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Markets continue to trade higher in afternoon deals
Mar-15-2019

Indian equity benchmarks continued to trade higher in afternoon deals, amid unabated foreign fund inflow and strengthening rupee. Traders remained optimistic with Commerce Secretary Anup Wadhawan’s statement that India's exports are likely to touch an all-time high of $330 billion in the current fiscal ending March 31 (FY19), braving global challenges such as protectionist measures. He added that the country’s engineering exports have grown significantly in recent years, notwithstanding major global challenges. Some support also came in with Rating agency ICRA’s latest report stating that Public Sector Banks (PSBs) are likely to report net profit of Rs 23,000-37,000 crore in the next fiscal year 2019-20, after four years of consecutive losses. The net profit may be supported by fall in gross non-performing assets (GNPAs).  Gains in the major Asian markets also aided the rise in the Indian indices. Meanwhile, financial sector regulators have discussed ways to address challenges pertaining to the quality of credit ratings and other issues concerning the economy.

On the global front, Asian markets were trading in green, as sentiment improved on a report that more progress has been made in U.S.-China trade talks and after UK lawmakers voted to delay a potentially chaotic exit from the European Union. Back home, the BSE Sensex is currently trading at 38003.11, up by 248.22 points or 0.66% after trading in a range of 37760.23 and 38024.95. There were 19 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.43%, while Small cap index was up by 0.27%.

The top gaining sectoral indices on the BSE were Bankex up by 1.53%, IT up by 1.23%, Utilities up by 1.17%, Power up by 1.07% and PSU was up by 1.05%, while, Telecom down by 1.89%, FMCG down by 0.95%, Metal down by 0.75% and Basic Materials was down by 0.14% were the few losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 4.66%, Power Grid Corporation up by 2.75%, TCS up by 1.95%, SBI up by 1.84% and Indusind Bank was up by 1.52%. On the flip side, Bharti Airtel down by 2.45%, Hindustan Unilever down by 2.25%, Yes Bank down by 1.38%, Coal India down by 1.17% and Vedanta was down by 1.09% were the top losers.

Meanwhile, financial sector regulators have discussed ways to address challenges pertaining to the quality of credit ratings and other issues concerning the economy. Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA), along with senior officials of the finance ministry, came up with key issues facing the economy at the meeting of the sub-committee of the Financial Stability and Development Council (FSDC) chaired by RBI Governor Shaktikanta Das.

The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of India. It also said that the panel discussed ways to address challenges pertaining to the quality of credit ratings; and inter-linkages between housing finance companies and housing developers.

The panel also deliberated on the interlinking of various regulatory databases and the National Strategy for Financial Inclusion. Further, the sub-committee reviewed the functioning of state-level coordination committee (SLCCs) in various states and Union territories, activities of its various technical groups, and a thematic study on financial inclusion and financial stability.

The CNX Nifty is currently trading at 11424.05, up by 80.80 points or 0.71% after trading in a range of 11370.80 and 11428.05. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 4.70%, Zee Entertainment up by 3.33%, Indian Oil Corporation up by 2.81%, Power Grid Corporation up by 2.72% and TCS was up by 2.19%. On the flip side, Hindustan Unilever down by 2.32%, Bharti Airtel down by 2.21%, Yes Bank down by 1.38%, Coal India down by 1.15% and Ultratech Cement was down by 1.05% were the top losers.

Asian markets were trading in green; Shanghai Composite gained 37.20 points or 1.24% to 3,027.89, Hang Seng increased 231.64 points or 0.8% to 29,083.03, Taiwan Weighted strengthened 90.59 points or 0.88% to 10,439.24, Straits Times advanced 2.53 points or 0.08% to 3,200.45, KOSPI rose 20.43 points or 0.95% to 2,176.11, Jakarta Composite soared 38.59 points or 0.6% to 6,451.86 and Nikkei 225 surged 163.83 points or 0.77% to 21,450.85.

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