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Sensex, Nifty remain higher in late morning deals
Apr-16-2021

Indian equity benchmarks remained in green terrain in late morning session, with both Sensex and Nifty holding notable gains to trade higher. Domestic sentiments were positive, despite mixed cues from other Asian markets. Traders were getting relief, as with a view to streamlining regulations and reducing compliance burden of regulated entities, the Reserve Bank of India (RBI) has set up the second Regulatory Review Authority (RRA 2.0). The RRA would be set up for a period of one year from May 1, 2021, unless its tenure is extended by the Reserve Bank. Adding more comfort, Union minister Nitin Gadkari said that India tackled the first wave of the pandemic with great resilience and came out with strong growth projections, exuding confidence that the MSME sector will battle the second wave with same conviction and lead India to a growth trajectory.

On the global front, Asian markets were trading mixed, even after China's gross domestic product expanded 18.3 percent on year in the first quarter of 2021. The National Bureau of Statistics said that was shy of estimates for a jump of 19.0 percent but was up sharply from the 6.5 percent growth in the fourth quarter of 2020. The bureau also said that industrial production was up 14.1 percent on year in March - missing forecasts for a gain of 17.2 percent and slowing from the 35.1 percent growth in February.

The BSE Sensex is currently trading at 48984.21, up by 180.53 points or 0.37% after trading in a range of 48694.49 and 49068.90. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.34%, while Small cap index was up by 1.36%.

The top gaining sectoral indices on the BSE were Power up by 1.92%, Utilities up by 1.92%, Basic Materials up by 1.73%, Auto up by 1.71% and Industrials up by 1.49%, while Energy down by 0.03% was the only losing index on BSE.

The top gainers on the Sensex were Ultratech Cement up by 3.11%, Asian Paints up by 3.00%, Mahindra & Mahindra up by 2.99%, Power Grid up by 2.94% and HCL Tech up by 1.98%. On the flip side, ICICI Bank down by 1.03%, Reliance Industries down by 0.63%, TCS down by 0.46%, Hindustan Unilever down by 0.39% and Axis Bank down by 0.18% were the top losers.

Meanwhile, continuing growth momentum for fourth straight month, the country's exports jumped 60.29% to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74% to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21. Trade deficit during March 2021 widened to $13.93 billion from $9.98 billion in March 2020. However, the trade deficit during the full fiscal narrowed to $98.56 billion as against $161.35 billion during 2019-20.

As per the data released by the Commerce Ministry, exports surged by 60.29% to $34.45 billion in March 2021, as compared to $21.49 billion in March 2020. In Rupee terms, exports were Rs. 2,50,756.40 crore in March 2021, as compared to Rs. 1,59,784.62 crore in March 2020, registering a positive growth of 56.93%. Cumulative value of exports for the period April-March 2020-21 was $290.63 billion as against $313.36 billion during the period April-March 2019-20, registering a negative growth of 7.26%. Rupee terms, it was down by 3.13% to Rs 21,50,325.03 crore from Rs 22,19,854.18 crore in the corresponding month a year ago.

Non-petroleum and Non-Gems and Jewellery exports in March 2021 were $27.42 billion, as compared to $16.95 billion in March 2020, registering a positive growth of 61.75%. Non-petroleum and Non-Gems and Jewellery exports in April-March 2020-21 were $238.72 billion, as compared to $236.17 billion for the corresponding period in 2019-20, which is an increase of 1.08%.

On the other hand, imports increased by 53.74% to $48.38 billion in March 2021 as compared to $31.47 billion in March 2020, while in rupee terms it was up by 50.52% to Rs 3,52,191.21 crore from Rs 2,33,988.47 crore in March 2020.  Cumulative value of imports for the period April-March 2020-21 was $389.18 billion, as against $474.71 billion during the period April-March 2019-20, registering a negative growth of 18.02%. In rupee terms, it was Rs 28,76,918.30 crore, down by 14.40% from Rs 33,60,954.46 crore in the same period last year.

Oil imports in March 2021 were $10.27 billion, which was 2.23% higher, compared to $10.05 billion in March 2020. Oil imports in April-March 2020-21 were $82.35 billion which was 36.92% lower over the same period last year. Non-oil imports in March 2021 were estimated at $38.11 billion which was 77.90% higher, compared to $21.42 billion in March 2020. Non-oil imports in April-March 2020-21 were $306.83 billion which was 10.85 per cent lower, compared to $344.16 billion in April-March2019-20. Non-Oil and Non-Gold imports were $29.62 billion in March 2021, recording a positive growth of 46.66%, as compared to Non-Oil and Non-Gold imports of $20.20 billion in March 2020. Non-Oil and Non-Gold imports were $272.23 billion in April-March 2020-21, recording a negative growth of 13.83%, as compared to Non-Oil and Non-Gold imports of $315.93 billion in April-March 2019-20.

The CNX Nifty is currently trading at 14659.55, up by 78.10 points or 0.54% after trading in a range of 14559.00 and 14689.85. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Wipro up by 8.89%, Hindalco up by 4.20%, BPCL up by 4.01%, Power Grid up by 3.18% and Ultratech Cement up by 3.09%. On the flip side, ICICI Bank down by 1.02%, Reliance Industries down by 0.70%, Hindustan Unilever down by 0.63%, TCS down by 0.53% and Bajaj Finance down by 0.41% were the top losers.

Asian markets were trading mixed; Nikkei 225 rose 43.95 points or 0.15% to 29,686.64, Straits Times added 8.90 points or 0.28% to 3,193.67, Hang Seng gained 24.73 points or 0.09% to 28,817.87 and Shanghai Composite was up by 15.75 points or 0.46% to 3,414.74. However, Taiwan Weighted lost 8.98 points or 0.05% to 17,067.75, KOSPI declined 5.08 points or 0.16% to 3,189.25 and Jakarta Composite fell 3.61 points or 0.06% to 6,075.89.

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