IGI Logo

Indian stock markets continued to trade in positive terrain in the afternoon session amid buying in blue chip stocks from across various sectors. Buying in capital goods, PSU and telecom stocks helped markets to trade higher. Sentiments were upbeat with private report that India's GDP may turn positive at 1.3 percent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising. Traders took note of report that India and Mauritius have signed a free trade agreement, under which over 300 domestic goods from agriculture, textiles, electronics and other sectors will get market access at concessional customs duties in the African nation.

On the global front, Asian markets were trading mostly in red as investors weighed the possibility that inflation might prompt central banks to adjust their ultra-low interest rate policies. Back home, in scrip specific development, Tata Consumer Products surged after the exchange said the Tata group company will be included in the Nifty50 index from March 31 and Mazagon Dock Shipbuilders gained on executing MoU with Mumbai Port Trust.

The BSE Sensex is currently trading at 49964.43, up by 213.02 points or 0.43% after trading in a range of 49736.97 and 50248.81. There were 18 stocks advancing against 11 stocks declining, while 1 stock remains unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.35%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.16%, PSU up by 1.05%, Telecom up by 0.92%, Bankex up by 0.90% and Industrials was up by 0.88% while, IT down by 0.56%, Utilities down by 0.33%, TECK down by 0.30%, Metal down by 0.13% and Basic Materials was down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 1.79%, Bajaj Finance up by 1.70%, Axis Bank up by 1.64%, HDFC Bank up by 1.63% and Larsen & Toubro was up by 1.52%. On the flip side, TCS down by 1.31%, Power Grid down by 0.58%, Hindustan Unilever down by 0.55%, NTPC down by 0.53% and Sun Pharma was down by 0.52% were the top losers.

Meanwhile, the commerce ministry's investigation arm the Directorate General of Trade Remedies (DGTR) has initiated a probe to review the need for continuing imposition of anti-dumping duty on certain types of steel products imported from China. The probe has been initiated due to complaints filed by ISMT and Jindal Saw before the DGTR for sunset review of anti-dumping duty imposed on imports of 'seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel from China.

According to a DGTR notification, the applicants have alleged that dumping of these products from China has continued even after imposition of anti-dumping duty, and there has been a significant increase in the volume of imports. On the basis of the duly substantiated application of the applicants and having satisfied itself, on the basis of the prima facie evidence submitted by the domestic industry, substantiating the likelihood of continuation or recurrence of dumping and injury...the authority, hereby, initiates a sunset review investigation.

DGTR would review the need for continued imposition of the duties in force and examine whether the expiry of existing duties is likely to lead to continuation or recurrence of dumping and impact the domestic industry. The duty on the product was first imposed in February 2017 and is set to expire on May 16, 2021. The duty is aimed at ensuring fair trade practices and creating a level-playing field for domestic producers with regard to foreign producers and exporters.

The CNX Nifty is currently trading at 14820.45, up by 112.65 points or 0.77% after trading in a range of 14723.05 and 14822.25. There were 25 stocks advancing against 24 stocks declining, while 1 stock remains unchanged on the index.

The top gainers on Nifty were Coal India up by 4.75%, HDFC Bank up by 2.05%, Larsen & Toubro up by 1.91%, Axis Bank up by 1.89% and Bajaj Finance was up by 1.84%. On the flip side, GAIL India down by 2.38%, TCS down by 1.66%, UPL down by 1.35%, Tata Motors down by 1.23% and Dr. Reddys Lab was down by 0.87% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 484.33 points or 1.61% to 29,671.70, Taiwan Weighted dropped 230.87 points or 1.40% to 16,212.53, Jakarta Composite lost 46.23 points or 0.74% to 6,257.28, KOSPI fell 1.18 points or 3070.58% to 36.25, Shanghai Composite declined 89.78 points or 2.47% to 3,546.58 and Hang Seng was down by 1,085.27 points or 3.54% to 29,547.37. On the flip side, Straits Times was up by 33.10 points or 1.15% to 2,923.80.

Above views are of the author and not of the website kindly read disclaimer