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Benchmarks trade slightly in green in early deals

Indian equity benchmarks have made a positive start and are trading slightly in green in early deals on Tuesday, as traders opted to buy beaten-down but fundamentally strong stocks after yesterday’s drubbing. Traders took some encouragement with Cabinet clearing four supporting GST legislations, paving the way for their introduction in Parliament. Once approved by Parliament, the states would start taking their SGST bill for discussion and passage in the respective state assemblies. Some support also came with report that foreign investors bought equities worth Rs 56.67 crore on March 20, 2017.

Firm opening in Asian counters aided some sentiments with most of the counters trading in green at this point of time, as the dollar declined after Federal Reserve officials reignited the debate on the timing of further policy tightening. However, the US markets went through another lackluster session and ended flat with a negative bias. Back home, Avenue Supermarts, the operator of retail chain D-Mart made a spectacular debut with a gain of over 100% from its listing price of Rs 299 per share.

The market breadth indicating the overall health of the market was strong, with 1,050 shares gaining and 793 shares declining, while a total of 101 shares were unchanged.

The BSE Sensex is currently trading at 29546.52, up by 27.78 points or 0.09% after trading in a range of 29515.70 and 29585.05. There were 16 stocks advancing against 13 stocks declining on the index, while one stock remained unchanged.

The broader indices were trading mixed; the BSE Mid cap index slipped 0.08%, while Small cap index was up by 0.31%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.00%, FMCG up by 0.78%, PSU up by 0.40%, Industrials up by 0.40% and Basic Materials was up by 0.39%, while Healthcare down by 1.47%, Telecom down by 0.30%, Bankex down by 0.08%, Metal down by 0.07% and Auto was down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.67%, ITC up by 1.21%, SBI up by 0.93%, Coal India up by 0.80% and Asian Paints was up by 0.65%. On the flip side, Dr. Reddy’s Lab down by 4.36%, Axis Bank down by 2.66%, Sun Pharma down by 1.80%, Cipla down by 0.69% and Lupin was down by 0.65% were the top losers.

Meanwhile, in the April-December period of the current financial year, five sectors such as defence, ports, coal, photographic raw film & paper and coir failed to attract any foreign direct investments (FDI). According to the Ministry of Commerce and Industry, except defence industries, the other four sectors had not received any FDI in 2015-16 so far. During the nine-month period of 2016-17, India attracted a total of $35.84 billion in foreign inflows, 22 percent higher as compared to $29.44 billion in the same period of precious year.

The defence sector attracted only $0.1 million FDI during the nine month period, despite in 2016, the government relaxing FDI norms in several sectors including defence. India imports 70 percent of its military hardware from different countries. As per the current policy, foreign investment beyond 49 percent has been permitted in the defence sector through the approval route in cases resulting in access to modern technology in the country or for other reasons.

As per the ministry data, the sectors which attracted maximum FDI in the April-December period of this financial year include services ($7.5 billion), trading ($2 billion), metallurgical industries ($1.25 billion), electrical equipment ($2 billion), telecommunications ($5.54 billion) and computer hardware & software ($1.81 billion).

The CNX Nifty is currently trading at 9136.10, up by 9.25 points or 0.10% after trading in a range of 9129.45 and 9147.75. There were 29 stocks advancing against 21 stocks declining on the index, while one stock remained unchanged.

The top gainers on Nifty were Ambuja Cement up by 1.67%, Larsen & Toubro up by 1.58%, Bharti Infratel up by 1.36%, ITC up by 1.29% and Bosch was up by 0.94%. On the flip side, Idea Cellular down by 4.25%, Dr. Reddy’s Lab down by 4.07%, Axis Bank down by 2.40%, Sun Pharma down by 1.60% and Aurobindo Pharma was down by 1.01% were the top losers.

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.88 points or 0.22% to 1,753.29, Shanghai Composite gained 7.31 points or 0.22% to 3,258.12, Jakarta Composite rose 12.57 points or 0.23% to 5,546.57, KOSPI Index surged 20.07 points or 0.93% to 2,177.08, Taiwan Weighted added 47.17 points or 0.48% to 9,960.14 and Hang Seng was up by 56.83 points or 0.23% to 24,558.82. On the flip side, Nikkei 225 was down by 53.69 points or 0.28% to 19,467.90.

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