Benchmarks extend gains in afternoon deals

Indian equity benchmarks extended early gains to continue firm trade in afternoon deals, hovering near intra-day high levels on increased buying by funds and retail investors. Sentiments remained up-beat with the Federation of Indian Export Organisations (FIEO) stating that the ongoing trade tensions between the United States (US) and China is benefitting India. FIEO President Ganesh Kumar Gupta has indicated that India's exports to the US increased by 11.2 percent in 2018, while to China it went up 31.4 percent in the same year. Traders also took a note of Union Commerce Minister Suresh Prabhu’s statement that there is a need to facilitate strategic investments based on clear sectorial analysis in a bid to increase India’s Gross Domestic Product (GDP) growth. Encouraging earnings by some blue-chip firms also supported upside. Meanwhile, rupee shed 8 paise to 70.11 against the US currency in early trade, following continued bouts of dollar demand from banks and importers.

On the global front, Asian markets were trading mostly in red, as tough words on trade from China's media drowned out upbeat news on the U.S. economy and corporate earnings. The BSE Sensex is currently trading at 37714.94, up by 321.46 points or 0.86% after trading in a range of 37415.36 and 37722.32. 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 0.41%.

The top gaining sectoral indices on the BSE were FMCG up by 1.51%, Auto up by 1.18%, Consumer Disc up by 1.00%, Capital Goods up by 0.95% and Bankex was up by 0.88%, while Healthcare down by 0.95%, Metal down by 0.63%, IT down by 0.35%, PSU down by 0.28% and TECK was down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 5.74%, Hero MotoCorp up by 3.13%, Hindustan Unilever up by 2.66%, HDFC up by 2.09% and Mahindra & Mahindra was up by 2.04%. On the flip side, Vedanta down by 1.47%, ONGC down by 1.33%, Sun Pharma down by 1.30%, Infosys down by 1.23% and Tata Motors - DVR was down by 0.96% were the top losers.

Meanwhile, the Federation of Indian Export Organisations (FIEO) has said that the ongoing trade tensions between the United States (US) and China is benefitting India. FIEO President Ganesh Kumar Gupta has indicated that India's exports to the US increased by 11.2 percent in 2018, while to China it went up 31.4 percent in the same year.

Gupta has stated that China is also more willing than ever before to provide better market access to India on a wide range of agriculture and processed food products. He also said that India would be getting better access to Chinese market as China would like to prove to its citizen that the tariff war has little or no impact on it.

Further, FIEO Director General Ajay Sahai said it is a ‘God-sent opportunity’ for India to seek huge investments from companies located in China. He also noted that all investments in China with prime focus on the US market may seek relocation and India would definitely be the option. He also emphasized on a need to move aggressively to woo such investors before they are allured by others.

The CNX Nifty is currently trading at 11344.65, up by 87.55 points or 0.78% after trading in a range of 11259.85 and 11347.95. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 5.86%, Bajaj Finserv up by 5.31%, Hero MotoCorp up by 3.05%, Zee Entertainment up by 2.82% and Hindustan Unilever was up by 2.59%. On the flip side, Indian Oil Corporation down by 2.38%, Hindalco down by 2.36%, Vedanta down by 1.68%, Adani Ports &SEZ down by 1.63% and Sun Pharma was down by 1.56% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 324.86 points or 1.15% to 27,950.21, Taiwan Weighted dropped 90.50 points or 0.86% to 10,384.11, Shanghai Composite declined 65.22 points or 2.21% to 2,890.49, Jakarta Composite lost 24.13 points or 0.41% to 5,871.61, Straits Times trembled 19.31 points or 0.6% to 3,210.95 and KOSPI was down by11.89 points or 0.58% to 2,055.80.

On the flip side, Nikkei 225 was up by 187.11 points or 0.89% to 21,250.09.