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Sensex, Nifty back in green terrain in late afternoon deal
Dec-04-2019

Indian equity bourses came back in green terrain in late afternoon deals, tracking firm European markets. Domestic sentiments got some relief, after Commerce Minister Piyush Goyal said that the FDI inflow into India has increased in the last fiscal in comparison to previous years with $62 billion foreign investments in 2018-19. In 2017-18, the total FDI inflow was $60.97 billion. Adding more comfort, India has ranked 73rd out of 152 countries in the United Nations Conference on Trade and Development’s Business-to-Consumer (B2C) E-commerce Index 2019 that measures an economy’s preparedness to support online shopping, moving seven places up in the list.

On the global front, European markets were trading in green, as Russia's service sector expanded for the fifth consecutive month in November. The survey data from IHS Markit showed that the services Purchasing Managers' Index stood at 55.6 in November from 55.8 in October. However, Asian markets were trading in red terrain, after Hong Kong's private sector continued to contract in November, with a 16-year low PMI score of 38.5. That's down from 39.3 in October and it moves further beneath the boom-or-bust line that separates expansion from contraction.

The BSE Sensex is currently trading at 40712.91, up by 37.46 points or 0.09% after trading in a range of 40475.83 and 40790.12. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.11%.

The top gaining sectoral indices on the BSE were Metal up by 1.30%, IT up by 1.23%, TECK up by 1.19%, Consumer Durables up by 1.10% and Telecom up by 0.98%, while Energy down by 1.46%, Capital Goods down by 1.40%, Oil & Gas down by 0.56%, Industrials down by 0.23% and Realty down by 0.14% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 6.51%, Yes Bank up by 6.47%, Tata Motors - DVR up by 4.64%, ICICI Bank up by 3.26% and Vedanta up by 2.65%. On the flip side, Larsen & Toubro down by 2.12%, Reliance Industries down by 2.06%, Asian Paints down by 0.98%, HDFC Bank down by 0.85% and Bajaj Auto down by 0.62% were the top losers.

Meanwhile, in order to provide some relief to micro, small and medium enterprises (MSME) sector, Minister of MSME, Nitin Gadkari has said that the MSME ministry will raise Goods and Services Tax (GST) related issues faced by the small and medium enterprises with the Finance Minister and try to find solutions for the sector.

Further, the Minister highlighted the government’s plan to introduce a digital database credit rating system for the MSMEs which will help them to raise funds through the capital market. Besides, he urged the industry to focus on rural and tribal areas for expansion and reducing the cost of production, as these areas have both land and manpower available at a much lower cost as compared to the urban areas.

Gadkari said that if more industries are set up in these areas, the problems of urban areas can be address effectively and added that the government is making policies on this basis. Gadkari also emphasized on the need to increase exports and reduce import dependence. He said ‘If we want to become competitive in international markets, we must reduce our capital cost as well as logistics cost.’

The CNX Nifty is currently trading at 12002.85, up by 8.65 points or 0.07% after trading in a range of 11935.30 and 12026.50. There were 31 stocks advancing against 18 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Tata Motors up by 6.26%, Yes Bank up by 6.22%, ICICI Bank up by 3.26%, Vedanta up by 2.97% and Hindalco up by 2.53%. On the flip side, Reliance Industries down by 2.14%, Larsen & Toubro down by 2.04%, Indian Oil Corporation down by 1.36%, Coal India down by 1.29% and Bajaj Finserv down by 1.09% were the top losers.

All Asian markets were trading red; Hang Seng decreased 281.94 points or1.07% to 26,109.36, Nikkei 225 slipped 244.58 points or1.05% to 23,135.23, Jakarta Composite lost 26.91 points or 0.44% to 6,106.99, Taiwan Weighted dropped 21.11 points or 0.18% to 11,510.47, KOSPI fell 15.18 points or 0.73% to 2,068.89, Shanghai Composite declined 9.56 points or0.33% to 2,875.14 and Straits Times was down by 8.79 points or 0.28% to 3,164.29.

European markets were trading mostly in green; CAC rose 41.58 points or 0.73% to 5,768.80 and DAX was up by 85.84 points or 0.66% to 13,075.13, while FTSE lost 1.36 points or 0.02% to 7,157.40.


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