Local equities continue to show positive trend

Mirroring strong cues from Asian counterparts, local equity benchmarks continued to show a positive trend in morning session, with gains of over half a percent. Among heavy-weights Kotak Mahindra Bank, Power Grid and SBI exhibited a smart performance. BANKEX, Utilities, Power and Consumer Durables have also elevated with gains on their respective front line stocks. Traders remain energized with a private report that the Reserve Bank of India's (RBI) $5 billion plan to swap rupees for dollars with domestic banks will help achieve its twin objectives of pushing interest rates down while also preventing a sharp appreciation in the rupee. Investors took note of RBI’s statement that financial sector regulators discussed ways to address challenges pertaining to the quality of credit ratings and other issues concerning the economy. It added that the sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country. Traders shrugged off principal economic advisor’s report that the economic growth during the UPA era was ‘not bad’, but ‘the system was out of control’. The economy then faced problems of rising soaring inflation, widening and current account fiscal deficit.

On the global front, all Asian markets were trading in green, as Donald Trump struck an upbeat note on trade talks with China, while the pound held steady after British MPs voted to delay BREXIT. Back home, Coal ministry stated that coal output grew 8% year-on-year to 638.46 million tonne (MT) in the April-February period of the current financial year. The coal production was 591.42 MT during the corresponding period of the previous fiscal.

The BSE Sensex is currently trading at 37997.11, up by 242.22 points or 0.64% after trading in a range of 37760.23 and 38024.95. There were 19 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.54%, while Small cap index was up by 0.39%.

The top gaining sectoral indices on the BSE were BANKEX up by 1.45%, Utilities up by 1.13%, Consumer Durables up by 1.03%, Power up by 0.95% and PSU was up by 0.92%, while Telecom down by 1.07%, FMCG down by 0.74% and Metal was down by 0.60% were the few losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 4.08%, Power Grid up by 2.53%, SBI up by 1.75%, IndusInd Bank up by 1.56% and Bajaj Finance was up by 1.38%. On the flip side, Bharti Airtel down by 1.74%, Hindustan Unilever down by 1.66%, Yes Bank down by 1.26%, Coal India down by 1.01% and Hero MotoCorp was down by 0.81% were the top losers.

Meanwhile, in order to achieve the Sustainable Development Goals (SDGs), Niti Aayog vice-chairman Rajiv Kumar has underlined the need to mobilise funds from all sources especially corporate. He added the focus should be on 'conscious capitalism' wherein corporates go beyond chasing bottomline and focus on ensuring maximum social return.

Kumar noted ‘we want to mobilise all types of financing for funding our development ... we can mobilise resources for priority areas like dealing with problems relating to undernourishment of children, environment and water’. The SDGs, otherwise known as the Global Goals, are a universal call by the United Nations Development Programme (UNDP) for action to end poverty, protect the planet, improve health, education and ensuring that all people enjoy peace and prosperity by 2030. In 2015, India had established 2030 as a critically important horizon for 17 SDGs.

Besides, the Sustainable Development Goals Finance Facility (SFF) was launched on March 14, by Achim Steiner, UN under-secretary general and administrator of the UNDP. Steiner said that India is pivotal to UNDP's shared ambition to achieve the Sustainable Development Goals (SDGs). He noted that innovative finance through structures such as guarantees, social insurance, social impact bonds and impact investments, holds the key to unlocking private investment capital for the SDGs, particularly in a middle-income country like India.

The CNX Nifty is currently trading at 11413.30, up by 70.05 points or 0.62% after trading in a range of 11370.80 and 11428.05. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 4.24%, Zee Entertainment up by 3.62%, Power Grid up by 2.48%, Titan Company up by 2.02% and SBI was up by 1.61%. On the flip side, Hindustan Unilever down by 1.79%, Bharti Airtel down by 1.58%, Yes Bank down by 1.34%, Coal India down by 0.88% and ITC was down by 0.83% were the top losers.

All Asian markets were trading in green, Shanghai Composite gained 46.07 points or 1.54% to 3,036.76, Hang Seng increased 262.68 points or 0.91% to 29,114.07, Taiwan Weighted strengthened 72.00 points or 0.7% to 10,420.65, Straits Times advanced 9.27 points or 0.29% to 3,207.19, KOSPI rose 15.16 points or 0.7% to 2,170.84, Jakarta Composite soared 38.59 points or 0.6% to 6,451.86 and Nikkei 225 surged 220.70 points or 1.04% to 21,507.72.