Indian bourses continue to trade flat in afternoon deals

Indian bourses continued to trade flat in the afternoon session, with frontline gauges trading below their crucial 36,500 (Sensex) and 10,800 (Nifty) levels. Traders remain concerned with credit rating agency ICRA estimated that India’s gross domestic product (GDP) growth may ease to 5.5-6 percent in the first quarter (April-June) of the fiscal year 2019-20, amid a slowdown in the expansion of industry and agriculture. However, traders took some support with Niti Aayog Vice Chairman Rajiv Kumar’s statement that the government is considering a number of measures which will be taken at an appropriate time to deal with financial stress and unleash animal spirit in the economy. On the sectoral front, pharma sector remained in focus with the Organisation of Pharmaceutical Producers of India (OPPI) stating that while the pharma industry supports the government’s initiatives to offer medicines at affordable prices, it wants certainty and predictability in the price control mechanism.

On the global front, Asian markets were trading mixed, as investors awaited Federal Reserve Chairman Jerome Powell's speech for clues on whether the US central bank will cut interest rates in the future. Back home, the BSE Sensex is currently trading at 36461.77, down by 11.16 points or 0.03% after trading in a range of 36102.35 and 36624.74. There were 19 stocks advancing against 12 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.43%, while Small cap index was down by 0.01%.

The top gaining sectoral indices on the BSE were Metal up by 2.90%, Oil & Gas up by 1.62%, Basic Materials up by 1.51%, PSU up by 1.44% and TECK was up by 1.02%, while FMCG down by 0.99%, Bankex down by 0.60%, Realty down by 0.50% and Capital Goods was down by 0.44% were the top losing indices on BSE.

The top gainers on the Sensex were Vedanta up by 5.39%, Yes Bank up by 3.73%, Tata Steel up by 3.64%, Mahindra & Mahindra up by 2.97% and Sun Pharma was up by 1.93%. On the flip side, ITC down by 1.92%, Indusind Bank down by 1.47%, Maruti Suzuki down by 1.30%, Kotak Mahindra Bank down by 1.19% and ICICI Bank was down by 1.14% were the top losers.

Meanwhile, Directorate General of Civil Aviation (DGCA) in its monthly data has showed that India’s domestic air passenger traffic rose by 3.01 percent in July over the year-ago period, with local carriers flying 11.90 million passengers in the month. Domestic airlines flew 11.55 million passengers in the same month last year. In June 2019, the country’s domestic air passenger traffic rose 6.19 percent compared to the year-ago period.

In terms of market share, country’s largest carrier, IndiGo maintained its lead position with 47.8 percent share of the domestic passenger market in July. SpiceJet's market share fell from 15.6 per cent in April to 15.5 percent in July, giving it the number two spot. The market share of Air India, GoAir, AirAsia and Vistara were 14.79 percent, 13.26 percent, 7.71 percent and 7.15 percent, respectively, in July this year.

According to the data, the passenger load factor of all the major airlines declined in July as compared to June 2019, due to the end of tourist season. Besides, Air India topped the list of passenger grievances with 2.1 complaints per 10,000 passengers in the month of July, while SpiceJet was on number two position with 0.8 complaints per 10,000 passengers.

The CNX Nifty is currently trading at 10758.95, up by 17.60 points or 0.16% after trading in a range of 10637.15 and 10795.40. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Vedanta up by 5.50%, Zee Entertainment up by 4.88%, Indiabulls Housing Finance up by 4.73%, UPL up by 4.57% and Yes Bank was up by 3.73%. On the flip side, ITC down by 1.96%, Indusind Bank down by 1.53%, Maruti Suzuki down by 1.30%, Kotak Mahindra Bank down by 1.20% and ICICI Bank was down by 1.14% were the top losers.

Asian markets were trading mixed; Hang Seng increased 136.79 points or 0.53% to 26,185.51, Nikkei 225 surged 82.90 points or 0.4% to 20,710.91, Shanghai Composite gained 13.76 points or 0.48% to 2,897.20 and Taiwan Weighted strengthened 8.33 points or 0.08% to 10,538.11.

On the flip side, KOSPI fell 2.71 points or 0.14% to 1,948.30, Jakarta Composite lost 4.30 points or 0.07% to 6,234.95 and Straits Times trembled 15.20 points or 0.49% to 3,112.54.