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Indian stock markets continued to trade in positive terrain in the afternoon session due to buying in IT, TECK and Telecom stocks. Buying in frontline stocks such as Asian Paints, HCL Tech and TCS were aiding sentiment, while selling in SBI, Larsen & Toubro and Bajaj Auto kept the gains in the markets in check. Sentiments remained positive as the finance ministry said it has released the full Rs 1.10 lakh crore estimated GST compensation shortfall to the states with the release of final weekly installment of Rs 4,104 crore. Meanwhile, Finance Minister Nirmala Sitharaman has introduced a Bill in Rajya Sabha that seek to amend the Insurance Act to pave the way for 74 percent foreign direct investment (FDI) in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 percent with ownership and management control with Indian.

On the global front, Asian markets were trading higher as investors looked to key central bank meetings this week, starting with the United States Federal Reserve. Back home, on the sectoral front PSU Banks were in limelight as banking services such as cash withdrawals, deposits, cheque clearing and business transactions were impacted across the country, on day two of the PSU bank union’s strike, against the proposed privatisation of two more state-owned lenders.

The BSE Sensex is currently trading at 50670.13, up by 275.05 points or 0.55% after trading in a range of 50448.98 and 50857.98. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.32%, while Small cap index was up by 0.43%.

The top gaining sectoral indices on the BSE were IT up by 1.88%, TECK up by 1.57%, Telecom up by 0.75%, FMCG up by 0.59%, Consumer Discretionary was up by 0.51%, while Metal down by 1.28%, Realty down by 0.58%, Capital Goods down by 0.33%, PSU down by 0.18%, Consumer Durables was down by 0.14% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 3.98%, HCL Tech up by 2.39%, TCS up by 1.81%, Infosys up by 1.61% and Titan Company was up by 1.43%. On the flip side, SBI down by 1.03%, Larsen & Toubro down by 0.85%, Bajaj Auto down by 0.35%, Bajaj Finserv down by 0.15% and Axis Bank was down by 0.15% were the top losers.

Meanwhile, growing for the third consecutive month, India’s merchandise exports rose 0.67 percent year-on-year to $27.93 billion in February 2021 over the same period of last year, following healthy growth in pharma and chemicals sectors. Trade deficit during the month widened to $12.62 billion from $ 10.16 billion in February 2020. 

As per the data released by the Commerce Ministry, exports increased by 0.67% to $27.93 billion in February 2021, as compared to $27.74 billion in February 2020. In Rupee terms, exports were Rs 2, 03,201.56 crore in February 2021, as compared to Rs 1,98,328.86 crore in February 2020, registering a positive growth of 2.46%. Cumulative value of exports for the period April- February 2020-21 was $256.18 billion as against $291.87 billion during the period April- February 2019-20, registering a negative growth of 7.79%.  Rupee terms, it was down by 7.79% to Rs 18,99,568.63 crore from Rs 20,60,069.56 crore in the corresponding month a year ago.

Non-petroleum and Non-Gems and Jewellery exports in February 2021 were $22.52 Billion, as compared to $21.28 Billion in February 2020, registering a positive growth of 5.84 percent. Non-petroleum and Non-Gems and Jewellery exports in April- February 2020-21 were $211.30 Billion, as compared to $219.22 Billion for the corresponding period in 2019-20, which is a decrease of 3.61 percent.

On the other hand, imports increased by 6.96% to $40.54 billion in February 2021 as compared to $37.90 billion in February 2020, while in rupee terms it was up by 8.86% to Rs 2,94,985.04 crore from Rs 2,70,973.39 crore in February 2020.  Cumulative value of imports for the period April- February 2020-21 was $340.80 billion, as against $443.24 billion during the period April- February 2019-20, registering a negative growth of 23.11%. In rupee terms, it was Rs 25,24,727.09 crore, down by 19.26% from Rs 31,26,965.99 crore in the same period last year.

Oil imports in February 2021 were $8.99 billion, which was 16.63% lower, compared to $10.78 billion in February 2020. Oil imports in April- February 2020-21 were $72.08 billion which was 40.18% lower over the same period last year.  Non-oil imports in February 2021 were estimated at $31.56 billion which was 16.34% higher, compared to $27.12 billion in February 2020.  Non-oil imports in April- February 2020-21 were $268.72 billion which was 16.74% lower, compared to $322.74 billion in April- February 2019-20.   Non-Oil and Non-Gold imports were $26.27 billion in February 2021, recording a positive growth of 6.07%, as compared to $24.76 billion in February 2020.  Non-Oil and Non-Gold imports were $242.61 billion in April- February 2020-21, recording a negative growth of 17.96%, over the same period of last year.

The CNX Nifty is currently trading at 15004.65, up by 75.15 points or 0.50% after trading in a range of 14939.45 and 15051.60. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 4.18%, HCL Tech up by 2.58%, TCS up by 1.87%, Infosys up by 1.62% and Wipro was up by 1.62%. On the flip side, JSW Steel down by 1.94%, Tata Steel down by 1.70%, Cipla down by 1.31%, Coal India down by 1.19% and BPCL was down by 1.03% were the top losers.

Asian markets were trading in green; Hang Seng increased 69.73 points or 0.24% to 28,903.49, Nikkei 225 surged 154.12 points or 0.52% to 29,921.09, Straits Times advanced 2.16 points or 0.07% to 3,108.16, KOSPI rose 21.46 points or 0.70% to 3,067.17, Taiwan Weighted strengthened 63.83 points or 0.39% to 16,313.16, Shanghai Composite gained 15.05 points or 0.44% to 3,435.00 and Jakarta Composite was up by 8.84 points or 0.13% to 6,332.74.

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