HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Markets at day's low on incremental selling pressure
Jul-19-2019

Continuing its negative momentum, the local equity markets were now trading at day’s low points in afternoon session, on the back of sustained selling activities by market-participants despite a firm trend in Asian markets. The mood on the street remained cautious 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. Some caution also prevailed in the markets ahead of June quarter earnings of some key companies, including Reliance Industries (RIL) due later in the day. Traders overlooked India’s Ambassador to the US Harsh Vardhan Shringla’s statement that the India-US relationship is on a very sound footing with both nations working closely to take the momentum forward and propel bilateral ties to the next level.

On the global front, Asian market were trading in green, after a top Federal Reserve official cemented expectations of a US interest rate cut later in July, fuelling appetite for riskier assets and keeping a cap on the dollar. Back home, the BSE Sensex is currently trading at 38501.02, down by 396.44 points or 1.02% after trading in a range of 38477.85 and 39058.73. There were 4 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.11%, while Small cap index was down by 1.35%.

The few gaining sectoral indices on the BSE were Power up by 0.56%, Utilities up by 0.19% and Consumer Durables up by 0.17%, while Auto down by 2.15%, Realty down by 1.80%, Consumer Discretionary Goods & Services down by 1.51%, Telecom down by 1.32% and Capital Goods down by 1.11% were the top losing indices on BSE.

The few gainers on the Sensex were NTPC up by 2.56%, TCS up by 0.99%, Vedanta up by 0.28% and Power Grid up by 0.19%. On the flip side, Bajaj Finance down by 4.88%, Tata Motors - DVR down by 2.73%, Mahindra & Mahindra down by 2.68%, Indusind Bank down by 2.57% and Tata Motors down by 2.55% were the top losers.

Meanwhile, Civil Aviation Minister Hardeep Singh Puri has indicated that collection from excise duty on Air Turbine Fuel (ATF) increased by 31 percent to Rs 2,540 crore in 2018-19 as compared to Rs 1,938 crore earned in the 2017-19. He also noted that the government has collected Rs 1,520 crore in excise duty on ATF in 2016-17.

The minister highlighted that the Centre has collected Rs 229 crore and Rs 162 crore in customs duty on ATF in 2018-19 and 2017-18 respectively. A basic customs duty of five percent is levied on import on ATF.

Puri further stated that the decision to include ATF in the ambit of the Goods and Services Tax (GST) rests with the GST council only. He also said that no decision has been taken in this regard. He noted that article 279A(5) of the Constitution provides that GST council shall recommend the date on which GST shall be levied on petroleum crude, high speed diesel, motor spirit, natural gas and ATF.

The CNX Nifty is currently trading at 11476.45, down by 120.45 points or 1.04% after trading in a range of 11466.45 and 11640.35. There were 7 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were NTPC up by 2.44%, Titan Co up by 1.36%, TCS up by 0.89%, BPCL up by 0.44% and Coal India up by 0.32%. On the flip side, Bajaj Finance down by 4.79%, Bajaj Finserv down by 3.59%, Hero MotoCorp down by 2.61%, Mahindra & Mahindra down by 2.61% and Tata Motors down by 2.61% were the top losers.

All the Asian market were trading in green; Nikkei 225 surged 420.75 points or 2% to 21,466.99, Hang Seng increased 284.22 points or 1% to 28,745.88, Taiwan Weighted strengthened 73.91 points or 0.68% to 10,873.19, Shanghai Composite gained 23.18 points or 0.8% to 2,924.36, Straits Times advanced 11.95 points or 0.36% to 3,373.00, KOSPI rose 27.81 points or 1.35% to 2,094.36 and Jakarta Composite soared 41.84 points or 0.65% to 6,445.13.
  RELATED NEWS >>
Most Viewed >>
April 06 , 2024
World markets today: US stocks surge on robust
April 04 , 2024
High valuations could tame the bull this fisca
April 06 , 2024
RBI to allow UPI payments from PPI wallets via
April 06 , 2024
RBI retains 7% GDP growth forecast for FY25: R
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.