Bourses turn green in noon deals

Local equity benchmarks erased all the losses to turn positive in noon session, both Sensex and Nifty were trading above 58,800 and 17,550 marks, respectively. Buying in frontline stocks such as Larsen & Toubro, ITC and Kotak Mahindra Bank were aiding sentiment, while selling in Indusind Bank, Tata Steel and Infosys kept the gains in the markets in check. Some support came as Reserve Bank of India (RBI) in its latest monthly data on India’s International Trade in Services has showed that the country’s services exports increased by 20.2 per cent year-on-year to $23.26 billion in July 2022. However, the July exports were lower than $25.29 billion in June this fiscal. Though, upside remain capped as chief economist at State Bank of India revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing the way below GDP numbers for the first quarter. On the global front, Asian markets were trading mostly lower ahead of key US jobs data that could stir expectations for another sharp Federal Reserve interest-rate hike.

The BSE Sensex is currently trading at 58849.60, up by 83.01 points or 0.14% after trading in a range of 58558.64 and 59108.66. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.28%, while Small cap index was up by 0.46%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.33%, Industrials up by 1.16%, Realty up by 0.85%, Telecom up by 0.73% and Utilities was up by 0.70%, while Metal down by 0.56%, Basic Materials down by 0.21%, TECK down by 0.16%, IT down by 0.15% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.55%, ITC up by 1.35%, Kotak Mahindra Bank up by 1.01%, Mahindra & Mahindra up by 0.99% and NTPC was up by 0.97%. On the flip side, Indusind Bank down by 1.02%, Tata Steel down by 0.66%, Infosys down by 0.61%, Hindustan Unilever down by 0.47% and Power Grid was down by 0.46% were the top losers.

Meanwhile, government has decided not to extend the anti-dumping duty imposed on ammonium nitrate imported from Russia, Iran and Georgia. The finance ministry has not accepted the recommendations of the directorate general of trade remedies (DGTR). The commerce ministry's investigation arm DGTR had conducted a probe to review the need for continuing imposition of anti-dumping duty on the product imported from these countries, following a complaint from the domestic industry.

In June, the directorate recommended an extension of the duty on imports for two more years. Smartchem Technologies had filed an application before the Directorate General of Trade Remedies for initiation of a sunset review investigation, concerning imports of ammonium nitrate originating in or exported from Russia, Georgia and Iran. The applicant had alleged that the expiry of anti-dumping duty on the import of the product from these countries is likely to lead to the continuation or recurrence of dumping and injury to the domestic industry.

The product is used in manufacturing slurry-based and emulsion-based explosives, which are in turn used for mining and infrastructure purposes. It is also used as a fertiliser in many countries. However, in India, it is not included under the definition of fertilisers under the Fertiliser Control Order, 1985. The current duty on the product would expire on September 11, 2022.

The CNX Nifty is currently trading at 17560.55, up by 17.75 points or 0.10% after trading in a range of 17476.45 and 17643.85. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 2.34%, Apollo Hospital up by 1.45%, HDFC Life Insurance up by 1.43%, Larsen & Toubro up by 1.41% and ITC was up by 1.28%. On the flip side, Shree Cement down by 1.83%, ONGC down by 1.52%, Hindalco down by 1.34%, BPCL down by 1.15% and Indusind Bank was down by 0.96% were the top losers.

Asian markets were trading mostly lower; Hang Seng decreased 220.70 points or 1.13% to 19,376.61, Nikkei 225 slipped 10.63 points or 0.04% to 27,650.84, Taiwan Weighted dropped 128.82 points or 0.87% to 14,673.04, KOSPI fell 6.20 points or 0.26% to 2,409.41, Shanghai Composite declined 9.80 points or 0.31% to 3,175.18 and Straits Times was down by 21.09 points or 0.65% to 3,202.99

On the other side, Jakarta Composite was up by 22.18 points or 0.31% to 7,175.28.