Post Session: Quick Review

Continuing their record hitting spree for second straight day, key equity benchmarks ended the Tuesday’s trade marginally in green, on account of buying in frontline blue chip counters. Markets started off with marginal gains, as traders took some comfort with a private report stating that India has been remarkably resilient in the recent turmoil in emerging market equities largely driven by macro stability, low policy uncertainty, improving growth and domestic flows. Market participants also got some solace with Retirement fund body the Employees’ Provident Fund Organisation (EPFO) payroll data suggesting that as many as 47.13 lakh jobs were created during September 2017 to June this year. Adding to the optimism, Commerce and industry minister Suresh Prabhu reviewed two proposed policies- on agriculture export and new industrial policy to take the country’s exports to a new level. Besides, positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee too supported the markets.

On the global front, Asian markets ended mostly in green, supported by hopes Beijing and Washington would dial back trade hostilities. European markets were trading mostly in green in early deals on Tuesday. Back home, select aviation sector stocks ended in green with report that giving in to demand from the airlines, the GST Council may propose to bring Aviation Turbine Fuel (ATF) under the indirect tax regime in its next meeting. Steel sector was in focus with report that India’s steel ministry has strongly opposed the inclusion of finished steel products in the proposed regional free-trade agreement, saying it would have an adverse impact on the industry that’s recovering from a crisis.

The BSE Sensex ended at 38288.26, up by 9.51 points or 0.02% after trading in a range of 38213.87 and 38402.96. There were 10 stocks advancing against 21 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index rose 0.50%, while Small cap index was up by 0.34%. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 1.38%, Healthcare up by 1.22%, Energy up by 0.79%, Utilities up by 0.76% and IT up by 0.44%, while Realty down by 1.65%, Metal down by 0.45%, Consumer Durables down by 0.45%, Telecom down by 0.20% and Auto down by 0.09% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Coal India up by 2.60%, Axis Bank up by 2.15%, Sun Pharma up by 1.65%, NTPC up by 1.55% and Wipro up by 1.30%. (Provisional)

On the flip side, Tata Steel down by 2.79%, Hindustan Unilever down by 1.32%, Vedanta down by 1.22%, Mahindra & Mahindra down by 1.08% and Bharti Airtel down by 0.90% were the top losers. (Provisional)

Meanwhile, in order to achieve the target of doubling farmers' income by 2022, the Niti Aayog member Ramesh Chand has said that there is a need to boost crop productivity using fewer resources. He also pointed out that export of water guzzling crops like paddy was not in the interest of the nation or its farmers.

Chand said ‘We should aim to get more productivity from less resource if we want to double farm income by 2022’. He also highlighted rising per capita consumption of edible oils that has led to huge imports of cooking oils.

Earlier, Ramesh Chand had said MSP hike for crops and adoption of model APMC Act by states would help in doubling farmers’ income by 2022. These actions, including fostering competitive markets, are in line with the government’s target of doubling farmers’ income in five years. He said the growth in agriculture sector is close to 5 per cent which is reasonable to achieve the target.

The CNX Nifty ended at 11570.80, up by 19.05 points or 0.16% after trading in a range of 11539.60 and 11581.75. There were 25 stocks advancing against 25 stocks declining on the index. (Provisional)

The top gainers on Nifty were UPL up by 5.02%, Tech Mahindra up by 2.99%, Coal India up by 2.53%, Lupin up by 2.29% and Grasim Industries up by 2.27%. (Provisional)

On the flip side, Tata Steel down by 2.51%, BPCL down by 1.77%, Vedanta down by 1.35%, Hindustan Unilever down by 1.33% and Mahindra & Mahindra down by 1.09% were the top losers. (Provisional)

European markets were trading mostly in green; France’s CAC rose 41.74 points or 0.77% to 5,421.39 and Germany’s DAX added 80.84 points or 0.65% to 12,412.14, while UK’s FTSE 100 was down by 11.64 points or 0.15% to 7,579.62.

Asian equity markets ended mostly in green on Tuesday despite comments from US President Donald Trump that he doesn't expect much progress from trade talks with China this week in Washington. Trump also accused China and Europe of manipulating their currencies and said he was ‘not thrilled’ with the Federal Reserve for raising interest rates. His comments dented some of the market optimism ahead of lower-level trade talks between the US and China starting later today. Investors also looked ahead to the release of the FOMC meeting minutes on Wednesday and a meeting of central bankers at the Kansas City Fed's Jackson Hole symposium later this week. Chinese shares ended higher as consumer and healthcare firms attracted bargain hunters after recent heavy losses. Further, Japanese shares ended little changed with a positive bias and the yen was flat as investors waited for the outcome of trade talks between the US and China.