Benchmarks trade in fine fettle in early deals

Indian equity benchmarks made a positive start and are trading in fine fettle in early deals tracking rally in Asian counters. Markets gained around half a percent in morning trade ahead of quarterly earnings this week, with IT major Infosys likely to declare its March quarter results on April 13. On the macro economic front, the government will unveil industrial output figures for February and retail inflation data for March on April 12. Traders shrugged off report that inflows into Indian equity funds in March were the smallest in 13 months as some investors sold before a tax on stock holdings took effect from April 1 and volatility returned to markets worldwide. Equity funds took in a net Rs 66.57 billion ($1 billion), the least since last February.

On the global front, all the Asian markets are trading in green at this point of time as a bounce in US stock futures soothed sentiments even as US President Donald Trump kept up his twitter war with China over trade just a couple of days before President Xi Jinping gives a keynote speech. The US markets closed sharply lower on Friday amid renewed trade war concerns after President Donald Trump threatened to impose $100 billion of additional tariffs on Chinese imports.

Back home, Economic Affairs Secretary Subhash Chandra Garg said India will have to create and nurture a very healthy and supportive macroeconomic environment to become $10 trillion economy by 2030. He added that government has taken many reform measures since 2014, including GST (Goods and Service Tax) and IBC (Insolvency and Bankruptcy Code). Meanwhile, metal stocks were buzzing on report that India will take up the issue of duty hike on certain steel and aluminium products by the US at the Trade Policy Forum (TPF) meeting on April 10.

The BSE Sensex is currently trading at 33756.11, up by 129.14 points or 0.38% after trading in a range of 33578.91 and 33768.85. There were 25 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.42%, while Small cap index was up by 0.67%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.80%, Metal up by 1.19%, Basic Materials up by 0.88%, Capital Goods up by 0.76% and Realty was up by 0.74%, while IT down by 0.37%, TECK down by 0.32% and Telecom was down by 0.12% were the few losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.47%, Indusind Bank up by 1.35%, Asian Paints up by 1.33%, Yes Bank up by 1.13% and Tata Steel up by 1.12%. On the flip side, ICICI Bank down by 1.69%, Infosys down by 1.16%, Bharti Airtel down by 0.91%, ONGC down by 0.34% and Coal India down by 0.20% were the top losers.

Meanwhile, Economic Affairs Secretary Subhash Chandra Garg has said that India will need to create and develop a very healthy and supportive macro-economic environment to become $10 trillion economy by the year 2030. He also said that the present government has taken number of bold steps like Goods and services Tax (GST) and IBC (Insolvency and Bankruptcy Code). Garg has stated that the government is working on an overseas investment policy with an aim to provide support to Indian businesses which will invest abroad.

Besides, Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek has said that India should not be only in top 50 in ease of doing business rank, but the country should do even better. He also pointed out that Indian economy is now amongst the most open economies in the world for receiving foreign direct investments (FDI).

Further, C K Mishra, Secretary, Ministry of Environment, Forest and Climate Change has said that in 2014, it used to take 600 days to get environment clearance, now it takes 121 days to get environment clearances. He added that by August, it will come down to 100 days. Also, K P Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship, has mentioned that India requires 10 times the number of skilled force that the country is currently producing.

The CNX Nifty is currently trading at 10383.30, up by 51.70 points or 0.50% after trading in a range of 10328.50 and 10386.85. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.57%, Titan up by 2.74%, HPCL up by 2.33%, Kotak Mahindra Bank up by 1.51% and Asian Paints up by 1.42%. On the flip side, ICICI Bank down by 1.64%, Bharti Airtel down by 0.77%, Infosys down by 0.73%, GAIL India down by 0.46% and Coal India down by 0.38% were the top losers.

All the Asian markets are trading in green; FTSE Bursa Malaysia KLCI increased 11.21 points or 0.61% to 1,848.22, Shanghai Composite gained 11.47 points or 0.37% to 3,142.58, KOSPI Index jumped 14.07 points or 0.58% to 2,443.65, Jakarta Composite advanced 27.1 points or 0.44% to 6,202.15, Taiwan Weighted surged 67.99 points or 0.63% to 10,889.52, Nikkei 225 added 138.91 points or 0.64% to 21,706.43 and Hang Seng up by 526.08 points or 1.76% to 30,371.02.