Sensex, Nifty trade higher with some volatility

The local equity benchmarks were trading higher in late afternoon session but with some volatility, amid mixed global cues. Besides, the broader markets erased their losses to trade in green terrain in noon deals, while Consumer Durables remained top gainer among all the sectoral indices. Traders were taking encouragement with a leading lobby group, National Association of Software and Services Companies (NASSCOM)’s statement that India’s software services sector will see revenue growth of 7-9 percent in constant currency terms in the fiscal year to March 2019. Sentiments also got some support with Suresh Prabhu’s statement that the government will soon come out with a comprehensive strategy to increase the share of global trade to 40 percent of the gross domestic product (GDP), which is expected to touch $5 trillion by 2025. Adding some optimism, the Union Cabinet approved extra-budgetary support for government’s flagship housing scheme Pradhan Mantri Awas Yojana (Urban) and approved opening up of coal mining to the private sector for commercial use, a major reform in the sector since its nationalisation in 1973. Sentiments also took support with Prime Minister Narendra Modi’s statement that government’s budget reforms have created a new work culture and they are transforming the socio-economic landscape of the country.

On the global front, European markets were trading mostly in green, as investors monitored the release of the latest batch of corporate earnings. Asian markets were trading in red. Back home, in scrip specific development, Atlas Cycles (Haryana) surged after the company launched India’s first Titanium Bicycle.

The BSE Sensex is currently trading at 33899.36, up by 124.70 points or 0.37% after trading in a range of 33753.50 and 33960.95. There were 25 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.40%, while Small cap index was up by 0.28%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.86%, Metal up by 1.73%, Basic Materials up by 1.06%, TECK up by 1.01% and IT up by 1.00%, while Realty down by 0.32% was the lone losing index on BSE.

The top gainers on the Sensex were SBI up by 1.81%, Coal India up by 1.76%, ONGC up by 1.73%, Hero MotoCorp up by 1.38% and Infosys up by 1.27%. On the flip side, Mahindra & Mahindra down by 2.38%, Sun Pharma down by 0.36%, Reliance Industries down by 0.14%, Hindustan Unilever down by 0.04% and HDFC Bank down by 0.03% were the top losers.

Meanwhile, with an aim to protect the domestic players and to discourage cheap imports, the government may impose anti-dumping duty on ‘Monoisopropylamine’ chemical, largely used in pharma and fertiliser industries, exported from China.

After the investigation, the Directorate General of Antidumping and Allied Duties (DGAD), which administers the anti-dumping and countervailing measures in India, has recommended the imposition of definitive anti-dumping duty on imports of the chemical originating in or exported from the China, as it found that the subject goods have been exported to India from the subject country below its normal value, causing material injury to the domestic industry.

As per the Ministry of Commerce and Industry circular, DGAD suggested duty for a period of 5 years in the range of $497.68 per tonne and $620 per tonne, depending on the producer and exporter. Besides, Alkyl Amines Chemicals had appealed to DGAD for initiation of anti-dumping investigation.

The CNX Nifty is currently trading at 10409.20, up by 30.80 points or 0.30% after trading in a range of 10358.50 and 10429.35. There were 33 stocks advancing against 15 stocks declining, while 2 stocks remained unchanged on the index.

The top gainers on Nifty were Vedanta up by 2.95%, ONGC up by 1.54%, Coal India up by 1.51%, SBI up by 1.45% and Ultratech Cement up by 1.41%. On the flip side, Mahindra & Mahindra down by 2.16%, Aurobindo Pharma down by 0.70%, Indiabulls Housing Finance down by 0.40%, UPL down by 0.33% and Reliance Industries down by 0.31% were the top losers.

All Asian markets were trading in red; Hang Seng decreased 241.8 points or 0.78% to 30,873.63, Nikkei 225 decreased 224.11 points or 1.01% to 21,925.10, Jakarta Composite decreased 55.85 points or 0.83% to 6,633.44, KOSPI Index decreased 27.7 points or 1.13% to 2,415.12 and FTSE Bursa Malaysia KLCI decreased 2.74 points or 0.15% to 1,854.58.

Taiwan and Shanghai Stock Exchanges were closed on account of National holiday.

European markets were trading mostly in green; France’s CAC increased 10.1 points or 0.19% to 5,266.28 and Germany’s DAX increased 34.82 points or 0.28% to 12,420.42. On the flip side, UK’s FTSE 100 decreased 5.79 points or 0.08% to 7,241.87.