Markets trade lower in early deals on boiling crude oil prices
Indian equity benchmarks extended their previous session losses with a gap-down opening on Thursday as Brent crude oil prices have risen sharply near $120 a barrel mark coupled with back-to-back hikes in petrol, diesel rates. But, markets trimmed some of their losses and are trading lower with cut of around 0.20% each in early deals. Broader indices -- BSE Mid and Small cap -- are outperforming larger peers with gains of around half a percent each. Initially, traders got worried as the Ministry of Commerce & Industry said total foreign direct investment (FDI) inflow to India declined to $74.01 billion in the calendar year 2021, which is 15 per cent lower from $87.55 billion recorded in the previous year. However, some respite came in as the government data showed that the country’s exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals. Traders took note of report that the commerce ministry will extend the existing foreign trade policy (FTP) for some more months beyond March 31.
On the global front, Asian markets are trading mixed amid negative cues overnight from Wall Street, as worries about the ongoing war in Ukraine with related spike in price of crude oil and concerns about inflation weighed on market sentiment. Meanwhile, the latest survey from Jibun Bank showed the manufacturing sector in Japan continued to expand in March, and at a faster pace, with a manufacturing PMI score of 53.2. Back home, real estate industry stocks were in focus with a private report that investments in the real estate sector in India are bound to grow by 5-10 per cent in 2022, with the sector poised to hit the pre-pandemic levels of 2019. In scrip specific development, Zee Entertainment surged amid reports that its largest shareholder Invesco said it will not pursue an EGM to add six independent directors to Zee’s Board as it backed the merger between the company and Sony.
The BSE Sensex is currently trading at 57551.64, down by 133.18 points or 0.23% after trading in a range of 57138.51 and 57575.50. There were 18 stocks advancing against 12 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 0.45%, while Small cap index was up by 0.44%.
The top gaining sectoral indices on the BSE were Metal up by 1.08%, Oil & Gas up by 0.87%, Energy up by 0.82%, TECK up by 0.80%, Basic Materials up by 0.68%, while Bankex down by 1.34%, Consumer Durables down by 0.99%, Realty down by 0.04%, Auto down by 0.01% were the few losing indices on BSE.
The top gainers on the Sensex were Dr. Reddy's Lab up by 2.22%, ITC up by 1.59%, Ultratech Cement up by 1.02%, NTPC up by 1.01% and TCS up by 0.88%. On the flip side, Kotak Mahindra Bank down by 3.48%, Titan Company down by 1.67%, ICICI Bank down by 1.42%, HDFC Bank down by 1.35% and Indusind Bank down by 0.74% were the top losers.
Meanwhile, expressing concerns over the country’s bilateral trade, Commerce and Industry Minister Piyush Goyal has said that the government is in continuous dialogue with exporters to address the problems and challenges that are emerging due to the ongoing Russia-Ukraine war and could lead to some kind of disruption in trade. He said that there are challenges of commodity prices, inflation, disruption in shipping lines, and container shortages.
He said ‘those challenges are there before us and that certainly may lead to some kind of disruption because it is coming along with Covid, which is also rearing its head. But we are completely on top of these issues and are in continuous dialogue and hand holding our exporters on a regular basis’. Bilateral trade between India and Russia stood at $9.4 billion so far this fiscal, against $8.1 billion in 2020-21. The bilateral trade with Ukraine stood at $2.3 billion so far this fiscal, as against $2.5 billion in the last fiscal. He added due to the war, challenges would definitely increase, but ‘we would deal with that’.
About the implementation of India-UAE free trade agreement, Goyal said the UAE has formally ratified the pact. He added ‘it (implementation of the pact) could happen anytime in the next six weeks time’. Talking about the proposed India-Australia trade pact, the minister said negotiations are going on and ‘we are working towards’ concluding the talks for interim trade pact. About the new SEZ law, he said that the ministry will start consultations with stake holders from the next month.
The CNX Nifty is currently trading at 17209.60, down by 36.05 points or 0.21% after trading in a range of 17091.15 and 17217.70. There were 28 stocks advancing against 20 stocks declining, while 2 stocks remain unchanged on the index.
The top gainers on Nifty were Dr. Reddy's Lab up by 2.25%, Coal India up by 1.88%, ONGC up by 1.57%, ITC up by 1.51% and Hindalco up by 1.49%. On the flip side, Kotak Mahindra Bank down by 3.55%, HDFC Bank down by 1.64%, Titan Company down by 1.54%, ICICI Bank down by 1.48% and HDFC down by 0.76% were the top losers.
Asian markets are trading mixed; Nikkei 225 slipped 256.51 points or 0.91% to 27,783.65, Taiwan Weighted fell 45.47 points or 0.26% to 17,685.90, KOSPI lost 17.51 points or 0.64% to 2,717.54 and Shanghai Composite was down by 17.72 points or 0.54% to 3,253.31. On the other hand, Jakarta Composite rose 33.95 points or 0.49% to 7,030.07, traits Times added 28.61 points or 0.85% to 3,392.87 and Hang Seng was up by 2.22 points or 0.01% to 22,156.30.
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SBI share price - 493.30
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ITC Share Price - 253.85
