Indian bourses remain under pressure

Indian equity benchmarks remained under pressure in late afternoon deals, on the back of weak cues from other Asian markets. Domestic sentiments got hit, as the bilateral trade between India and China declined by about $3 billion last year while India's trade deficit continues to be high amounting to $56.77 billion as both countries experienced an economic slowdown. The street took a note of new World Bank study stating that the regulatory environment for women's economic participation has improved over the past two years, with 40 economies enacting 62 reforms that will help women - half the world's population - realize their potential and contribute to economic growth and development.

On the global front, Asian markets were trading lower, as investors took their foot off the pedal following weeks of gains, with focus on the signing later in the day of the China-US trade deal.  Back home, steel sectors stocks were in watch, after credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has said that the latest amendment to the Mines & Minerals (Development & Regulation) Act, 1957 comes as a major relief to the steel industry.

The BSE Sensex is currently trading at 41685.11, down by 267.52 points or 0.64% after trading in a range of 41681.94 and 41969.86. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.20%, while Small cap index was up by 0.63%.

The top gaining sectoral indices on the BSE were Realty up by 0.92%, Consumer Durables up by 0.81%, Utilities up by 0.68%, Metal up by 0.59% and Consumer Discretionary Goods & Services up by 0.42%, while Bankex down by 1.07%, IT down by 0.74%, TECK down by 0.70%, Telecom down by 0.32% and PSU down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 1.49%, Titan Co up by 1.23%, Mahindra & Mahindra up by 0.72%, Asian Paints up by 0.41% and NTPC up by 0.36%. On the flip side, Indusind Bank down by 4.39%, SBI down by 1.28%, Infosys down by 1.28%, Ultratech Cement down by 1.11% and HDFC down by 1.05% were the top losers.

Meanwhile, with a view to guard domestic players from cheap imports, the government may impose anti-dumping duty on a Chinese medicine used to treat different kind of bacterial infections. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) has conducted a probe into an alleged dumping of Ciprofloxacin Hydrochloride from China following a complaint filed by Aarti Drugs. Aarti Drugs has filed an application before the directorate for investigation into the imports from the neighbouring country, with which India has a huge trade deficit of over $50 billion, for imposing anti-dumping duty. 

In a notification, DGTR said that on the basis of the prima facie evidence submitted by the domestic industry about dumping of the product originating in or exported from China, the authority, hereby, initiates an investigation. In the probe, DGTR will determine the existence, degree and effect of any alleged dumping. If it will be established that the dumping has impacted the domestic industry, the directorate would recommend imposition of the duty. The finance ministry will take the final decision to impose the duty.

Ciprofloxacin Hydrochloride is used to treat different types of bacterial infections, including skin infections, bone and joint infections, respiratory or sinus infections, urinary tract infections, and certain types of diarrhea. The period of investigation is April 2018 to June 2019 (15 months). It would also look at the data of 2015-18.

The CNX Nifty is currently trading at 12288.65, down by 73.65 points or 0.60% after trading in a range of 12284.40 and 12350.30. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 5.58%, Hero MotoCorp up by 1.32%, Zee Entertainment up by 1.13%, Titan Co up by 1.06% and Hindalco up by 0.94%. On the flip side, Indusind Bank down by 4.58%, Wipro down by 3.79%, Infosys down by 1.37%, SBI down by 1.36% and Dr. Reddys Lab down by 1.35% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 108.59 points or 0.45% to 23,916.58, Taiwan Weighted dropped 87.93 points or 0.72% to 12,091.88, Straits Times trembled 13.75 points or 0.42% to 3,256.79, Jakarta Composite lost 34.54 points or 0.55% to 6,290.87, KOSPI fell 7.90 points or 0.35% to 2,230.98, Shanghai Composite declined 10.90 points or 0.35% to 3,095.92 and Hang Seng decreased 171.78 points or 0.59% to 28,713.36.