Markets continue to trade in positive zone

Indian equity benchmarks were trading in positive zone in early noon session, holding their psychological levels of 41,700 (Sensex) and 12,250 (Nifty). Among blue chip stocks, Yes Bank was top gainer trading up by around 3.11%, while ITC was top loser down by around 0.94%. Meanwhile, the broader indices, mid cap and small cap indices were trading up by over 0.20% each. Investors got encouragement as DPIIT Secretary Guruprasad Mohapatra expressed optimism that India will soon break into the top 50 in the World Bank's ease of doing business ranking. Some comfort also came with private report indicating that Reserve Bank of India excepts to cut the repo rate to 4.9% by March 2020 and 4.35% by September 2020 if global growth slows, and also said fiscal deficit is anticipated to slip to 3.8% of the GDP this year.

On the global front, Asian markets were trading mostly in red, with cautious outlook after President Donald Trump’s impeachment by the US House of Representatives. Back on street, on sectoral front, public sector banks stocks remained in limelight after the Reserve Bank of India (RBI) decided to buy and sell bonds worth Rs 10,000 crore via open market operations.

The BSE Sensex is currently trading at 41734.40, up by 60.48 points or 0.15% after trading in a range of 41656.14 and 41809.96. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.30%, while Small cap index was up by 0.24%.

The top gaining sectoral indices on the BSE were Telecom up by 1.46%, PSU up by 0.95%, Consumer Durables up by 0.82%, Metal up by 0.67% and Utilities was up by 0.57%, while FMCG down by 0.31% was the lone indices on BSE.

The top gainers on the Sensex were Yes Bank up by 3.11%, SBI up by 2.22%, Hero MotoCorp up by 2.05%, Tata Steel up by 1.38% and Bharti Airtel was up by 1.20%. On the flip side, ITC down by 0.94%, HDFC down by 0.80%, Kotak Mahindra Bank down by 0.54%, Tata Motors - DVR down by 0.54% and Vedanta was down by 0.54% were the top losers.

Meanwhile, the Textiles Ministry is in the process of formulating a New Textiles Policy 2020, which aimed at developing in the country a competitive textile sector which is modern, sustainable and inclusive. This new policy will have a special focus on manufacturing of apparel and garment, technical textiles, Man-made fibre products and exports.

The Ministry has sought suggestions for formulating the much-awaited new Textiles Policy for the next 10 years, which will envisage positioning India as a fully integrated, globally-competitive manufacturing and exporting hub. The policy will entail the strategy and action plan for the country's textile and apparel segments, while maintaining pre-eminent position in handicraft and handloom sectors. The entire effort is being made to realize the government’s vision of 'Make in India' for the country and for identifying one strong product with export potential from every district and cluster.

The Ministry is requesting substantive inputs and suggestions from all stake-holders including individuals and associations on various topics like wool, cotton, silk, jute, man-made fibre, handloom, handicraft, powerloom, infrastructure, investment, apparel, exports, branding and quality control, technical textiles, human resource, technology and machinery up-gradation to take forward various sub sectors of Textiles Industry to a level where production, exports and employment grows at faster pace.

The CNX Nifty is currently trading at 12283.65, up by 23.95 points or 0.20% after trading in a range of 12252.75 and 12293.90. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 3.30%, Yes Bank up by 3.01%, SBI up by 2.18%, Adani Ports & SEZ up by 2.11% and Zee Entertainment was up by 2.00%. On the flip side, ITC down by 0.92%, HDFC down by 0.67%, Kotak Mahindra Bank down by 0.66%, Mahindra & Mahindra down by 0.41% and Asian Paints was down by 0.37% were the top losers.

Asian markets are trading mostly in red, Taiwan Weighted dropped 21.56 points or 0.18% to 11,997.34, Shanghai Composite declined 2.29 points or 0.08% to 3,014.78, Jakarta Composite lost 12.45 points or 0.2% to 6,237.48, Nikkei 225 slipped 10.76 points or 0.05% to 23,854.09 and Straits Times was down by 1.61 points or 0.05% to 3,205.81.

On the other hand, Hang Seng increased 69.51 points or 0.25% to 27,870.00 and KOSPI was up by 3.05 points or 0.14% to 2,199.61.