Midday Review News

Midday Review

Date Heading Details
14-May-2021   14:52 Hrs IST Bourses trade marginally lower in late afternoon session <p align="justify">The Indian equity benchmarks were trading near neutral line with a negative bias in late afternoon session. Traders were seen piling up positions in FMCG, Capital Goods and Consumer Durables sectors while selling was witnessed in Metal, Realty and Utilities sectors' stocks. Traders remain concerned even after RBI data showed that country's foreign exchange reserves surged to $576.98 billion as on March 31, 2021 from $544.69 billion at September-end last year. Foreign currency assets (FCA), a major component of the overall reserves, increased to $536.693 billion as at March-end 2021 from $502.162 billion.&nbsp; Meanwhile, with a view to enabling a stable and orderly evolution of the yield curve, the Reserve Bank of India (RBI) has decided to conduct the second tranche of Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 1.0) on May 20. On the global front, Asian markets were trading mostly in green, as comments from Federal Reserve officials helped ease inflation fears. European markets were trading higher helped by the rebound on Wall Street as Federal Reserve officials managed to ease investor jitters over growing inflationary pressures. <p align="justify">The BSE Sensex is currently trading at 48671.29, down by 19.51 points or 0.04% after trading in a range of 48473.43 and 48898.93. There were 8 stocks advancing against 22 stocks declining on the index.<p align="justify">The broader indices were trading in red; the BSE Mid cap index declined 0.88%, while Small cap index was down by 0.98%.<p align="justify">The top gaining sectoral indices on the BSE were FMCG up by 1.89%, Capital Goods up by 0.70%, Consumer Durables up by 0.48% and Consumer Discretionary was up by 0.10%, while Metal down by 3.45%, Realty down by 3.05%, Utilities down by 1.98%, PSU down by 1.87% and Auto was down by 1.73% were the top losing indices on BSE.<p align="justify">The top gainers on the Sensex were Asian Paints up by 8.40%, ITC up by 4.35%, Nestle up by 2.01%, Hindustan Unilever up by 1.97% and Power Grid up by 1.46%. On the flip side, Mahindra &amp; Mahindra down by 2.41%, Indusind Bank down by 2.26%, Dr. Reddys Lab down by 2.12%, ONGC down by 1.91% and Sun Pharma down by 1.76% were the top losers.<p align="justify">Meanwhile, in order to survive the second wave of COVID-19, the automotive dealers' body Federation of Automobile Dealers Associations (FADA) has sought fiscal support, including an extension of GST payment for the next three months.<p align="justify">The industry body has urged the RBI to provide guidelines to banks and NBFCs to give a moratorium equivalent to the number of days of lockdown each state has declared for the payment of instalments of term loans, short term loans, corporate loans, inventory funding, scrutinised loans, and cash credit lines, among others.In its recommendations list, FADA also sought a moratorium extension on EMI payments for people who have bought vehicles. The body has also suggested the RBI to reduce interest rates on all loans by 400 basis points for 90 days.<p align="justify">The CNX Nifty is currently trading at 14668.15, down by 28.35 points or 0.19% after trading in a range of 14591.90 and 14749.65. There were 14 stocks advancing against 36 stocks declining on the index.<p align="justify">The top gainers on Nifty were UPL up by 9.62%, Asian Paints up by 8.61%, ITC up by 4.45%, Nestle up by 2.06% and Hindustan Unilever up by 2.03%. On the flip side, Coal India down by 4.10%, Hindalco down by 3.99%, Grasim Industries down by 3.69%, Tata Steel down by 3.43% and Tata Motors down by 3.14% were the top losers.<p align="justify">Asian markets were trading mostly in green, Nikkei 225 surged 636.46 points or 2.32% to 28,084.47, Hang Seng increased 308.90 points or 1.11% to 28,027.57, Taiwan Weighted strengthened 156.99 points or 1% to 15,827.09, Shanghai Composite gained 60.84 points or 1.77% to 3,490.38 and KOSPI was up by 31.21 points or 1% to 3,153.32. On the flip side, Straits Times was down by 64.98 points or 2.08% to 3,058.28.<p align="justify">European markets were trading higher, UK's FTSE 100 increased 54.15 points or 0.78% to 7,017.48, France's CAC increased 34.17 points or 0.54% to 6,322.50 and Germany's DAX was up by 55.12 points or 0.36% to 15,254.80.</p>
14-May-2021   12:47 Hrs IST Benchmarks trim losses in afternoon deals <P align=justify>Indian equity benchmarks trimmed some of their losses in afternoon session, but continue to trade below the neutral lines with Sensex and Nifty trading below 48,600 and 14,650 levels, respectively. Traders were worried as COVID data continues to be grim and the consequent extensions of lockdowns in many states may lead to mean growth. Reports that earnings in Q1 FY22 will be lower than initial estimates, also weigh down sentiments. However, downfall remain capped as a private report stated that the value of foreign portfolio investors' (FPI) holdings in domestic equities reached $552 billion in three months to March 2021, a surge of 7 per cent from the preceding quarter. This was largely on the back of robust net inflows from FPIs, coupled with a strong performance of the Indian equity markets.<P align=justify>On the global front, Asian markets were trading mostly higher with the firmer US stock markets overnight followed by the better-than-expected weekly labor market data. Back home, the market breadth remained pessimistic, as there were 1714 shares on the losing side against 1206 shares on the gaining side, while 153 shares remained unchanged.<P align=justify>The BSE Sensex is currently trading at 48595.52, down by 95.28 points or 0.20% after trading in a range of 48473.43 and 48898.93. There were 9 stocks advancing against 21 stocks declining on the index.<P align=justify>The broader indices were trading in red; the BSE Mid cap index lost 1.16%, while Small cap index was down by 1.25%.<P align=justify>The only gaining sectoral indices on the BSE were FMCG was up by 1.54%, while Metal down by 4.86%, Realty down by 2.89%, Basic Materials down by 2.44%, Utilities down by 2.23% and PSU was down by 2.13% were the top losing indices on BSE.<P align=justify>The top gainers on the Sensex were Asian Paints up by 8.49%, ITC up by 3.66%, Nestle up by 1.94%, Hindustan Unilever up by 1.59% and Dr. Reddys Lab was up by 0.93%. On the flip side, Mahindra &amp; Mahindra down by 2.29%, ONGC down by 2.00%, NTPC down by 1.81%, Tech Mahindra down by 1.74% and Indusind Bank was down by 1.72% were the top losers.<P align=justify>Meanwhile, in order to guard domestic manufacturers from cheap inbound shipments, the commerce ministry recommended imposition of anti-dumping duty on a certain type of rubber imported from China, European Union, Japan, and Russia. Directorate General of Trade Remedies (DGTR) has recommended the duty after concluding in its probe that 'Acrylonitrile Butadiene Rubber' from these regions has been exported at dumped prices into India, which impacted the domestic industry.<P align=justify>DGTR has said ‘The authority recommends imposition of definitive anti-dumping duties on import of subject goods originating in or exported from subject countries'. The recommended duty is the difference between the landed value of the product and $2,086 per tonne. Apcotex Industries had filed an application before the directorate for imposition of anti-dumping duty on the imports. It had alleged that dumping of the product from these countries are impacting the domestic industry.<P align=justify>The product is used in the manufacture of various rubber articles where resistance to oil, abrasion and heat applications are involved, such as oil seals, hoses, automotive products, gaskets, rice dehusking rolls, printers, and fabrics. In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market. Dumping impacts the price of that product in the importing country, hitting margins and profits of manufacturing firms.<P align=justify>The CNX Nifty is currently trading at 14637.70, down by 58.80 points or 0.40% after trading in a range of 14591.90 and 14749.65. There were 13 stocks advancing against 37 stocks declining on the index.<P align=justify>The top gainers on Nifty were Asian Paints up by 8.36%, UPL up by 7.71%, ITC up by 3.54%, Britannia Inds up by 1.96% and Nestle was up by 1.90%. On the flip side, Hindalco down by 6.96%, Tata Steel down by 4.38%, Coal India down by 4.36%, Grasim Industries down by 3.29% and Tata Motors was down by 3.25% were the top losers.<P align=justify>Asian markets were trading mostly higher; Taiwan Weighted strengthened 156.99 points or 1% to 15,827.09, Nikkei 225 surged 636.46 points or 2.32% to 28,084.47, KOSPI rose 31.21 points or 1% to 3,153.32, Hang Seng increased 251.82 points or 0.91% to 27,970.49 and Shanghai Composite was up by 55.30 points or 1.61% to 3,484.84. On the other hand, Straits Times was down by 90.88 points or 2.91% to 3,032.38.
14-May-2021   12:05 Hrs IST Key indices remain volatile during late morning deals
14-May-2021   10:01 Hrs IST Benchmarks trade flat with negative bias in early deals
12-May-2021   14:53 Hrs IST Benchmarks extend losses in late afternoon session
12-May-2021   12:48 Hrs IST Local equities continue to sink in red
12-May-2021   12:03 Hrs IST Markets remain under pressure in late morning session
12-May-2021   09:58 Hrs IST Benchmarks trade lower in early deals amid weakness in global markets
11-May-2021   14:49 Hrs IST Local equities extend losses in late afternoon session
11-May-2021   12:48 Hrs IST Lackluster trade continues on Dalal Street