Indian benchmarks trade in positive territory

Indian benchmarks continued their trade in positive territory in noon deals, as traders took some support from a report stating that Goods and Services Tax Network (GSTN) e-way bill portal has generated more than 2 crore bills since its introduction from April 1. This figure includes the highest single day bill generation of over 13 lakh earlier this week. Investors were taking support from a report stating that China’s trade with India saw robust growth in the first quarter, with bilateral trade hitting $22.1 billion, up 15.4% year-on-year. The growth continued from the upward momentum seen last year, when bilateral trade reached a record high of $84.4 billion, up 20.3 per cent from the previous year. Traders’ sentiments also remained optimistic with private report stating that India’s economic growth will accelerate to 7.2 per cent in the current fiscal buoyed by manufacturing activity even as rising oil prices and high government debt remain a challenge. The agriculture sector is expected to grow higher than the estimated 2.1 per cent in the current fiscal year on account of positive prospects on Rabi harvest and a normal monsoon.

On the global front, Asia markets were trading mostly in green, after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks. Back home, Oil marketing companies (OMCs) remained in limelight, despite Oil Minister Dharmendra Pradhan stating that government is concerned about the oil price rise and its impact on consumers. But he said that a balance has to be struck between their interest and fiscal needs. In the scrip specific development, Ashiana Housing gained on raising Rs 100 crore on private placement basis. Besides, Tata Steel strengthened on getting CCI’s nod for acquisition of Bhushan Steel.

The BSE Sensex is currently trading at 34979.76, up by 266.16 points or 0.77% after trading in a range of 34744.73 and 35030.87. There were 21 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.77%, while Small cap index was up by 0.73%.

The top gaining sectoral indices on the BSE were Bankex up by 1.74%, PSU up by 1.63%, Energy up by 1.63%, Realty up by 1.26% and Capital Goods up by 1.25%, while IT down by 0.95% and TECK was down by 0.61% were the only losing indices on BSE.

The top gainers on the Sensex were SBI up by 5.12%, Axis Bank up by 4.94%, ICICI Bank up by 3.52%, Asian Paints up by 2.66% and Reliance Industries was up by 2.31%. On the flip side, Wipro down by 1.83%, TCS down by 1.66%, NTPC down by 1.19%, Hindustan Unilever down by 1.09% and HDFC Bank was down by 0.89% were the top losers.

Meanwhile, Civil Aviation Minister Suresh Prabhu has highlighted that there is the need for making India the next cargo hub. He also emphasised on manufacturing of aircraft hardware in India, developing a robust chopper service and carrying out a demand survey for development of routes.

The Minister said that as aviation is a service driven industry, customer feedback was crucial for better service delivery. He also said that the suggestions of members of Parliament should also be taken note of in a proper manner for bettering services.

Prabhu noted that the government is undertaking programmes for skill development in cooperation with airlines as there was a huge job requirement in the civil aviation sector and related sectors also. With an aim to make India the next cargo hub, he said that suggestions have been invited from all stakeholders on the proposed cargo policy.

The CNX Nifty is currently trading at 10692.05, up by 74.25 points or 0.70% after trading in a range of 10647.55 and 10704.85. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were SBI up by 5.30%, Axis Bank up by 5.13%, ICICI Bank up by 3.75%, Asian Paints up by 3.05% and HPCL was up by 2.99%. On the flip side, HCL Tech down by 2.98%, Tech Mahindra down by 2.37%, Wipro down by 1.79%, TCS down by 1.73% and Hindustan Unilever was down by 1.18% were the top losers.

Asia markets were trading mostly in green, Jakarta Composite rose by 0.73 points or 0.01% to 5,909.93, FTSE Bursa Malaysia KLCI gained 8.82 points or 0.48% to 1,861.09, KOSPI Index surged 17.37 points or 0.7% to 2,493.01, Taiwan Weighted soared 64.85 points or 0.62% to 10,553.43, Hang Seng strengthened 156.18 points or 0.52% to 30,163.86 and Nikkei 225 was up by 158.08 points or 0.71% to 22,477.69.

On the flip side, Shanghai Composite was down by 6.55 points or 0.21% to 3,068.48.