Equity benchmarks continue to trade in positive terrain

Indian equity benchmarks continued to show a positive trend in late morning session, as investors bet for improved quarterly results of corporates, along with the release of macroeconomic data on industrial production (IIP) and retail inflation. Investors took note of a private report which said that Narendra Modi government, has inaugurated the second mega food park in Uttarakhand, which it claimed would help 25,000 farmers in the vicinity. The government has vowed to revolutionalise the food processing industry in the country to help farmers who often suffer due to crop damage. Traders took some support with another private report which showed that FPI investment limits in central government securities for general and long term investors have been increased by Rs 59,200 crore or over $9 billion to a total of Rs 3.15 lakh crore till the end of FY19.

On the global front, Asian markets were trading in green as investors took some encouragement with the report that Chinese President Xi Jinping to open the country’s economy further and lower import tariffs on products including cars. China would raise the foreign ownership limit in the automobile sector and push previously announced measures to open the financial sector, which will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products. Back home, in the scrip development, Sadbhav Infrastructure gained as toll collection increases to Rs 262 crore in Q4FY18 compared to Rs 236.72 crore in Q4FY17.

The BSE Sensex is currently trading at 33875.94, up by 87.40 points or 0.26% after trading in a range of 33813.30 and 33949.98. There were 16 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index slipped by 0.08%, while Small cap index was down by 0.08%.

The top gaining sectoral indices on the BSE were Metal up by 1.41%, Bankex up by 0.77%, Capital Goods up by 0.68%, Basic Materials up by 0.56% and IT was up by 0.47%, while Telecom down by 0.61%, Auto down by 0.50%, Consumer Disc down by 0.36%, Oil & Gas down by 0.28% and Consumer Durables was down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 4.37%, Adani Ports up by 3.08%, ICICI Bank up by 2.91%, Coal India up by 1.49% and Tata Steel was up by 1.27%. On the flip side, Tata Motors - DVR down by 1.51%, Mahindra & Mahindra down by 1.46%, Bharti Airtel down by 1.39%, Tata Motors down by 1.14% and Dr Reddys Lab was down by 0.98% were the top losers.

Meanwhile, the Union Minister of State for Tourism Alphons Kannanthanam has said that the number of foreign tourist arrivals (FTAs) in India has crossed the one crore mark for the first time and the government is aiming to double this number in next three years. He noted that the total income from FTAs stood at Rs 1,80,000 crore.

Kannanthanam has stated that the government had set itself a target of doubling the FTA in the next three years and the nightlife tourism would be promoted to achieve this. He pointed out that the impressive achievement of the tourism sector with contribution of about 6.88 percent to the country's total Gross Domestic Product (GDP) and contributes around 12.36 percent of the country’s whole employment sector.

The Minister further said that the unemployment issues of Kerala could be resolved to a large extent if the state focuses on tourism and Information Technology. Talking on tourism development in Kerala, he said that an expert team has been entrusted to study the tourism potential of Pathanamthitta and Alappuzha districts.

The CNX Nifty is currently trading at 10400.60, up by 21.25 points or 0.20% after trading in a range of 10381.50 and 10424.85. There were 26 stocks advancing against 24 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Axis Bank up by 4.20%, Hindalco up by 3.43%, Adani Ports up by 2.95%, ICICI Bank up by 2.76% and Coal India was up by 1.55%. On the flip side, Mahindra & Mahindra down by 1.61%, Bajaj Finserv down by 1.37%, Bajaj Finance down by 1.36%, Bharti Airtel down by 1.26% and Tata Motors was down by 1.23% were the top losers.

All the Asian markets were trading in green; FTSE Bursa Malaysia KLCI gained 2.97 points or 0.16% to 1,852.68, KOSPI Index rose by 5.59 points or 0.23% to 2,449.67, Shanghai Composite soared 17.37 points or 0.55% to 3,155.66, Taiwan Weighted surged 33.65 points or 0.31% to 10,927.18, Jakarta Composite strengthened 38.43 points or 0.62% to 6,284.56, Nikkei 225 advanced 170.48 points or 0.79% to 21,848.74, and Hang Seng was up by 413.01 points or 1.37% to 30,642.59.