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Bourses break 6-day losing streak to end higher

Indian equity bourses broke 6-day losing streak on Wednesday to end higher. After a cautious start, indices traded subdued in early morning, as India has come down by 10 places to rank 68th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF) from 58th rank earlier. It is mainly due to improvements witnessed by several other economies. But, markets gained traction in late noon deals, amid a report that the Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi saw keen interest from foreign investors in emerging areas such as REITs and InvITs, which have a total asset size of more than $10 billion.

In the second half of the session, benchmarks extended their gains to settle near their intraday high points, tracking firm European markets. Market participants also took support with a report stating that the Indian economy needs a boost and a slip in the fiscal deficit by 40 to 50 basis points will be a good trade-off if it propels demand. Separately, in line with the government’s aim to make India digital, the Reserve Bank of India (RBI) has directed all state/UT Level Bankers Committees (SLBCs/ UTLBCs) to identify one district in their respective states/ UTs on a pilot basis in consultation with banks and stakeholders, to expand digital payments ecosystem.

On the global front, European markets were trading in green, after the Bank of France retained its growth forecast for the third quarter. According to the monthly survey, the economy is set to expand 0.3 percent in the third quarter, unchanged from the previous estimate. Asian markets ended in red, even though a measure of the public assessment of the Japanese economy improved for the second month in a row in September. The survey data from the Cabinet Office showed that the current conditions index of the Economy Watchers Survey, which measures current situation compared to previous three months, rose to 46.7 in September from 42.8 in August.

Back home, auto stocks ended higher, despite rating agency ICRA said that its outlook for the domestic commercial vehicle industry remains negative for the rest of the fiscal due to subdued sales amid slowing economic growth and tight financing environment. The rating agency believes that demand headwinds would continue in the near-term with likelihood of limited pre-buying ahead of the roll-out of BS-VI emission norms. Further, telecom stocks also rose, despite industry body COAI’s statement that mobile tower installations have reached only 60% of intended target of 1,00,000 towers annually, mainly due to delay in permission from local authorities and other structural issues.

Finally, the BSE Sensex gained 645.97 points or 1.72% to 38,177.95, while the CNX Nifty was up by 186.90 points or 1.68% to 11,313.30.

The BSE Sensex touched a high and a low of 38,209.84 and 37,415.83, respectively and there were 23 stocks advancing against 08 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index was up by 1.38%, while Small cap index was up by 0.66%.

The top gaining sectoral indices on the BSE were Telecom up by 4.92%, Bankex up by 3.67%, Metal up by 2.12%, Realty up by 1.99% and Basic Materials up by 1.95%, while IT down by 0.92%, Consumer Durables down by 0.35% and TECK down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 5.45%, Bharti Airtel up by 5.20%, ICICI Bank up by 4.88%, SBI up by 4.78% and Mahindra & Mahindra up by 4.25%. On the flip side, Yes Bank down by 5.26%, Hero MotoCorp down by 2.65%, HCL Tech down by 2.16%, ITC down by 1.81% and TCS down by 1.57% were the top losers.

Meanwhile, the government has started an investigation to see whether the expiry of existing anti-dumping duty on certain hot-rolled steel products from China, Malaysia and South Korea would lead to continuation of dumping of the product, following complaints by the domestic players. According to a notification of the Directorate General of Trade Remedies (DGTR), an arm of the commerce ministry, Jindal Stainless (Hisar) and Jindal Stainless have jointly filed a review petition for continued imposition of the existing anti-dumping duty on the imports of 'Hot Rolled Flat Products of Stainless Steel-304 grade' from China, Malaysia and Korea. India had imposed the duty in June 2015 for five years.

In a notification, the directorate has said that based on the facts and data, there is a need to review for the continued imposition of the duties in force in respect of the subject goods, originating in or exported from China, Malaysia and Korea. It said ‘having satisfied itself, on the basis of the prima facie evidence submitted by the domestic industry, substantiating the likelihood of continuation/recurrence of dumping and injury...the authority hereby initiates a sunset review investigation to review the need for continued imposition of the duties in force in respect of the subject goods.’ DGTR would examine whether the expiry of such duty is likely to lead to continuation or recurrence of dumping and injury to the domestic industry.

The period of investigation for the present investigation is April 2018-March 2019 (12 months) and the injury investigation period is from 2015-18. India slapped an anti-dumping duty of up to $309 per tonne on imports from China, while $316 per tonne duty has been fixed for Malaysia and $180 per tonne for Korea. These steel products are used for manufacture of process equipment, reactor vessels, material handling equipment, railways, pipes and tubes, automotive components, architecture, building and construction, industrial fabrication and power sector.

The CNX Nifty traded in a range of 11,321.60 and 11,090.15. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 5.52%, Bharti Infratel up by 5.34%, Bharti Airtel up by 5.23%, SBI up by 5.10% and Ultratech Cement up by 4.92%. On the flip side, Yes Bank down by 5.15%, Hero MotoCorp down by 2.80%, Zee Entertainment down by 2.37%, Titan down by 2.27% and HCL Tech. down by 2.17% were the top losers.

European markets were trading in green; UK’s FTSE 100 increased 37.49 points or 0.52% to 7,180.64, France’s CAC rose 43.70 points or 0.8% to 5,500.32 Germany’s DAX was up by 142.22 points or 1.19% to 12,112.42.

Asian markets ended mostly lower on Wednesday amid rising anxiety ahead of talks between the United States and China aimed at resolving the trade war between the world's two biggest economies. The US imposed visa restrictions on Chinese officials and also expanded its trade blacklist to include some of China's top artificial intelligence firms, worsening market sentiments. Meanwhile, markets in South Korea were closed today for a holiday.

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