Indian bourses trade modestly in green in afternoon deals

Erasing their losses, Indian equity benchmarks traded modestly in green in afternoon deals, after the RBI cut the benchmark repo rate by 0.25 per cent to 6 percent, while keeping the stance unchanged at neutral. It has also cut the retail inflation forecast to 2.9-3 percent for the first half of current fiscal, mainly due to lower food and fuel prices as well as expectation of a normal rainy season. Some support also came with Commerce and Industry Minister Suresh Prabhu’s statement that India's exports are expected to reach $32.38 billion in March, the highest in any month so far, on account of healthy growth in sectors such as pharmaceuticals. He said that exports would cross $331 billion mark in the 2018-19 fiscal year. However, gains were limited as the country's services sector activity eased in March with slowest pace of output growth in six-months due to a slower expansion in new work, leading to weakest rate of hiring since last September. The seasonally adjusted Nikkei India Services Business Activity Index fell to 52 in March from 52.5 in February, indicating the slowest expansion since last September.

On the global front, Asian markets were trading mostly in green as investors awaited developments on Sino-US trade talks, with both sides appearing closer to signing a deal and improved risk appetite weighing on safe-haven assets like the yen. Back home, the BSE Sensex is currently trading at 38898.02, up by 20.90 points or 0.05% after trading in a range of 38716.67 and 38939.35. There were 18 stocks advancing against 13 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.12%, while Small cap index was down by 0.26%.

The top gaining sectoral indices on the BSE were Realty up by 0.78%, Auto up by 0.51%, Healthcare up by 0.38%, Bankex up by 0.33% and Consumer Discretionary Goods & Services was up by 0.28%, while IT down by 0.94%, Oil & Gas down by 0.75%, TECK down by 0.73%, Energy down by 0.72% and Metal was down by 0.46% were the top losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 2.04%, Bharti Airtel up by 1.67%, Asian Paints up by 1.37%, NTPC up by 1.08% and Tata Motors was up by 1.07%. On the flip side, HCL Technologies down by 2.65%, Yes Bank down by 1.11%, TCS down by 1.06%, ONGC down by 0.80% and Tata Steel was down by 0.78% were the top losers.

Meanwhile, The Telecom Regulatory Authority of India (Trai) has directed operators to submit before it all tariff plans that they offer to select segments of customers at the end of every month. In October 2018, it had issued a similar order but the same was set aside by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). The new direction comes after the Supreme Court (SC) on January 21 held that 'there will be no stay on the impugned judgment (of TDSAT) except to the extent of remand'.

Following the SC order, Trai has issued the new direction to telecom operators directing them to submit before it details of rates, terms and conditions of scheme, quantum of service that customers will get, name of the plan, validity period of subscription and benefits available to the subscriber under the plan in which segment offer has been given. It has directed telecom service providers to share with it number of subscribers at the end of each month who have availed the segmented offer.

The regulator has asked telecom operators to submit declaration that the benefits of segment offers have been made available to all existing customers with the particular segment without any discrimination. In a separate direction, Trai withdrew its direction mandating telecom operators to publish tariff details along with contact details of customers care centre in newspapers. However, telecom operators will have to share tariff details across all of their retail outlets, point of sales and on their website.

The CNX Nifty is currently trading at 11654.15, up by 10.20 points or 0.09% after trading in a range of 11597.00 and 11662.55. There were 28 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Indiabulls Housing Finance up by 2.72%, Hero MotoCorp up by 2.00%, Bharti Airtel up by 1.79%, Ultratech Cement up by 1.55% and Asian Paints was up by 1.36%. On the flip side, HCL Technologies down by 2.55%, Hindalco down by 2.27%, BPCL down by 1.51%, GAIL India down by 1.35% and Yes Bank was down by 1.10% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite soared 19.71 points or 0.3% to 6,495.78, Shanghai Composite gained 19.59 points or 0.61% to 3,235.89, Nikkei 225 surged 11.74 points or 0.05% to 21,724.95, Straits Times advanced 5.15 points or 0.16% to 3,316.42 and KOSPI was up by 3.26 points or 0.15% to 2,206.53.

On the flip side, Hang Seng was down by 133.47 points or 0.45% to 29,852.92.