Local bourses trade with modest losses

Key benchmark indices erased their all gains and started trading in red terrain with small losses in afternoon session, on account of selling in frontline blue chip counters. Investors maintained cautious approach ahead of Futures and Options (F&O) derivative expiry for July series due today. However, losses remain capped as some support came with Revenue Secretary Ajay Bhushan Pandey’s statement that the revised direct tax target of Rs 13.35 lakh crore is realistic and achievable with the help of economic growth and exchange of data amongst various agencies and wings of the government. Meanwhile, a committee has been constituted under the Department for Promotion of Industry and Internal Trade to examine issues related to FDI in the e-commerce sector. The committee was constituted under an additional secretary level officer from the Department for Promotion of Industry and Internal Trade (DPIIT) with members from the departments of commerce, consumer affairs, legal affairs and MSME.

On the global front, Asian markets were trading mostly in green, as soft economic data fuelled hopes the European Central Bank could cut rates at its meeting on Thursday. Back home, the BSE Sensex is currently trading at 37813.19, down by 34.46 points or 0.09% after trading in a range of 37813.19 and 38169.87. There were 14 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.28%, while Small cap index was up by 0.01%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.86%, Telecom up by 0.82%, TECK up by 0.44%, Realty up by 0.37% and IT was up by 0.29%, while Energy down by 1.30%, Oil & Gas down by 0.58%, Capital Goods down by 0.52%, PSU down by 0.52% and Metal was down by 0.46% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.59%, Vedanta up by 1.33%, Bajaj Auto up by 1.08%, Power Grid up by 1.07% and Sun Pharma was up by 1.03%. On the flip side, Tata Motors down by 2.51%, Tata Motors - DVR down by 2.49%, Reliance Industries down by 1.51%, Tech Mahindra down by 1.48% and Yes Bank was down by 1.29% were the top losers.

Meanwhile, India has improved its ranking on the global innovation index (GII) by five places to stand at 52nd in 2019 from 57th position last year and maintained its position as the top exporter of IT services. Releasing the report, Commerce and Industry Minister Piyush Goyal has said that the government is committed to further improving the ranking as innovation is key for the country's economic growth. He also said 'I assure you that going forward, the country will not rest until we achieve the target of coming in the top 25th and then in top 10th in the world.'

According to report, Switzerland retained its number-one spot on the GII rankings. It was followed by Sweden, the US, the Netherlands, the UK, Finland, Denmark, Singapore, Germany, and Israel in the top 10 places. It also noted that India’s three cities, Bengaluru, Mumbai, and New Delhi, also featured in the world's top 100 science and technology clusters. The report further stated that despite signs of slowing economic growth, innovation continues to blossom, particularly in Asia, but pressures are looming from trade disruptions and protectionism. It added that most top science and technology clusters are in the US, China, and Germany, while Brazil, India, Iran, Russia, and Turkey also feature in the top 100 list.

The report also indicated that India remained at the top in the region and came in at fourth position in the GII rankings among all lower middle-income economies. India has also outperformed on innovation relative to its GDP per capita for nine years in a row. The country confirms its rank among the top 50 economies in two pillars-Market sophistication (33rd) and Knowledge and technology outputs (32nd)-with the latter being the pillar in which India ranks the highest this year. In Global R&D companies, India reached the 15th spot as the second middle-income economy.

The CNX Nifty is currently trading at 11264.55, down by 6.75 points or 0.06% after trading in a range of 11262.30 and 11361.40. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 3.48%, Cipla up by 3.13%, Indusind Bank up by 2.47%, Zee Entertainment up by 1.86% and Dr. Reddys Lab was up by 1.62%. On the flip side, Tata Motors down by 2.41%, Coal India down by 2.03%, Reliance Industries down by 1.60%, Tech Mahindra down by 1.58% and BPCL was down by 1.46% were the top losers

Asian markets were trading mostly in green; Hang Seng increased 85.03 points or 0.3% to 28,609.07, Nikkei 225 surged 46.98 points or 0.22% to 21,756.55, Jakarta Composite soared 14.25 points or 0.22% to 6,399.24, Straits Times advanced 11.15 points or 0.33% to 3,379.59, Taiwan Weighted strengthened 5.65 points or 0.05% to 10,941.41 and Shanghai Composite was up by 5.50 points or 0.19% to 2,928.78.

On the flip side, KOSPI was down by 7.82 points or 0.38% to 2,074.48.