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Bourses at near day’s high
May-16-2019

Indian equity bourses extended their gains to trade near their intraday high points in late afternoon deals, despite weak cues from European markets. Sentiments on the street were positive, as the Reserve Bank of India released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. Traders were also seen taking a note of the PHD Chamber of Commerce and Industry’s (PHDCCI) statement that a decisive government at the Centre would be crucial to push India's growth trajectory to the next level and further improve the ease of doing business scenario.

On the sectoral front, airlines stocks came under pressure, after preliminary financial performance figures released by the Association of Asia Pacific Airlines (AAPA) showed that aggregated net earnings of Asia Pacific airlines halved in 2018 to 4.7 billion dollars from 9.6 billion dollars recorded in the previous year.

On the global front, European markets were trading in red, as the euro area trade surplus declined in March on higher imports. The figures from Eurostat showed that the trade surplus fell to a seasonally adjusted EUR 17.9 billion from EUR 20.6 billion in February. The surplus was also below the forecast of EUR 19.4 billion. Exports grew only 0.9 percent in March, while imports logged a bigger growth of 2.5 percent. Asian markets were also trading in red, with US-China trade tensions likely to be in focus after US President Donald Trump declared a national emergency over threats against American technology.

The BSE Sensex is currently trading at 37319.28, up by 204.40 points or 0.55% after trading in a range of 37052.30 and 37428.29. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.10%, while Small cap index was up by 0.07%.

The top gaining sectoral indices on the BSE were IT up by 1.38%, Realty up by 1.33%, Basic Materials up by 1.30%, TECK up by 1.17% and Metal up by 1.15%, while Telecom down by 1.40% and Healthcare down by 0.38% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 3.21%, Bajaj Finance up by 2.83%, Tata Motors - DVR up by 2.66%, Infosys up by 2.34% and Vedanta up by 1.94%. On the flip side, Yes Bank down by 4.32%, Bharti Airtel down by 2.15%, Mahindra & Mahindra down by 1.01%, Coal India down by 0.91% and ITC down by 0.76% were the top losers.

Meanwhile, in order to push India's growth trajectory to the next level and further improve the ease of doing business scenario, PHD Chamber of Commerce and Industry (PHDCCI) has expressed need for a decisive government at the Centre.

PHDCCI President Rajeev Talwar highlighted that India is the fastest growing emerging economy in the world and has been projected to attain a size of $5 trillion in the next five years. He also said that significant improvement in the ease of doing business in recent years is highly appreciable, but the effect should become visible at the ground level with ease of doing business rankings improving to the level of 25.

Talwar also expressed need to reduce corporate tax to a level of 25% for all corporate taxpayers without any turnover criteria to enhance collections and improve compliance, further adding that the focus should be on exploring new areas to revitalise exports growth with the improvement in logistics infrastructure and trade facilitation measures. He said this would enhance the exports growth trajectory and create millions of jobs in the next five years.

Besides, PHDCCI President noted that privatisation of railway and road transport on the lines on the aviation industry is the need of the hour and the next five years would be extremely crucial for India's economy as the enhanced growth trajectory needs to be matched with job creation for millions of youth in workforce.

The CNX Nifty is currently trading at 11230.60, up by 73.60 points or 0.66% after trading in a range of 11143.35 and 11264.90. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 5.91%, Ultratech Cement up by 3.79%, Tata Motors up by 3.28%, Indian Oil Corporation up by 2.64% and BPCL up by 2.54%. On the flip side, Yes Bank down by 4.06%, Bharti Airtel down by 2.31%, Cipla down by 1.10%, Indiabulls Housing Finance down by 0.96% and Coal India down by 0.94% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 fell 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.

All European markets were trading in red; France’s CAC lost 13.35 points or 0.25% to 5,360.91, Germany’s DAX slipped 16.29 points or 0.13% to 12,083.28 and UK’s FTSE 100 was down by 10.42 points or 0.14% to 7,286.53.


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