Sensex, Nifty off day’s high in late morning session

Cutting some of their gains, Indian equity benchmarks, Sensex and Nifty, came off their day’s high points but remained higher, on the back of positive cues from other Asian markets. Sentiments remained optimistic, as the commerce ministry in its latest data has said that India’s merchandise exports rose 2.14 per cent to $36.27 billion in July 2022 as compared to $35.51 billion in July 2021. Merchandise imports in July 2022 were $66.27 billion, which is an increase of 43.61 per cent over imports of $46.15 billion in July 2021. Traders got some support, as the finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers.

On the global front, Asian markets were trading mostly in green, after Japan's industrial production rose more than initially estimated in June. The latest data from the Ministry of Economy, Trade and Industry said that industrial production increased a seasonally adjusted 9.2 percent monthly in June. In the initial estimate, output grew 8.9 percent. Shipments rose by 5.0 percent monthly in June and the inventories grew 1.9 percent. Meanwhile, the inventory ratio decreased 1.4 percent.

The BSE Sensex is currently trading at 59736.35, up by 273.57 points or 0.46% after trading in a range of 59673.96 and 59923.03. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.76%, while Small cap index was up by 0.79%.

The top gaining sectoral indices on the BSE were Auto up by 1.66%, Realty up by 1.30%, Consumer discretionary up by 1.28%, FMCG up by 1.16% and Industrials up by 0.94%, while Metal down by 0.38%, Telecom down by 0.14% and PSU down by 0.02% were the only losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.39%, Asian Paints up by 1.88%, Mahindra & Mahindra up by 1.61%, Hindustan Unilever up by 1.49% and HDFC Bank up by 1.23%. On the flip side, SBI down by 0.91%, Bharti Airtel down by 0.71%, Tech Mahindra down by 0.28%, HCL Tech down by 0.27% and Tata Steel down by 0.22% were the top losers.

Meanwhile, the commerce ministry in its latest data has said that India’s merchandise exports rose 2.14 per cent to $36.27 billion in July 2022 as compared to $35.51 billion in July 2021. Merchandise imports in July 2022 were $66.27 Billion, which is an increase of 43.61 per cent over imports of $46.15 Billion in July 2021. The trade deficit widened to $30 billion in July 2022 from $10.63 billion from the year-ago period mainly due to over 70 per cent rise in crude oil imports.

As per the data, merchandise exports for the period April-July 2022 were $157.44 Billion as against $131.06 Billion during the period April-July 2021, registering a positive growth of 20.13 per cent. Merchandise imports for the period April-July 2022 were $256.43 Billion as against $173.12 Billion during the period April-July 2021, registering a positive growth of 48.12 per cent. The merchandise trade deficit for April-July 2022 was estimated at $98.99 Billion as against $42.07 Billion in April-July 2021, which is an increase of 135.31 per cent.

Data further showed that non-petroleum and non-gems & jewellery exports in July 2022 were $26.62 Billion, registering a positive growth of 1.55 per cent over non-petroleum and non-gems & jewellery exports of $26.21 Billion in July 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $38.45 Billion in July 2022 with a positive growth of 42.91 per cent over Non-petroleum, non-gems & jewellery imports of $26.90 Billion in July 2021.

It also stated that non-petroleum and non-gems & jewellery exports during April-July 2022 was $110.47 Billion, an increase of 10.81 per cent over non-petroleum and non-gems & jewellery exports of $99.69 Billion in April-July 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $147.56 Billion in April-July 2022, recording a positive growth of 36.94 per cent, as compared to Non-petroleum, non-gems & jewellery imports of $107.75 Billion in April-July 2021.

The CNX Nifty is currently trading at 17788.85, up by 90.70 points or 0.51% after trading in a range of 17764.05 and 17839.10. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 3.68%, HDFC Life Insurance up by 3.53%, Eicher Motors up by 3.17%, Maruti Suzuki up by 2.40% and SBI Life Insurance up by 2.23%. On the flip side, Grasim Industries down by 2.32%, ONGC down by 1.44%, Hindalco down by 0.96%, SBI down by 0.90% and Bharti Airtel down by 0.73% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 8.65 points or 0.03% to 28,880.43, Hang Seng increased 22.78 points or 0.11% to 20,063.64, Taiwan Weighted strengthened 3.22 points or 0.02% to 15,420.57, KOSPI rose 6.16 points or 0.24% to 2,534.10, Shanghai Composite gained 1.97 points or 0.06% to 3,278.06 and Jakarta Composite soared 10.30 points or 0.15% to 7,103.58. On the flip side, Straits Times trembled 5.19 points or 0.16% to 3,251.63.