Indian bourses remain in positive territory

Key benchmark indices continued to trade in positive territory in afternoon session, backed by gains in bluechip stocks, including Axis Bank, Sun Pharma, Indusind Bank and Yes Bank. Sentiments remained positive with PHD Chamber of Commerce and Industry Vice President D K Aggarwal’s statement that India is approaching towards $100 billion foreign direct investment (FDI) inflow per annum by 2022 as volumes of FDI are increasing year after year. Traders also took note of a report that rising imports from China have taken a heavy toll on the employment-generation potential of the manufacturing sector, especially among the micro, small and medium enterprises (MSMEs). However, there was some cautiousness too with private report stating that India’s current account deficit (CAD) is expected to be widened by 0.20 per cent to 2.8 per cent of GDP for fiscal year 2018-19. The widening current account gap is one of the major concerns which is putting pressure on the rupee, which has depreciated 13 per cent against dollar this year. 

On the global front, Asian markets were trading mixed, following the Dow Jones Industrial Average's fall overnight amid political uncertainty in the U.S. Back home, the BSE Sensex is currently trading at 36458.31, up by 153.29 points or 0.42% after trading in a range of 36064.10 and 36586.38. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index slipped 0.15%, while Small cap index was down by 0.58%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.59%, IT up by 0.76%, TECK up by 0.56%, FMCG up by 0.53% and Bankex was up by 0.47%, while Realty down by 2.07%, Utilities down by 1.77%, Telecom down by 1.38%, Power down by 1.23% and Oil & Gas was down by 1.14% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 2.83%, Sun Pharma up by 2.81%, Indusind Bank up by 2.45%, Yes Bank up by 2.03% and Maruti Suzuki up by 1.93%. On the flip side, Power Grid down by 2.80%, Bharti Airtel down by 2.11%, Coal India down by 2.10%, NTPC down by 1.84% and Adani Ports &SEZ down by 1.84% were the top losers.

Meanwhile, PHD Chamber of Commerce and Industry Vice President D K Aggarwal has said that India is approaching towards $100 billion foreign direct investment (FDI) inflow per annum by 2022 as volumes of FDI are increasing year after year.

Aggarwal has indicated that the annual FDI inflows in the country rose to $62 billion in 2017-18 from $36 billion in 2013-14. He also said that Make in India has been instrumental during the last four years to attract FDI reforms in the country. He also noted that the country was able to attract tremendous flow of investments, despite the global challenges.

PHD Chamber also expects more improvement in the coming ratings of Ease of Doing Business as country has adopted a historic reform -- the Goods and Services Tax (GST) which is giving fruitful results.

The CNX Nifty is currently trading at 11015.85, up by 48.45 points or 0.44% after trading in a range of 10882.85 and 11049.35. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 3.04%, Sun Pharma up by 2.91%, Indusind Bank up by 2.51%, Cipla up by 2.31% and Maruti Suzuki up by 2.27%. On the flip side, Indiabulls Housing Finance down by 6.49%, GAIL India down by 3.39%, Power Grid down by 2.48%, HPCL down by 2.40% and BPCL down by 2.30% were the top losers.

Asian markets were trading mixed; Straits Times increased 21.82 points or 0.67% to 3,240.98, Taiwan Weighted was up by 6.44 points or 0.06% to 10,978.85 and Nikkei 225 rose 70.33 points or 0.29% to 23,940.26. On the flip side, Shanghai Composite decreased 18.01 points or 0.65% to 2,779.47 and Jakarta Composite was down by 10.24 points or 0.17% to 5,871.98.