Bourses enter into positive terrain in late morning session

Erasing all their losses, key Indian benchmarks entered into positive terrain in late morning session and were hovering near their intraday high level, supported by firm Asian markets. Markets came out from recent shocking set of economic data where retail inflation jumped to 15-month high of 4.88% in the month of November 2017, as compared to 3.63% during the corresponding period last year and India’s Industrial production growth hit a three-month low of 2.2% in the month of October 2017, as compared to 4.2% growth in October 2016. Traders took encouragement with Economic Affairs Secretary S C Garg’s statement that infrastructure sector is expected to attract $12-13 billion investment through the National Investment and Infrastructure Fund (NIIF). Besides, firm broader indices and higher buying in Oil & Gas, Energy, Consumer Durables and Telecom stocks, also helped the key indices to recover from the losses. Meanwhile, the number of foreign tourist arrivals (FTAs) in India in the month of November witnessed a sharp jump of 14.4 per cent over the same period last year.

On the global front, Asian markets were trading in mostly in green, following overnight gains on Wall Street as investors looked ahead to a likely US interest rate hike. Back home, in scrip specific development, Kridhan Infra (KIL) was trading jubilantly after the company signed a Share Subscription Agreement (SSA) to significantly enhance its strategic stake in Vijay Nirman Company (VNC).

The BSE Sensex is currently trading at 33367.23, up by 139.24 points or 0.42% after trading in a range of 33123.44 and 33371.28. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.39%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.48%, Energy up by 1.14%, Consumer Durables up by 1.13%, Telecom up by 1.12% and TECK up by 0.63%, while Metal down by 0.32%, Realty down by 0.16% and Power down by 0.01% were the few losing indices on BSE.

The top gainers on the Sensex were ONGC up by 1.28%, Dr. Reddy’s Lab up by 1.22%, Kotak Mahindra Bank up by 1.19%, Bharti Airtel up by 0.98% and Reliance Industries up by 0.90%. On the flip side, Adani Ports & SEZ down by 0.81%, ICICI Bank down by 0.70%, Power Grid Corporation down by 0.64%, Tata Steel down by 0.25% and SBI down by 0.05% were the top losers.

Meanwhile, the number of foreign tourist arrivals (FTAs) in India in the month of November witnessed a sharp jump of 14.4 per cent over the same period last year. As per the tourism ministry data, the number of foreign tourist arrivals (FTAs) in India last month was 10.5 lakh as compared to 8.78 lakh in November 2016 and 8.16 lakh in November 2015. The maximum number of tourists came from Bangladesh contributing 16.77 per cent of FTAs, followed by the US with 14.77 per cent, the UK with 10.23 per cent, Russia with 4.41 per cent, Canada with 4.39 per cent, Australia with 3.96 per cent and Malaysia with 3.50 per cent.

The Delhi airport remained the busiest with almost 29.76 per cent share of FTAs, followed by Mumbai with 17.20 per cent share, Haridaspur Land Check Post (between Bangladesh and India with 8.40 per cent and Chennai airport with 5.78 per cent. The ministry data further revealed that FTAs during the period between January and November this year were 90.01 lakh, with a growth of 15.6 per cent over the same period the previous year, stood at 77.83 lakh in January- November, 2016.

November 2017 also saw a substantial rise in the number of tourists arriving on e-visas. During the month of November, 2017, a total of 2.14 lakh foreign tourists arrived on e-tourist visa as compared to 1.37 lakh during the month of November, 2016, registering a growth of 56.2 per cent. From January to November 2017, a total of 14.57 lakh foreign tourists arrived on e-tourist visa as compared to 9.17 lakh during January-November 2016, registering a growth of 58.8 per cent. 17.1 per cent tourists from the UK, 11.6 per cent from USA  and 6.6 per cent from Russian Federation were the top countries availing e-tourist visa facilities during November, 2017.

The Tourism Ministry compiles monthly estimates of FTAs, including those with e-tourist visas, on the basis of their nationality and port. The estimates are based on data received from the Bureau of Immigration (BOI).

The CNX Nifty is currently trading at 10282.85, up by 42.70 points or 0.42% after trading in a range of 10210.55 and 10290.05. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were HPCL up by 2.98%, BPCL up by 2.42%, Bharti Infratel up by 2.10%, Indian Oil Corporation up by 2.00% and GAIL India up by 1.42%. On the flip side, Vedanta down by 1.48%, Adani Ports & SEZ down by 1.01%, ICICI Bank down by 0.76%, Bajaj Finance down by 0.65% and Power Grid Corporation down by 0.49% were the top losers.

Asian markets were trading in mostly in green; FTSE Bursa Malaysia KLCI increased 1.19 points or 0.07% to 1,730.76, Shanghai Composite increased 3.96 points or 0.12% to 3,284.77, KOSPI Index increased 10.83 points or 0.44% to 2,471.83, Taiwan Weighted increased 21.78 points or 0.21% to 10,465.06 and Hang Seng increased 160.16 points or 0.56% to 28,954.04.

On the flip side, Nikkei 225 decreased 113.37 points or 0.5% to 22,752.80 and Jakarta Composite decreased 10.34 points or 0.17% to 6,022.03.