Indian markets maintain upward momentum

Indian equity markets maintained their upward momentum in the early noon session following gains in Bankex, Utilities and Power stocks. Healthy buying was observed in blue-chip stocks like Kotak Mahindra Bank, Power Grid Corporation, Power Grid Corporation, SBI and HCL Technologies. The strength in the markets was being supported by Rating agency ICRA’s latest report stating that Public Sector Banks (PSBs) are likely to report net profit of Rs 23,000-37,000 crore in the next fiscal year 2019-20, after four years of consecutive losses. The net profit may be supported by fall in gross non-performing assets (GNPAs). Some comfort also came 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. 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.

On the global front, all Asian markets were trading in green, tracking improved global sentiment after UK lawmakers voted to delay Brexit and as a weaker yen supported Japanese shares. Bach on home turf, in scrip specific developments, Punj Lloyd touches roof on wining arbitration award worth Rs 34 crore. Ranjeet Mechatronics gained on bagging order worth Rs 11.51 crore from Airport Authority of India (AAI).

The BSE Sensex is currently trading at 37978.64, up by 223.75 points or 0.59% 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 rose 0.45%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Bankex up by 1.38%, Utilities up by 1.26%, Power up by 1.14%, PSU up by 1.06%, Consumer Durables up by 1.02%, while Telecom down by 1.90%, Metal down by 0.89%, FMCG down by 0.88%, Basic Materials down by 0.05% were the few losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 3.40%, Power Grid Corporation up by 2.75%, SBI up by 2.15%, HCL Technologies up by 1.63% and Indusind Bank up by 1.50%. On the flip side, Bharti Airtel down by 2.42%, Hindustan Unilever down by 1.99%, Vedanta down by 1.35%, Tata Motors - DVR down by 1.28% and Coal India was down by 1.27% were the top losers.

Meanwhile, the civil aviation ministry will create a simplified regulatory regime to speed up clearances of aviation projects such as new airports development and expansion while taking due care of environment sustainability. In a white paper titled ‘National Green Aviation Policy’, the ministry said there would be a special provision and timelines that would be worked out in collaboration with Directorate General of Civil Aviation (DGCA), central and state government bodies, environment ministry and pollution control boards for making bio-jet fuels commercially viable.

According to the paper, watchdog would assess and understand emissions from all aviation related sources, their contribution to the local air quality and their effect on compliance with local air quality regulations, as per the paper. As part of the proposed green aviation policy, the DGCA would assess and understand emissions from all aviation related sources and their contribution to the local air quality. DGCA will work with aviation stakeholders and other government authorities with framework to adopt measures to reduce emissions in all areas -- aircraft, ground support, airport infrastructure and landside access traffic. Among others, airports would adopt local air quality monitoring system and programs to monitoring the air quality around airport.

Further, the paper noted that the stakeholders would work closely with government agencies, local bodies for effective waste management around the airport to ensure reduced bird hazards and safe airport operation. A centre of excellence for green aviation has also been proposed, that would focus on identifying environment friendly solutions, research, competency and skill developments and aviation programmes, among others. India is one of the fastest growing domestic aviation markets and is projected to become the world's third largest air passenger market in 10 years.

The CNX Nifty is currently trading at 11411.25, up by 68.00 points or 0.60% after trading in a range of 11370.80 and 11428.05. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 3.58%, Power Grid Corporation up by 2.72%, Zee Entertainment up by 2.41%, SBI up by 2.09% and Titan up by 1.90%. On the flip side, Bharti Airtel down by 2.41%, Hindustan Unilever down by 2.07%, Hindalco down by 1.49%, Vedanta down by 1.41% and Coal India was down by 1.25% were the top losers.

All Asian markets were trading in green, KOSPI rose 15.53 points or 0.72% to 2,171.21, Straits Times advanced 6.43 points or 0.2% to 3,204.35, Shanghai Composite gained 20.49 points or 0.69% to 3,011.18, Taiwan Weighted strengthened 90.59 points or 0.88% to 10,439.24, Hang Seng increased 196.42 points or 0.68% to 29,047.81, Nikkei 225 surged 171.09 points or 0.8% to 21,458.11 and Jakarta Composite was up by 38.59 points or 0.6% to 6,451.86.