HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Key indices continue to trade lower in early noon deals
Jul-19-2019

Indian equity benchmarks continued their weak trade in early noon session, on the back of sustained selling activities by market-participants. Weak broader indices along with heavy sell off at Auto, Realty and Consumer Discretionary counters, dragged the markets to day’s low points. Markets mood remain dampened with the International Monetary Fund (IMF) report that India's current account (CA) balance deficit grew to $68 billion in 2018-19 from $49 billion the previous year, and it said the deficit was justified by development needs. Besides, India's overall international reserves, stood at $411.9 billion at the end of March this year, down from March last year by $12.5 billion. Meanwhile, Finance minister Nirmala Sitharaman stuck to her budget proposals and declined to relent on the demand by foreign portfolio investors (FPIs) structured as trusts that they be exempted from a higher surcharge.

On the global front, Asian markets were trading in green, following the overnight gains on Wall Street as comments by New York Federal Reserve President John Williams raised hopes of a deeper than expected interest rate cut by the central bank later this month. Back on street, in scrip specific developments, shares of Larsen & Toubro Infotech (LTI) slipped on reporting marginal fall of 2% in Q1 consolidated net profit. However, Hatsun Agro Products zoomed on reporting 35% rise in Q1 net profit.

The BSE Sensex is currently trading at 38550.40, down by 347.06 points or 0.89% after trading in a range of 38530.47 and 39058.73. There were 6 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.97%, while Small cap index was down by 1.14%.

The few gaining sectoral indices on the BSE were Power up by 0.83%, Utilities up by 0.58%, Consumer Durables up by 0.14% and Metal was up by 0.01%, while Auto down by 1.94%, Realty down by 1.38%, Consumer Discretionary down by 1.31%, Healthcare down by 1.23% and Telecom was down by 1.16% were the losing indices on BSE.

The top gainers on the Sensex were NTPC up by 2.72%, TCS up by 1.18%, Yes Bank up by 0.70%, Vedanta up by 0.28% and Tata Steel was up by 0.27%. On the flip side, Bajaj Finance down by 5.58%, Tata Motors - DVR down by 2.99%, Hero MotoCorp down by 2.68%, Mahindra & Mahindra down by 2.65% and Tata Motors was down by 2.33% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest report has showed that bank credit and deposits continued to grow in double digits as they increased by 12.02 percent and 10.32 percent to Rs 96.975 trillion and Rs 126.746 trillion, respectively in the fortnight to July 5. In the year-ago fortnight, advances stood at Rs 86.566 trillion and deposits at Rs 114.883 trillion.

In the previous fortnight to June 21, credit had increased by 12 percent to Rs 96.485 trillion and deposits grew by 10.02 percent to Rs 124.905 trillion. On a year-on-year basis as of May, non-food credit increased 11.4 percent from 11.1 percent. Personal loan growth slowed to 16.9 percent in May from 18.6 percent in the year ago period.

Credit growth to the services sector also lost steam and grew at a much slower pace of 14.8 percent in May down from a high 21.9 percent in the same month last year. Loans to agriculture & allied activities increased by 7.8 percent as compared to increase of 6.4 percent. Credit to the industry rose at much faster clip of 6.4 percent in May as against an increase of a paltry 1.4 percent in May 2018.

The CNX Nifty is currently trading at 11488.25, down by 108.65 points or 0.94% after trading in a range of 11482.45 and 11640.35. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were NTPC up by 2.87%, TCS up by 1.24%, Yes Bank up by 1.11%, Titan Company up by 1.03% and Ultratech Cement was up by 0.83%. On the flip side, Bajaj Finance down by 5.58%, Bajaj Finserv down by 3.98%, Hero MotoCorp down by 2.68%, Mahindra & Mahindra down by 2.59% and Tech Mahindra was down by 2.42% were the top losers.

All Asian market were trading in green, Hang Seng increased 304.16 points or 1.07% to 28,765.82, Taiwan Weighted strengthened 73.91 points or 0.68% to 10,873.19, KOSPI rose 27.42 points or 1.33% to 2,093.97, Nikkei 225 surged 423.91 points or 2.01% to 21,470.15, Jakarta Composite soared 41.84 points or 0.65% to 6,445.13, Straits Times advanced 10.17 points or 0.3% to 3,371.22 and Shanghai Composite was up by 20.51 points or 0.71% to 2,921.69.
  RELATED NEWS >>
Most Viewed >>
April 24 , 2024
Investing in passive funds? Keep it simple and
April 22 , 2024
Investment bankers to receive hefty bonuses as
April 22 , 2024
FPIs withdraw over Rs 5,200 crore in April so
April 23 , 2024
Why Mirae Asset MF is cautioning its ETF inves
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.