Firm trade prevails; Metal stocks shine

Key Indian benchmarks continued their firm trade in late morning session, with the Sensex and Nifty gaining more than 200 and 70 points, amid positive Asian cues. Sentiments were optimistic with CRISIL’s latest report stating that the Reserve Bank's revised framework for quicker and time-bound resolution of stressed assets is a long-term positive for banks. The report further noted that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of non-performing assets (NPAs). Besides, heavy buying in Metal, IT and Basic Materials stocks also helped the indices to maintain their gains. Adding some optimism, Pension Fund Regulatory and Development Authority (PFRDA) chairman said that the proposal of long-term capital gains tax will not have much impact on the National Pension Scheme (NPS). Meanwhile, the number of foreign tourist arrivals (FTAs) in India in the month of January witnessed a growth of 8.4 percent over the same period last year.

On the global front, Asian markets were trading in green, after US stocks closed higher overnight despite stronger-than-expected US inflation data, and as higher commodity prices boosted resources stocks. Back home, in scrip specific development, Zee Learn traded higher after the company signed definitive agreements to invest Rs 200 crore in MT Educare through a preferential allotment of equity shares (face value Rs 10 per share) for a stake of 44.53% in the expanded share capital of MT Educare.

The BSE Sensex is currently trading at 34377.64, up by 221.69 points or 0.65% after trading in a range of 34194.67 and 34425.65. 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 0.27%, while Small cap index was up by 0.06%.

The top gaining sectoral indices on the BSE were Metal up by 1.70%, IT up by 1.15%, Basic Materials up by 0.98%, TECK up by 0.94% and Bankex up by 0.65%, while Consumer Durables down by 0.33% and Healthcare down by 0.08% were the only losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.40%, ICICI Bank up by 2.39%, Adani Ports & SEZ up by 1.55%, Yes Bank up by 1.53% and HDFC up by 1.41%. On the flip side, Asian Paints down by 0.89%, Hero MotoCorp down by 0.77%, ONGC down by 0.43%, Kotak Mahindra Bank down by 0.38% and Coal India down by 0.33% were the top losers.

Meanwhile, the number of foreign tourist arrivals (FTAs) in India in the month of January witnessed a growth of 8.4 percent over the same period last year. As per the tourism ministry data, the number of FTAs in India last month was 10.66 lakh as compared to 9.83 lakh in January 2017 and 8.45 lakh in January 2016.  The maximum number of tourists came from Bangladesh contributing 16.36 percent of FTAs, followed by the USA with 14.10 percent, the UK with 10.81 percent, Canada with 4.63 percent, Canada with 4.39 percent and Russian Federation with 4.49 percent. The Delhi airport remained the busiest with almost 28.03 percent share of FTAs, followed by Mumbai with 17.47 percent share, Haridaspur Land Check Post with 7.63 percent and Chennai airport with 7.17 percent.

January 2018 also saw a substantial rise in the number of tourists arriving on e-tourist visas. During the month of January, 2018, a total of 2.40 lakh foreign tourists arrived on e-tourist visa as compared to 1.52 lakh during the month of January, 2017, registering a growth of 58.5 percent. Out of the 2.40 lakh visitors, New Delhi Airport received 37.3 percent of the footfalls, followed by Mumbai Airport 19.6 percent and Dabolim (Goa) Airport 12.4 percent.

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 10573.60, up by 72.70 points or 0.69% after trading in a range of 10518.65 and 10588.75. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Vedanta up by 3.56%, Hindalco up by 3.33%, Infosys up by 2.42%, ICICI Bank up by 2.32% and HDFC up by 1.66%. On the flip side, Indiabulls Housing Finance down by 1.62%, Aurobindo Pharma down by 0.91%, Hero MotoCorp down by 0.77%, Asian Paints down by 0.76% and Lupin down by 0.63% were the top losers.

Asian markets were trading in green; FTSE Bursa Malaysia KLCI increased 3.35 points or 0.18% to 1,838.28, Jakarta Composite increased 4.36 points or 0.07% to 6,598.76 and Nikkei 225 increased 308.45 points or 1.46% to 21,462.62.