Sensex, Nifty trade in green; Telecom, Metal lead

Key Indian benchmarks continued to trade in green territory in late morning session, tracking firm cues from Asian markets. Traders were optimistic after India’s exports grew for the 13th straight month recording robust growth of 25.67% to $28.61 billion in September 2017, on the back of expansion in shipments of chemicals, petroleum and engineering products. Some support also came with the private report stating that growth in India's consumer sector is seemed to have recovered in the July-September quarter largely owing to increasing urban demand and the festive season. Adding to the optimism, Niti Aayog Vice Chairman Rajiv Kumar has said that slowdown in India's economic growth that began in 2013-14 has bottomed out and Gross Domestic Product (GDP) is likely to grow 6.9 to 7 percent in the fiscal 2017-18 and 7.5 percent in 2018-19. Meanwhile, investors awaited the wholesale price index (WPI)-based inflation for September due during market hours later today. Besides, the market participants took note of Finance Minister Arun Jaitley’s statement that he never talked about any stimulus package for boosting economy.

On the global front, Asian markets were trading mostly in green, extending gains from the previous session, following the positive lead from Wall Street on Friday and higher commodity prices. Besides, investors digested the release of China inflation data. Back home, in scheme specific development, Kotak Mahindra Bank gained after the bank completed the acquisition of 26% equity stake in its subsidiary Kotak Mahindra Old Mutual Life Insurance from Old Mutual Plc for Rs 1,293 crore.

The BSE Sensex is currently trading at 32541.66, up by 108.97 points or 0.34% after trading in a range of 32445.43 and 32687.32. There were 21 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.15%, while Small cap index was up by 0.16%.

The top gaining sectoral indices on the BSE were Telecom up by 2.30%, Metal up by 1.71%, Basic Materials up by 0.91%, Auto up by 0.80% and TECK up by 0.77%, while Bankex down by 0.37% and Energy down by 0.01% were the only losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 2.61%, Hindustan Unilever up by 1.96%, Mahindra & Mahindra up by 1.82%, Tata Motors up by 1.79% and Cipla up by 1.79%. On the flip side, Axis Bank down by 2.17%, Wipro down by 0.67%, Reliance Industries down by 0.67%, SBI down by 0.48% and Asian Paints down by 0.32% were the top losers.

Meanwhile, expanding at a fastest pace and at highest in last six months, India’s exports grew for the 13th straight month recording robust growth of 25.67% to $28.61 billion in September 2017, on the back of expansion in shipments of chemicals, petroleum and engineering products. This is the highest export growth rate since March 2017 when shipments grew by 27.5%. Also, the trade deficit narrowed to 7-month low of $8.98 billion in the month under review, from $9.07 billion in September 2016, as imports rose at a slower pace by 18.09% to $37.59 billion in September from $31.83 billion in the year-ago month. Besides, gold imports dipped by 5% to $1.7 billion from $1.8 billion in September last year.

As per the data released by the Commerce Ministry, exports grew by 25.67% to $28.61 billion in September 2017, as compared to $22.76 billion in the same month a year ago. In Rupee terms it was higher by 21.35% to Rs 184387.36 crore in September 2017, as compared to Rs 151950.74 crore during September 2016. Cumulative value of exports for the period April-September 2017-18 was $147.18 billion as against $131.98 billion, registering a positive growth of 11.52% over the same period last year. In Rupee terms it was up by 7.26% to Rs 947532.73 crore from Rs 947532.73 crore.

Non-petroleum and Non Gems & Jewellery exports in September 2017 were valued at $20.23 billion against $15.73 billion in September 2016, an increase of 28.65%. Non-petroleum and Non Gems and Jewellery exports during April -September 2017-18 were valued at $107.67 billion as compared to $95.35 billion for the corresponding period in 2016-17, an increase of 12.92%.

Imports during September 2017, increased by 18.09% to $37.59 billion as compared to $31.83 billion in September 2016, while in rupee terms it was up by 14.02% to Rs 242282.96 crore from Rs 212486.28 crore in September 2016. Cumulative value of imports for the period April-September 2017-18 was $219.31 billion as against $175.33 billion, registering a positive growth of 25.08% over the same period last year. In rupee terms the cumulative imports was Rs 1411872.70 crore, up by 20.30% from Rs 1173664.70 crore in the same period last year.

Oil imports during September, 2017 were valued at $8.18 billion which was 18.47% higher than oil imports valued at $6.91 billion in September 2016. Oil imports during April-September, 2017-18 were valued at $46.96 billion which was 18.82% higher than the oil imports of $39.52 billion in the corresponding period last year. Non-oil imports during September, 2017 were estimated at $29.40 billion which was 17.98% higher than non-oil imports of $24.92 billion in September, 2016. Non-oil imports during April-September 2017-18 were valued at $172.35 billion which was 26.90% higher than the level of such imports valued at $135.81billion in April-September, 2016-17.

The CNX Nifty is currently trading at 10198.90, up by 31.45 points or 0.31% after trading in a range of 10175.10 and 10242.95. There were 32 stocks advancing against 17 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Bharti Airtel up by 3.16%, Vedanta up by 2.41%, Bharti Infratel up by 2.38%, Hindalco up by 2.10% and Mahindra & Mahindra up by 1.98%. On the flip side, Axis Bank down by 2.31%, Indusind Bank down by 2.08%, Reliance Industries down by 1.02%, Wipro down by 0.65% and Yes Bank down by 0.64% were the top losers.

Asian markets were trading mostly in green; KOSPI Index increased 5.48 points or 0.22% to 2,479.10, Jakarta Composite increased 22.53 points or 0.38% to 5,946.65, Taiwan Weighted increased 50.12 points or 0.47% to 10,774.21, Nikkei 225 increased 114.79 points or 0.54% to 21,269.97 and Hang Seng increased 248.91 points or 0.87% to 28,725.34.

On the flip side, Shanghai Composite decreased 11.51 points or 0.34% to 3,379.01 and FTSE Bursa Malaysia KLCI decreased 3.17 points or 0.18% to 1,752.15.