Key indices remain in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, boosted by the IT, TECK, Capital Goods and banking sectors amid firm global cues. Sentiments remained positive with the commerce and industry ministry in its latest data has showed that foreign direct investment (FDI) equity inflows into India increased by 60 percent to $4.44 billion in April 2021 as against $2.77 billion in the same month last year. Besides, the country has attracted total FDI inflow, including equity, re-invested earnings and capital, of $6.24 billion during April, 2021, which is 38 percent higher as compared to inflow of $4.53 billion in April 2020. However, gains remain capped as S&P Global Ratings cut India's growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of risk to the outlook from further waves of COVID pandemic. The agency lowered the growth outlook saying that a severe second COVID-19 outbreak in April and May led to lockdowns imposed by states and sharp contraction in economic activity.

On the global front, Asian markets were trading mostly in green as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction. Back home, on the sectoral front, tours and travel industry’s stocks remained in focus as ratings agency Crisil said the tours and travel industry, which was beginning to recover before the second wave of Covid-19 infections began, will now see revenue this fiscal reaching only 35%-40% of the pre-pandemic levels.

The BSE Sensex is currently trading at 52531.28, up by 225.20 points or 0.43% after trading in a range of 52385.05 and 52590.92. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.31%, while Small cap index down by 0.11%.

The top gaining sectoral indices on the BSE were IT up by 1.14%, TECK up by 0.97%, Capital Goods up by 0.83%, Bankex up by 0.52% and Metal up by 0.42%, while Utilities down by 1.54%, Power down by 1.50%, Oil & Gas down by 1.08%, Energy down by 0.89% and Realty down by 0.53% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.73%, Infosys up by 1.67%, TCS up by 1.31%, Bajaj Finance up by 1.09% and Tata Steel up by 0.85%. On the flip side, NTPC down by 1.15%, Power Grid down by 1.08%, Reliance Industries down by 0.83%, Bharti Airtel down by 0.66% and Dr. Reddys Lab down by 0.35% were the top losers.

Meanwhile, the commerce and industry ministry in its latest data has showed that foreign direct investment (FDI) equity inflows into India increased by 60 percent to $4.44 billion in April 2021 as against $2.77 billion in the same month last year. Besides, the country has attracted total FDI inflow, including equity, re-invested earnings and capital, of $6.24 billion during April, 2021, which is 38 percent higher as compared to inflow of $4.53 billion in April 2020.

It stated that measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. Foreign inflows in March had dipped to $2.87 billion from $4.27 billion in March 2020. In February too, FDI declined to $2.58 billion from $3.36 billion in the same month last year.

According to the data, during April 2021, Mauritius was the top investing country with 24 per cent of the FDI equity inflows, followed by Singapore (21 per cent) and Japan (11 per cent), it said. Computer software and hardware emerged as the top sector during the month with around 24 per cent share of the total FDI equity inflows. It was followed by services, and education sectors. Karnataka was the top recipient state during April with 31 per cent share, followed by Maharashtra and Delhi.

The CNX Nifty is currently trading at 15744.25, up by 57.30 points or 0.37% after trading in a range of 15702.70 and 15762.75. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 1.84%, Infosys up by 1.71%, TCS up by 1.29%, JSW Steel up by 1.21% and Bajaj Finance up by 1.07%. On the flip side, NTPC down by 1.28%, Adani Ports &SEZ down by 1.15%, Power Grid down by 1.12%, Eicher Motors down by 0.86% and Cipla down by 0.84% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted strengthened 65.58 points or 0.38% to 17,402.29, Hang Seng increased 21.89 points or 0.08% to 28,838.96, KOSPI rose 11.59 points or 0.35% to 3,287.78 and Straits Times advanced 7.81 points or 0.25% to 3,126.43.

On the flip side, Shanghai Composite declined 5.21 points or 0.15% to 3,561.01, Jakarta Composite lost 19.50 points or 0.32% to 6,015.04 and Nikkei 225 slipped 26.25 points or 0.09% to 28,848.64.