HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Sensex, Nifty trade flat in late afternoon session
Mar-20-2019

Indian equity bourses were trading flat in late afternoon session, amid sluggish opening in European markets. Some cautiousness crept in with a report that there is a 70% chance of El Nino climate cycle forming towards the second half of this year, a forecast that does not augur well for the monsoon season in India. However, down side remained capped as the Vice President of India, M. Venkaiah Naidu expressed the hope that ‘in all our countries, we would be able to translate economic growth into inclusive, sustainable development’ and referred to Indian government’s resolve to transform governance and ultimately the lives of the people. The market participants also got some comfort as the government given a major relief to startups by enhancing definition of startups. It has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions by startups. Besides, the broader markets were trading lower in late afternoon deals, with BSE Mid cap losing more than 30%, while Oil & Gas index was the worst performer among all the sectoral indices on the BSE.

On the global front, European markets were trading in red, as Eurozone construction output fell in January after rising in the previous two months, reflecting declines in both building and civil engineering segments. The data from the statistical office Eurostat showed that construction output declined a calendar and seasonally adjusted 1.4 percent month-on-month in January, reversing a 1.1 percent rise in December. Output grew 0.3 percent in November. Asian markets were also trading in red.

The BSE Sensex is currently trading at 38385.82, up by 22.35 points or 0.06% after trading in a range of 38316.21 and 38489.81. There were 12 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.32%, while Small cap index was down by 0.23%.

The top gaining sectoral indices on the BSE were Realty up by 1.65%, IT up by 1.13%, TECK up by 0.73%, Capital Goods up by 0.66% and Bankex up by 0.22%, while Oil & Gas down by 2.32%, PSU down by 1.73%, Utilities down by 1.57%, Power down by 1.25% and Metal down by 1.10% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.29%, HDFC up by 1.44%, HDFC Bank up by 1.38%, Larsen & Toubro up by 1.27% and Sun Pharma up by 1.20%. On the flip side, NTPC down by 3.74%, ONGC down by 3.69%, Coal India down by 2.71%, Tata Steel down by 2.37% and Maruti Suzuki down by 1.46% were the top losers.

Meanwhile, Reserve Bank of India (RBI) governor Shaktikanta Das has expressed need to stick to the fiscal roadmap by adopting a commonly agreed expenditure code-based spending plan to address the socioeconomic challenges. He also advocated giving permanent status to the finance commission.

Das said that there is now general agreement about the importance of fiscal consolidation roadmaps both at national and state levels. He also expressed need to ensure broad consistency between various finance commissions so that there is some degree of certainty in the fund flow, especially to the states and added that this has become more critical in the post-GST scenario.

Besides, RBI Governor noted that the challenge for the GST Council now is to realise the full potential of GST for enhancing tax-GDP ratio and work on other areas of India's economy to enhance its competitiveness.

The CNX Nifty is currently trading at 11527.65, down by 4.75 points or 0.04% after trading in a range of 11503.10 and 11556.10. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Indiabulls Housing Finance up by 4.95%, Infosys up by 2.19%, Hindalco up by 1.90%, Wipro up by 1.51% and Dr. Reddy’s Lab up by 1.40%. On the flip side, HPCL down by 4.85%, Zee Entertainment down by 4.63%, BPCL down by 4.00%, NTPC down by 3.74% and ONGC down by 3.57% were the top losers.

Asian markets were trading mostly in red; KOSPI slipped 0.52 points or 0.02% to 2,177.10, Shanghai Composite dipped 0.34 points or 0.01% to 3,090.64, Straits Times dropped 13.36 points or 0.41% to 3,207.56 and Hang Seng was down by 94.89 points or 0.32% to 29,371.39. On the slip side, Nikkei 225 rose 42.07 points or 0.2% to 21,608.92, Taiwan Weighted strengthened 39.24 points or 0.37% to 10,551.56 and Jakarta Composite was up by 2.43 points or 0.04% to 6,482.71.

All the European markets were trading in red; UK’s FTSE 100 lost 1.59 points or 0.02% to 7,322.41, France’s CAC fell 6.72 points or 0.12% to 5,419.18 and Germany’s DAX was down by 110.88 points or 0.94% to 11,677.53.
  RELATED NEWS >>
Most Viewed >>
April 22 , 2024
Invest lumpsum through systematic transfer pla
April 22 , 2024
FPIs mount bearish bets as risk aversion grows
April 23 , 2024
Sensex climbs 560 points, Nifty closes above 2
April 22 , 2024
FPIs withdraw over Rs 5,200 crore in April so
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.