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Key indices continue to trade with marginal gains

Key benchmark indices continued to trade with marginal gains in afternoon trade, on the back of buying by domestic institutional investors and retailers amid sluggish trade in Asian stocks. Sentiments on the street remained positive report that Confederation of Indian Industry (CII) would focus on enhancing industry's competency and employment generation under its seven point charter for the southern region this year. It would focus on high growth sectors like manufacturing, automobiles, information and communication technology as part of its move to enhance industry's core competitiveness. Some support also came in with a report that the India's services exports rose by 6.6 per cent to $17.94 billion in March. Services imports in March too grew by 10.55 per cent to $11.37 billion. The trade balance in services for the month under review is estimated at $6.58 billion. However, further gains were restricted with report that monsoon rains are expected to hit Kerala on June 6, five days after its normal onset date. The India Meteorological Department (IMD) also said the southwest monsoon arrival over the State is likely to be slightly delayed. Investors also stuck to the sidelines ahead of exit polls on Sunday.

On the global front, Asian markets were trading mostly in red, as Donald Trump’s ban preventing US companies from using foreign telecoms equipment jolted investors who saw it as targeting Chinese providers and risking another flare-up in an already tense trade war. Back home, the BSE Sensex is currently trading at 37161.60, up by 46.72 points or 0.13% after trading in a range of 37052.30 and 37204.77. There were 18 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.02%, while Small cap index was up by 0.09%.

The top gaining sectoral indices on the BSE were Realty up by 1.32%, IT up by 0.86%, Consumer Durables up by 0.82%, Power up by 0.79% and TECK was up by 0.75%, while Telecom down by 0.86%, Healthcare down by 0.84%, Capital Goods down by 0.39%, FMCG down by 0.09% and Industrials was down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors - DVR up by 2.66%, Tata Motors up by 2.65%, Power Grid up by 1.65%, Infosys up by 1.47% and Bajaj Finance was up by 0.97%. On the flip side, Yes Bank down by 1.95%, Sun Pharma down by 1.50%, Coal India down by 1.42%, Bharti Airtel down by 1.33% and Mahindra & Mahindra was down by 1.20% were the top losers.

Meanwhile, NITI Aayog CEO Amitabh Kant has requested the states and central ministries to identify key projects where Artificial Intelligence (AI) can be developed to resolve problems in areas like health, education and agriculture. He said “Niti Aayog has a team that works on the AI programme and I would like to extend all help in providing necessary support, connecting to the concerned stakeholders and any other matter that may be required.”

As per to Niti Aayog's estimates, AI has the potential to add $15.7 trillion to the global Gross Domestic Product (GDP) by the year 2030, making it the biggest commercial opportunity in today's fast changing economy. For India, an incremental $957 billion could be added to the GDP by 2035 by adopting AI, boosting India's annual growth by 1.3 percentage points by 2035.

In June 2018, the government’s think-tank Niti Aayog unveiled the National Strategy for Artificial Intelligence which is aimed at positioning India as a trailblazer for emerging economies. The strategy strives to leverage AI for inclusive economic growth and social development. It identified five sectors for a more focused government involvement to promote the adoption of AI. The focus sectors are healthcare, agriculture, education, smart cities and infrastructure and smartmobility and transportation.

The CNX Nifty is currently trading at 11181.45, up by 24.45 points or 0.22% after trading in a range of 11143.35 and 11192.20. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 5.17%, Tata Motors up by 2.69%, JSW Steel up by 2.27%, Adani Ports &SEZ up by 2.12% and Power Grid was up by 1.85%. On the flip side, Sun Pharma down by 1.62%, Yes Bank down by 1.36%, Bharti Airtel down by 1.33%, Coal India down by 1.28% and Indiabulls Housing Finance was down by 1.08% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 125.58 points or 0.59% to 21,062.98, Taiwan Weighted dropped 86.10 points or 0.82% to 10,474.61, Jakarta Composite lost 85.74 points or 1.43% to 5,895.15 and KOSPI fell 25.09 points or 1.2% to 2,067.69.

On the flip side, Straits Times advanced 9.48 points or 0.29% to 3,228.25, Shanghai Composite gained 12.65 points or 0.43% to 2,951.33 and Hang Seng increased 58.98 points or 0.21% to 28,327.69.

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