Local bourses hold gains in afternoon deals

Indian equity benchmarks held their gains in afternoon session, on sustained buying by domestic institutional investors. The indices remained in green with World Bank’s report that India has halved its poverty rate since the 1990s and achieved a seven plus growth rate over the last 15 years. India is both critical to the success of global development efforts, including eliminating extreme poverty, and as an influential leader for global goods. However, gains remained capped as anxiety remained among the local traders with State Bank of India’s economic research report ‘Ecowrap’ stating that the negative core Wholesale Price Index (WPI) inflation and de-growth in the Index of Industrial Production (IIP) are a disturbing sign, causing serious concerns about the decelerating economy. Traders also took a note of Finance Minister Nirmala Sitharaman’s statement that India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests. On the sectoral front, shipping sector remained in focus with Union Minister of State for Shipping Mansukh Mandaviya stating that the government will come up with a comprehensive 'Port Grid and Port Development' plan in six months for 204 minor ports in the country to boost coastal shipping and inland waterways, and bring a Bill in Parliament to provide a fillip to major ports.

On the global front, Asian markets were trading mostly in green, following gains on Wall Street as U.S. earnings season kicked off and investors saw hope for the chances for a larger U.S.-China trade deal and a Brexit agreement. Back home, the BSE Sensex is currently trading at 38586.57, up by 80.48 points or 0.21% after trading in a range of 38466.76 and 38666.38. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index rose 0.41%.

The gaining sectoral indices on the BSE were Realty up by 1.38%, Oil & Gas up by 0.82%, PSU up by 0.78%, Energy up by 0.68% and Basic Materials was up by 0.48%, while Utilities down by 0.56%, Power down by 0.50%, Auto down by 0.29%, Capital Goods down by 0.19% and Consumer Durables was down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.87%, ICICI Bank up by 1.46%, HDFC up by 1.13%, Bajaj Auto up by 1.10% and Sun Pharma was up by 1.05%. On the flip side, Vedanta down by 1.96%, Hero MotoCorp down by 1.72%, ITC down by 1.15%, Power Grid down by 0.94% and TCS was down by 0.79% were the top losers.

Meanwhile, Union Minister of State for Shipping Mansukh Mandaviya has said that the government will come up with a comprehensive 'Port Grid and Port Development' plan in six months for 204 minor ports in the country to boost coastal shipping and inland waterways, and bring a Bill in Parliament to provide a fillip to major ports. He noted that India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) -- and 204 minor ports are controlled by the states.

The minister said ‘the minor ports will support major ports...small cargo will reach to major port from minor ports and boost country’s export-import (EXIM) cargo.’ He also said the plan will be comprehensive as states lack technical support and world-class guidance. Adding further, he said it would be state governments' responsibility to decide the mode of development, including public private partnership model and the need for the plan was felt as only 44 minor ports are functional of the 204 minor ports in the country.

Besides, Mandaviya said a new bill will be introduced in the upcoming session of Parliament to boost major ports by giving more power to chairmen of ports. He also said many powers will be bestowed on port chairman to take small decisions related to ports' development. He added that this will be done so that major ports can compete with other ports and all files should not reach the Ministry for decisions.

The CNX Nifty is currently trading at 11456.15, up by 27.85 points or 0.24% after trading in a range of 11423.70 and 11481.05. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 5.46%, BPCL up by 4.48%, Grasim Industries up by 3.45%, Bajaj Finance up by 2.86% and Wipro was up by 2.22%. On the flip side, Hindalco down by 2.05%, Vedanta down by 2.05%, Adani Ports &SEZ down by 1.87%, Hero MotoCorp down by 1.74% and ITC was down by 1.19% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 265.71 points or 1.2% to 22,472.92, Hang Seng increased 141.73 points or 0.53% to 26,645.66, Taiwan Weighted strengthened 51.03 points or 0.46% to 11,162.83, Straits Times advanced 27.34 points or 0.88% to 3,143.51 and KOSPI was up by14.66 points or 0.71% to 2,082.83.

On the flip side, Jakarta Composite lost 2.31 points or 0.04% to 6,155.86 and Shanghai Composite was down by 10.61 points or 0.35% to 2,980.44.