Sensex, Nifty remain bullish in late morning deals

21 Jul 2020 Evaluate

Indian equity benchmarks remained bullish in late morning deals, on account of firm cues from other Asian markets. The broader indices were too holding notable gains in late morning deals, tracking positive larger peers. Sentiments were positive, as the Commerce and Industry Ministry initiated a probe into alleged low-cost imports of a certain type of yarn from China, which is impacting the domestic industry. The Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) has started the probe to assess if the subsidy programme of China for exports of 'Viscose Rayon Filament Yarn above 60 deniers'' is impacting the Indian industry.

On the global front, Asian markets were trading higher, as Taiwan's export orders rose at a faster-than-expected rate in June. The figures from the Ministry of Economic Affairs showed that export orders rose 6.5 percent year-on-year in June. Orders for electrical electronic products grew 23.9 percent annually in June and order for machinery products gained 7.3 percent.

The BSE Sensex is currently trading at 37855.97, up by 436.98 points or 1.17% after trading in a range of 37742.05 and 37923.38. There were 18 stocks advancing against 11 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.46%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Realty up by 3.22%, Oil & Gas up by 2.34%, Energy up by 2.32%, PSU up by 2.02% and Bankex up by 1.90%, while Telecom down by 1.44%, Metal down by 0.51%, TECK down by 0.46%, FMCG down by 0.34% and IT down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.91%, HDFC up by 3.62%, ICICI Bank up by 3.25%, Axis Bank up by 3.09% and Power Grid up by 3.06%. On the flip side, Sun Pharma down by 1.18%, Bharti Airtel down by 0.96%, Tech Mahindra down by 0.87%, Asian Paints down by 0.74% and Bajaj Finserv down by 0.69% were the top losers.

Meanwhile, with a view to promote the growth of budding entrepreneurs, Commerce and Industry Minister Piyush Goyal has called upon Indian investors to play a greater role in providing funds to domestic start-ups. He said the government has taken several initiatives to strengthen the start-up ecosystem in the country and more needs to be done to further promote ease of doing business for them.

He said ‘In fact personally, I feel our Indian investors need to play a much more important role in providing funds to our start-ups. Most of our high quality successful good start-ups are getting sold to foreign companies and the risk taking ability in India needs to be promoted a lot more to support our start-up ecosystem.’ The minister expressed confidence that once investors recognise the ‘great role’ of start-ups in strengthening women entrepreneurship, boosting self-reliant India campaign, promoting innovation, they would participate. He also said that start-ups are going to play an important role in the post-Covid world.

Goyal said the government has the responsibility of making things easier for start-ups, hand holding them with easier compliance and exit processes, and added that these measures will help the start-up ecosystem ‘take wings’. He also said ‘I noted that there are still some more initiatives that need to be done for ease of doing business, for ensuring greater degree of participation of banks and lenders to the start-up ecosystem’.

The CNX Nifty is currently trading at 11139.55, up by 117.35 points or 1.06% after trading in a range of 11113.25 and 11164.45. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were BPCL up by 7.26%, Maruti Suzuki up by 3.91%, Eicher Motors up by 3.79%, Tata Motors up by 3.57% and Indian Oil Corporation up by 3.45%. On the flip side, Bharti Infratel down by 1.82%, Britannia down by 1.75%, Hindalco down by 1.62%, Sun Pharma down by 1.27% and Bharti Airtel down by 1.26% were the top losers.

Asian markets were trading higher; Hang Seng increased 471.03 points or 1.88% to 25,529.02, Jakarta Composite soared 51.06 points or 1.01% to 5,102.17, Taiwan Weighted strengthened 275.62 points or 2.26% to 12,450.16, KOSPI rose 35.50 points or 1.61% to 2,233.70, Straits Times advanced 11.47 points or 0.44% to 2,627.77, Nikkei 225 surged 186.26 points or 0.82% to 22,903.74 and Shanghai Composite gained 2.41 points or 0.07% to 3,316.56.

Sensex, Nifty remain bullish in late morning deals

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