Markets holding green terrain in noon deals

Indian equity benchmarks continued to trade in green terrain with frontline gauges holding their crucial 38,700 (Sensex) and 11,600 (Nifty) levels in noon deals. Buying in metal and FMCG counters supporting the sentiments however, traders opted to sell off their holding in telecom and oil & gas sector. Appreciation in India rupee too aided sentiments with Indian currency trading higher by 8 paise at Rs 69.32 against dollar at this point of time. Firm trading in Asian counterparts too supporting positive sentiments with most of the Asian counters are trading in green as investors welcomed news that Chinese trade negotiators will travel to Washington this week despite Donald Trump’s threat to hike tariffs. Back home, Jewellery stocks remained in focus after Jewellers in India are lining up discounts to entice consumers on the second-biggest gold-buying day in the Hindu calendar.  In scrip specific developments, Marico advanced on reporting over 2-fold jump in Q4 consolidated net profit and Unichem rises on getting USFDA’s nod for Cetirizine Hydrochloride and Pseudoephedrine Hydrochloride Tablets.

The BSE Sensex is currently trading at 38702.11, up by 101.77 points or 0.26% after trading in a range of 38614.23 and 38835.54. There were 22 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.25%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.06%, Metal up by 0.86%, FMCG up by 0.70%, Capital Goods up by 0.65% and Industrials was up by 0.45%, while Telecom down by 1.37%, Oil & Gas down by 1.16%, Energy down by 1.13% and PSU was down by 0.12% were the few losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 1.80%, Power Grid Corporation up by 1.53%, Hero MotoCorp up by 1.44%, Larsen & Toubro up by 1.24% and HDFC was up by 1.17%. On the flip side, Bharti Airtel down by 1.92%, Asian Paints down by 1.88%, Reliance Industries down by 1.35%, HCL Technologies down by 1.12% and ICICI Bank was down by 0.67% were the top losers.

Meanwhile, in order to resolve outstanding trade issues by exploring mutually beneficial suitable solutions, Commerce Minister Suresh Prabhu and US Commerce Secretary Wilbur Ross have agreed to engage regularly at various level. Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs. Both the countries are locked in a tariff dispute with the US deciding to end preferential trade treatment to Indian exports, while India proposing to impose retaliatory duties on American goods.

Meanwhile, the two countries also complimented the new bilateral private sector led Small Business Interaction initiative, the US-India SME Forum, held on May 6. This is the first event of its kind and it will pave the way for collaboration and partnership between the US and Indian small and medium enterprises (SMEs) in the areas of manufacturing and services.

Besides, both sides expressed satisfaction over the progress made during the year 2018, with bilateral trade in goods and services registering a 12.6 per cent rise to $142 billion, compared to $126 billion in 2017.

The CNX Nifty is currently trading at 11619.05, up by 20.80 points or 0.18% after trading in a range of 11591.15 and 11657.05. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 2.21%, Hindalco up by 2.06%, HDFC up by 1.50%, Hero MotoCorp up by 1.34% and Titan Company was up by 1.31%. On the flip side, BPCL down by 3.60%, Bharti Airtel down by 2.16%, Indian Oil Corporation down by 2.01%, Asian Paints down by 1.71% and Bharti Infratel was down by 1.54% were the top losers.

Most of the Asian markets are trading in green; Straits Times surged 31.08 points or 0.94% to 3,321.70, Hang Seng gained 124.83 points or 0.43% to 29,334.65, Taiwan Weighted jumped 90.02 points or 0.83% to 10,987.14, Jakarta Composite added 49.73 points or 0.79% to 6,306.08 and Shanghai Composite was up by 22.30 points or 0.77% to 2,928.76.

On the flip side, Nikkei 225 tumbled 335.01 points or 1.51% to 21,923.72 and KOSPI was down by 19.33 points or 0.88% to 2,176.99.