Post Session: Quick Review

Buying activity which took place during late hour of trade mainly helped the markets to cut all of their losses and ended first trading day of 2019 on optimistic note with gains of over half a percent. Domestic shares began the year on a cautious note, as traders remain concerned with the commerce ministry’s data showing that eight core industries grew at its slowest pace in 16 months at 3.5% in November due to fall in output of crude oil and fertilizers. Core sector growth was 6.9 percent in November 2017. Anxiety also persisted with policy advocacy body US-India Strategic Partnership Forum (USISPF) saying that India’s recent changes in e-commerce foreign direct investment (FDI) rules show a lack of predictability in the regulatory environment and could add to the long list of trade issues that the country is trying to resolve with the United States. Traders took note of a report that the country's external debt fell by $19.3 billion, or 3.6 per cent, to $510.4 billion during the six-month period ended September, due to a decrease in commercial borrowings, non-resident Indian (NRI) deposits and valuation effect.

However, local barometer gauges wiped off early losses to trade in the positive zone in late session, due to buying witnessed in Realty and Telecom stocks. Sentiments turned optimistic with the Finance Ministry stating that the government is closely monitoring the macroeconomic conditions in order to ensure that the fiscal deficit remains within the target of 3.3% of the Gross Domestic Product (GDP) for 2018-19. Adding some optimism among the investors, as private report said that India remained ahead of China to retain the tag world's fastest growing large economy withstanding several ups and downs, spike in oil prices and global trade war like situation during 2018.

The BSE Sensex ended at 36266.92, up by 198.59 points or 0.55% after trading in a range of 35888.62 and 36284.04. There were 21 stocks advancing against 10 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index fell 0.08%, while Small cap index was up by 0.41%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 2.43%, Telecom up by 1.76%, Bankex up by 0.82%, TECK up by 0.67% and PSU up by 0.62%, while Metal down by 0.73%, Auto down by 0.51%, Basic Materials down by 0.31%, FMCG down by 0.22% and Consumer Disc down by 0.21% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Bharti Airtel up by 2.64%, HDFC up by 2.24%, SBI up by 1.44%, Yes Bank up by 1.40% and Axis Bank up by 1.27%. (Provisional)

On the flip side, Mahindra & Mahindra down by 3.88%, Tata Steel down by 1.20%, ONGC down by 1.13%, Hindustan Unilever down by 0.99% and Asian Paints down by 0.45% were the top losers. (Provisional)

Meanwhile, expressing optimism over fiscal position of India, the Finance Ministry has said in order to ensure that the fiscal deficit remains within the target of 3.3% of the Gross Domestic Product (GDP) for 2018-19, the government is closely monitoring the macroeconomic conditions.

The Ministry has directed ministries and departments to meet their additional requirements of funds from savings and keep their expenditure within the amount earmarked in the Budget for 2018-19. It further said the efforts were being made to achieve the target for non-debt receipts as well as tax receipts.

Referring to the deviations, it said non-debt receipts have marginally deviated from their mid-year benchmark of 40% of Budget Estimates (BE). Total expenditure in first half 2018-19 (H1FY19) is 53.4% of BE which is 0.1% lower than corresponding period and 2.7% higher than five years' moving average. Net tax revenue in H1FY19 is 39.4% of BE but in comparison to past trend, it is 4.8% below corresponding period and 0.4% above five years' moving average

The CNX Nifty ended at 10920.60, up by 58.05 points or 0.53% after trading in a range of 10807.10 and 10923.60. There were 32 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bharti Airtel up by 2.88%, HDFC up by 2.24%, Bharti Infratel up by 1.70%, BPCL up by 1.64% and SBI up by 1.47%. (Provisional)

On the flip side, Mahindra & Mahindra down by 3.84%, Hindalco down by 1.50%, Indiabulls Housing Finance down by 1.22%, ONGC down by 1.10% and Hindustan Unilever down by 1.08% were the top losers. (Provisional)