Sensex, Nifty under grip of bulls in late morning session

Indian equity benchmarks remained under a grip of bulls in late morning session, with both Sensex and Nifty trading near their intraday high points, on the back of positive cues from other Asian markets. Sentiments were positive, as a private report revealed that consumers between 35 and 40 years of age are the most credit healthy, while those below 25 years are the least credit healthy. Besides, with a view to guard domestic players from cheap imports, the commerce ministry's investigation arm the Directorate General of Trade Remedies (DGTR) has recommended for continuation of anti-dumping duty on Chinese solar glass for two years. In a notification, the DGTR has said that continued imposition of anti-dumping duty is required on 'textured tempered coated and un-coated glass' from China. 

On the global front, Asian markets were trading in green, after Singapore's non-oil domestic exports were up 6.4 percent on year in April. The Enterprise Singapore said that was shy of expectations for an increase of 6.7 percent and down from 7.7 percent in March. On a monthly basis, exports slipped 3.3 percent - also missing forecasts for a decline of 1.3 percent after falling 2.3 percent in the previous month.

The BSE Sensex is currently trading at 53933.14, up by 959.30 points or 1.81% after trading in a range of 53176.02 and 53991.49. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.29%, while Small cap index was up by 1.62%.

The top gaining sectoral indices on the BSE were Metal up by 5.18%, Energy up by 2.80%, Basic Materials up by 2.63%, Oil & Gas up by 2.30% and Telecom up by 2.17%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tata Steel up by 4.21%, ITC up by 3.76%, ICICI Bank up by 3.31%, Reliance Industries up by 3.14% and HCL Tech. up by 3.01%. On the flip side, Power Grid down by 0.30%, NTPC down by 0.27% and Sun Pharma down by 0.17% were the top losers.

Meanwhile, with a view to guard domestic players from cheap imports, the commerce ministry's investigation arm the Directorate General of Trade Remedies (DGTR) has recommended for continuation of anti-dumping duty on Chinese solar glass for two years. In a notification, the DGTR has said that continued imposition of anti-dumping duty is required on 'textured tempered coated and un-coated glass' from China.

The product in the market parlance is also known by various names such as solar glass, solar glass low iron and solar photovoltaic glass. It is used as a component in solar photovoltaic panels and solar thermal applications. The designated authority considers it appropriate to recommend continuation of anti-dumping duty on the imports of subject goods from the subject country for further period of 2 years. The directorate has recommended duties in the range of $192.82 per tonne and $302.65 per tonne. The finance ministry takes the final decision to impose this duty.

In its probe, the DGTR has concluded that the product is being exported to India at prices below normal value and that is resulting in continued dumping. It said the domestic industry has been constantly suffering losses due to price effect of dumped imports from China and also imports coming from related company of one of the Chinese producers in Malaysia. In the event of expiry of the duty, the DGTR stated that there is a clear likelihood of dumping of the goods in ‘significant volumes’ and consequent injury to the domestic industry.

The CNX Nifty is currently trading at 16125.55, up by 283.25 points or 1.79% after trading in a range of 15900.80 and 16153.00. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 7.95%, Coal India up by 5.39%, ONGC up by 4.27%, Tata Steel up by 4.20% and JSW Steel up by 4.06%. On the flip side, Cipla down by 1.63%, Tata Consumer Products down by 1.11%, HDFC Life Insurance down by 0.50%, Sun Pharma down by 0.47% and Power Grid down by 0.30% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 94.20 points or 0.35% to 26,641.25, Taiwan Weighted strengthened 162.39 points or 1.02% to 16,063.43, Hang Seng increased 445.45 points or 2.23% to 20,395.66, Jakarta Composite soared 49.70 points or 0.75% to 6,647.69, KOSPI rose 19.64 points or 0.76% to 2,616.22, Straits Times advanced 12.57 points or 0.39% to 3,203.73 and Shanghai Composite gained 8.91 points or 0.29% to 3,082.66.