got dismal response.

The BSE Sensex is currently trading at 32480.71, up by 208.10 points or 0.64% after trading in a range of 32361.25 and 32508.06. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.77%, while Small cap index was up by 1.01%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.66%, Telecom up by 1.64%, Industrials up by 1.33%, Power up by 1.24% and Utilities was up by 1.24%, while Healthcare down by 0.12% was the lone losing index on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.27%, Bajaj Auto up by 1.86%, Tata Motors up by 1.79%, Tata Motors - DVR up by 1.75% and NTPC up by 1.70%. On the flip side, Dr. Reddys Lab down by 1.05%, Sun Pharma down by 1.02%, ONGC down by 0.63%, Tata Steel down by 0.49% and Lupin down by 0.09% were the top losers.

Meanwhile, after a single digit growth in the month of July, India’s export picked up pace in August 2017 and moved higher for the 12th straight month by 10.29% to $23.81 billion, as compared to $21.59 billion during August 2016, on the back of rise in shipments of engineering, petroleum, chemicals and pharmaceuticals products. However, the trade deficit widened to $11.64 billion in the month under review, from $7.7 billion during the same month a year ago, as Imports too rose by 21.02% to $35.46 billion in August from $29.30 billion in the year-ago month due to rise in inward shipments of crude oil and gold. The overall trade deficit for April-August 2017-18 is estimated at $39.87 billion as compared to $12.72 billion during April-August 2016-17.

As per the data released by the Commerce Ministry, exports grew by 10.29% to $23.81 billion in August 2017, as compared to $21.59 billion in the same month a year ago. In Rupee terms exports was higher by 5.39% to Rs 152365.23 crore in August 2017, as compared to Rs 144570.03 crore in August 2016. Cumulative value of exports for the period April-August 2017-18 was $118.57 billion as against $109.21billion, registering a positive growth of 8.57% over the same period last year. In Rupee terms it was up by 6.52% to Rs 763145.37 crore from Rs 731420.12 crore.

Non-petroleum and Non Gems & Jewellery exports in August 2017 were valued at $17.74 billion against $15.50 billion in August 2016, an increase of 14.47%. Non-petroleum and Non Gems and Jewellery exports during April-August 2017-18 were valued at $87.43 billion as compared to $79.62 billion for the corresponding period in 2016-17, an increase of 9.82%.

Imports during August 2017, increased by 21.02% to $35.46 billion as compared to $29.30 billion in August 2016, while in rupee terms it was up by 15.65 % to Rs 226849.74 crore from Rs 196154.44 crore in August 2016. Cumulative value of imports for the period April-August 2017-18 was $181.71 billion as against $143.50 billion, registering a positive growth of 26.63% over the same period last year. In rupee terms the cumulative imports was Rs 1169589.74 crore, up by 21.68% from Rs 961178.43 crore in the same period last year.

Oil imports during August, 2017 were valued at $7.75 billion which was 14.22% higher than oil imports valued at $6.78 billion in August 2016. Oil imports during April-August, 2017-18 were valued at $38.77 billion which was 18.89% higher than the oil imports of $32.61 billion in the corresponding period last year. Non-oil imports during August, 2017 were estimated at $27.70 billion which was 23.07% higher than non-oil imports of $22.51 billion in August, 2016. Non-oil imports during April-August 2017-18 were valued at $142.94 billion which was 28.91% higher than the level of such imports valued at $110.88 billion in April-August, 2016-17.

The CNX Nifty is currently trading at 10160.35, up by 74.95 points or 0.74% after trading in a range of 10131.30 and 10167.15. There were 44 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 2.53%, Larsen & Toubro up by 2.23%, Tata Motors - DVR up by 2.04%, Power Grid Corporation up by 2.02% and NTPC up by 1.73%. On the flip side, Sun Pharma down by 1.22%, Dr. Reddys Lab down by 1.09%, ONGC down by 0.51%, Tata Steel down by 0.49% and Aurobindo Pharma down by 0.40% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite rose 8.33 points or 0.25% to 3,361.95, KOSPI Index surged 27.22 points or 1.14% to 2,413.29, Taiwan Weighted gained 39.5 points or 0.37% to 10,619.91, Nikkei 225 increased 102.06 points or 0.52% to 19,909.50 and Hang Seng was up by 290.66 points or 1.05% to 28,098.25.

On the flip side, Jakarta Composite decreased 14.72 points or 0.25% to 5,857.68 and FTSE Bursa Malaysia KLCI was down by 0.86 points or 0.05% to 1,785.47.