Firm trade continues on Dalal Street

Firm trade continued on Dalal Street in late afternoon session, despite weak opening of European markets. Domestic sentiments remained positive, after Agriculture Minister Narendra Singh Tomar said that the deficit in southwest monsoon has narrowed and the sowing of summer (Kharif) crops is progressing well across the country. Adding some optimism among traders, the Confederation of All India Traders (CAIT) launched an initiative ‘Digi Vyapari-Safal Vyapari’, to accelerate acceptance of digital payments among merchants across the country. For this initiative, CAIT partnered with HDFC Bank, Mastercard, Common Service Centres (CSCs) of Ministry of Electronics and Information Technology (Meity) and Global Linkers.

On the global front, European markets were trading in red, after the UK economy contracted unexpectedly in the second quarter. The first estimate from the Office for National Statistics showed that gross domestic product fell 0.2 percent sequentially, reversing first quarter's 0.5 percent growth. GDP was forecast to remain flat. However, Asian markets were trading in green, as Japan's gross domestic product gained a seasonally adjusted 0.4 percent on quarter in the second quarter of 2019. That beat expectations for an increase of 0.1 percent following the upwardly revised 0.7 percent gain in the previous three months (originally 0.6 percent).

The BSE Sensex is currently trading at 37723.84, up by 396.48 points or 1.06% after trading in a range of 37406.26 and 37807.55. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.92%, while Small cap index was up by 1.05%.

The top gaining sectoral indices on the BSE were Auto up by 2.22%, Consumer Disc up by 1.41%, Basic Materials up by 1.27%, Consumer Durables up by 1.17% and Bankex up by 1.14%, while Metal down by 0.19% and Telecom down by 0.06% were the only losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.46%, Vedanta up by 3.28%, Bajaj Finance up by 2.76%, Hindustan Unilever up by 2.15% and HDFC Bank up by 2.14%. On the flip side, Yes Bank down by 7.40%, ITC down by 1.22%, Tech Mahindra down by 1.12%, Tata Steel down by 0.99% and Tata Motors down by 0.97% were the top losers.

Meanwhile, with an effort to accelerate acceptance of digital payments among merchants across the country, Traders body, the Confederation of All India Traders (CAIT) has launched an initiative ‘Digi Vyapari-Safal Vyapari’.

For this initiative, CAIT partnered with HDFC Bank, Mastercard, Common Service Centres (CSCs) of Ministry of Electronics and Information Technology (Meity) and Global Linkers.

CAIT Secretary General Praveen Khandelwal said that they will make live showroom of traders on e-commerce portal which will have integrated facilities of digital payments, logistics and live chat.

While taking about initiative, CAIT Secretary said that it is aimed at accelerating the acceptance of digital payments among merchants and linking them with e-commerce portals by creating their e-commerce showrooms.

The CNX Nifty is currently trading at 11142.20, up by 109.75 points or 0.99% after trading in a range of 11062.80 and 11181.45. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Indiabulls Housing Finance up by 11.06%, Eicher Motors up by 4.37%, Maruti Suzuki up by 3.62%, Vedanta up by 3.24% and Bajaj Finserv up by 3.22%. On the flip side, Yes Bank down by 7.62%, Hindalco down by 2.87%, Cipla down by 2.65%, Coal India down by 1.77% and ITC down by 1.36% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 91.47 points or 0.44% to 20,684.82, KOSPI rose 17.14 points or 0.89% to 1,937.75 and Jakarta Composite was up by 6.12 points or 0.1% to 6,280.79. On the flip side, Shanghai Composite declined 19.53 points or 0.7% to 2,775.02 and Hang Seng was down by 71.05 points or 0.27% to 26,049.72. 

All European markets were trading in red; FTSE lost 12.39 points or 0.17% to 7,273.51, CAC fell 39.15 points or 0.73% to 5,348.81 and DAX was down by 69.72 points or 0.59% to 11,775.69.