Markets turn positive; Realty stocks soar

Erasing all of their losses, Indian equity benchmarks turned positive in late afternoon session, with Sensex gaining more than 50 points, on the back of firm cues from other Asian markets. Besides, the Realty index gained the most among all the sectoral indices, followed by Healthcare and FMCG. The indices took support with a report that India’s inflation on wholesale level softened slightly in the month of March, in line with easing retail inflation, aided by fall in prices of food articles, mainly pulses and vegetables. According to the latest data released by the government, Wholesale Price Index (WPI) stood at 2.47% (provisional) for the month of March, 2018 (over March, 2017) as compared to 2.48% (provisional) for the previous month and 5.11% during the corresponding month of the previous year.

Besides, the major industry gainers such as Hero MotoCorp, Kotak Mahindra Bank and HDFC also helped the indices to erase losses. Traders took encouragement with Asian Development Bank’s (ADB) statement that India will able to attain a growth of 8% in a significant manner if the country is able to reframe its investment parameter and make its exports competitive. Some relief also came with the Reserve Bank of India’s data report stating that the country's foreign exchange reserves rose by $503.6 million to touch a life-time high of $424.864 billion in the week to April 6, aided by increase in foreign currency assets. Meanwhile, India has initiated probe into alleged dumping of a chemical used in paint and leather industry from Brazil, Indonesia and Thailand following a complaint from a domestic player.

On the global front, European markets were trading slightly in green, as investors veered around to the view that weekend missile strikes against Syria by the United States, France and Britain may be a one-off event. Besides, Asian markets were trading in green. Back home, in scrip specific development, Carnation Industries traded higher after the company started production in grey iron unit and production in ductile iron unit is scheduled to start shortly.

The BSE Sensex is currently trading at 34275.35, up by 82.70 points or 0.24% after trading in a range of 33899.34 and 34287.54. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.06%, while Small cap index was up by 0.44%.

The top  gaining sectoral indices on the BSE were Realty up by 2.06%, Healthcare up by 0.97%, FMCG up by 0.82%, Consumer Disc up by 0.52% and Capital Goods up by 0.50%, while IT down by 0.63%, Consumer Durables down by 0.61%, Oil & Gas down by 0.54%, TECK down by 0.54%, Energy down by 0.49% were the top losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 1.80%, Kotak Mahindra Bank up by 1.74%, HDFC up by 1.60%, Asian Paints up by 1.57% and ITC up by 1.38%. On the flip side, Tata Motors down by 4.39%, Tata Motors - DVR down by 4.29%, Infosys down by 2.93%, Wipro down by 0.90% and Axis Bank down by 0.72% were the top losers.

Meanwhile, with more than half of India's population under the age of 27, the World Economic Forum (WEF) President Borge Brende has said that the country can play a pivotal role in shaping the global fourth industrial revolution. He also said that India can lead the fourth industrial revolution and simultaneously enhance the quality, equity and sustainability of its own growth and development outcomes. Besides, he said that the country has the second largest English speaking population along with the second largest number of internet users on mobile devices.

However, Brende noted that the country will need access to infrastructure, electricity, and stability in monetary and fiscal policies. He highlighted that India is lagging behind when it comes to skills and education. Fourth industrial revolution -- a technological revolution through artificial intelligence, blockchains and Internet of Things -- is changing the scale, scope and complexity of the opportunities and challenges people face today.

In order to set up the Centre for the Fourth Industrial Revolution India in Mumbai, the Forum has already partnered with the Indian government. The centre will become operational in the second half of this year and it will work to accelerate the development and implementation of governance protocols for emerging science and technology to serve citizens, society and the public at large. Besides, the WEF has identified India as a partner since it is a key economic, political and social shaper of the 21st century's global, regional and industry systems.

The CNX Nifty is currently trading at 10513.20, up by 32.60 points or 0.31% after trading in a range of 10396.35 and 10515.80. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Cipla up by 4.14%, Grasim Industries up by 2.31%, Indiabulls Housing Finance up by 2.09%, Hero MotoCorp up by 1.93% and Asian Paints up by 1.66%. On the flip side, Tata Motors down by 4.73%, Infosys down by 3.20%, HPCL down by 1.26%, Wipro down by 1.21% and Vedanta down by 1.20% were the top losers.

Asian markets were trading mostly in green; KOSPI Index increased 2.42 points or 0.1% to 2,457.49, FTSE Bursa Malaysia KLCI increased 5.59 points or 0.3% to 1,874.06, Jakarta Composite increased 10.15 points or 0.16% to 6,280.47 and Nikkei 225 increased 56.79 points or 0.26% to 21,835.53. On the flip side, Hang Seng decreased 492.79 points or 1.6% to 30,315.59, Shanghai Composite decreased 48.4 points or 1.53% to 3,110.65 and Taiwan Weighted decreased 10.84 points or 0.1% to 10,954.55.

European markets were trading slightly in green; France’s CAC increased 1.86 points or 0.03% to 5,316.88 and Germany’s DAX increased 5.64 points or 0.05% to 12,448.04. On the flip side, UK’s FTSE 100 decreased 9.99 points or 0.14% to 7,254.57.