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Barometer gauges trade slightly in positive terrain
Mar-19-2019

Indian stock markets were trading marginally in green in early noon session with Sensex and Nifty gaining of 55 and 15 points respectively. Telecom sector witnessed the maximum gains in trade followed by PSU and Healthcare sectors. Investors’ mood was positive as the net direct tax collection figure has crossed the Rs 10 lakh crore mark helped by the fourth and final installment of tax payment. The net direct tax collection during April-January of this fiscal stood at Rs 7.89 lakh crore as against Rs 12 lakh crore targeted for the entire fiscal of 2018-19. Investors took a note of ICRA’s report which stated that the information technology (IT) services sector is likely to register a growth of 7-9% in next financial year (FY20) mainly on account of demand for digital solutions. However, gains remained limited as Niti Aayog CEO Amitabh Kant has stated that there is need to bring revolution in farm sector to attain 9-10% Gross Domestic Product (GDP) growth. He also said that there is a need to boost investment in the agriculture sector as well as to introduce new technology and market reforms.\

On the global front, Asian markets were trading mostly in red, as attention shifts to the US Federal Reserve’s mid-week meeting. Back home, on scrip specific development, Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading higher with Reliance Communications (RCom) hitting upper circuit of 10 per cent at Rs 4.40 after the company cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order.

The BSE Sensex is currently trading at 38149.86, up by 54.79 points or 0.14% after trading in a range of 38078.23 and 38243.86. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.37%, while Small cap index was up by 0.42%.

The top gaining sectoral indices on the BSE were Telecom up by 1.63%, PSU up by 1.22%, Healthcare up by 0.80%, Basic Materials up by 0.66% and Oil & Gas was up by 0.64%, while Capital Goods down by 1.08%, Auto down by 0.72%, Industrials down by 0.51%, IT down by 0.14%, Consumer Discretionary was down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were ONGC up by 2.91%, SBI up by 1.83%, Bharti Airtel up by 1.32%, Sun Pharma up by 1.28% and Power Grid Corporation was up by 1.09%. On the flip side, Hero MotoCorp down by 2.13%, Larsen & Toubro down by 2.05%, TCS down by 0.71%, Bajaj Auto down by 0.71% and Maruti Suzuki was down by 0.55% were the top losers.

Meanwhile, the government has set up an inter-ministerial panel for monitoring, sanctioning and implementation of projects under the Rs 10,000 crore FAME-II programme. This scheme is aimed at incentivising clean mobility. The Project Implementation and Sanctioning Committee will be chaired by the secretary in the Department of Heavy Industries and will have other members including NITI Aayog CEO, Department for Promotion of Industry and Internal Trade secretary, Department of Economic Affairs secretary and secretaries in the power and new and renewable energy ministry, among others.

The panel's terms of reference includes modifying coverage parameters for various components and sub-components of the scheme, reviewing demand incentives annually or earlier based on price and technology trends, modifying limits of fund allocations among different segments and types of vehicles, reviewing the cap for maximum incentive per vehicle, and deciding other scheme parameters for its smooth roll out.

The Rs 10,000 crore programme under the phase-II of Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) scheme will be implemented over a period of three years with effect from April 1, 2019. The scheme will have a Rs 1,500-crore outlay in 2019-20; Rs 5,000 crore in 2020-21 and Rs 3,500 crore in 2021-22. It also proposes support for setting up of charging infrastructure whereby about 2,700 charging stations will be set up in metropolitan cities, other million-plus cities, smart cities and cities of hilly states across India.

The CNX Nifty is currently trading at 11476.75, up by 14.55 points or 0.13% after trading in a range of 11451.25 and 11501.50. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 3.44%, ONGC up by 2.91%, SBI up by 1.81%, Hindalco up by 1.80% and Dr. Reddys Lab was up by 1.59%. On the flip side, Eicher Motors down by 2.26%, Larsen & Toubro down by 2.06%, Hero MotoCorp down by 2.02%, Adani Ports &Special down by 0.89% and TCS was down by 0.86% were the top losers.

Asian markets were trading mostly in red, KOSPI fell 1.92 points or 0.09% to 2,177.57, Straits Times trembled 1.24 points or 0.04% to 3,211.72, Shanghai Composite declined 0.63 points or 0.02% to 3,095.79, Hang Seng decreased 58.29 points or 0.2% to 29,350.72, Nikkei 225 slipped 27.94 points or 0.13% to 21,556.56 and Jakarta Composite was down by 30.47 points or 0.47% to 6,478.98. On the flip side, Taiwan Weighted was up by 9.09 points or 0.09% to 10,521.79.

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