Midday Review

Date Heading Details
18-Oct-2019   14:59 Hrs IST Markets remain firm; Yes Bank gains most <p align="justify">Indian equity markets remained firm in late afternoon session, despite weak cues from European markets. Sentiments were positive with a report stating that India has emerged as third largest ecosystems for more successful start-ups right behind China and US but ahead of Britain and Israel. Traders continued to take encouragement with Union Finance Minister Nirmala Sitharaman's statement that investors can find no better place in the world than India that has a democracy loving and capitalist respecting environment. She added that the government was continuously working to bring reforms.</p><p align="justify">On the global front, European markets were trading in&nbsp;red, after UK retail sales stagnated in September as consumers were cautious about spending amid uncertainties surrounding Brexit. The data from the Office for National Statistics revealed that retail sales volume, including auto fuel, was unchanged from the previous month, following a 0.3 percent drop in August. Sales were forecast to fall 0.2 percent. Asian markets were also trading in red. </p><p align="justify">Back home, auto industry stocks were in focus, after the Federation of Automobile Dealers Associations (FADA) said that passenger vehicle retail sales in September declined 20.1 per cent to 1,57,972 units against the same period last year as the onset of festival season and never-seen-before discounts failed to lift demand. Passenger vehicle (PV) sales stood at 1,97,653 units in September 2018.</p><p align="justify">The BSE Sensex is currently trading at 39346.62, up by 294.56 points or 0.75% after trading in a range of 38963.60 and 39361.06. There were 24 stocks advancing against 7 stocks declining on the index.</p><p align="justify">The broader indices were trading in green; the BSE Mid cap index was up by 1.89%, while Small cap index was up by 1.61%.</p><p align="justify">The top gaining sectoral indices on the BSE were PSU up by 2.42%, Capital Goods up by 2.30%, Power up by 2.26%, Industrials up by 1.95% and Energy up by 1.94%, while there were no losing sectoral indices on the BSE.</p><p align="justify">The top gainers on the Sensex were Yes Bank up by 7.81%, Larsen &amp; Toubro up by 2.00%, SBI up by 1.98%, Reliance Industries up by 1.90% and Power Grid up by 1.85%. On the flip side, Bajaj Auto down by 0.55%, Bharti Airtel down by 0.35%, Mahindra &amp; Mahindra down by 0.19%, Tata Motors down by 0.18% and HDFC down by 0.15% were the top losers.</p><p align="justify">Meanwhile, recognizing the role of innovation as a key driver of growth and prosperity for India, NITI Aayog with Institute for Competitiveness as the knowledge partner has released the India Innovation Index (III) 2019. The study report is an outcome of extensive research and analysis, which looks holistically at the innovation landscape of India by examining the innovation capabilities and performance of Indian states and union territories.</p><p align="justify">Karnataka, Tamil Nadu, Maharashtra, Telangana and Haryana have been ranked as top five most innovative major states in NITI Aayog's first Innovation Index. Chattisgarh, Bihar and Jharkhand are at the bottom of the index among states. Among north-eastern Hill states, Sikkim, Himachal Pradesh and Uttarakhand have top the index, while Delhi, Chandigarh and Goa have topped the list among Union Territories/City states/Small States. </p><p align="justify">Meanwhile, Vice Chairman of the NITI Aayog, Rajiv Kumar expressed hope that the India Innovation Index would create synergies between different stakeholders in the innovation ecosystem and India would shift to competitive good governance.</p><p align="justify">The CNX Nifty is currently trading at 11648.10, up by 61.75 points or 0.53% after trading in a range of 11553.15 and 11684.70. There were 36 stocks advancing against 14 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were Yes Bank up by 7.38%, BPCL up by 3.57%, Coal India up by 2.96%, Adani Ports &amp; SEZ up by 2.92% and Grasim Industries up by 2.32%. On the flip side, Zee Entertainment down by 5.09%, Tata Motors down by 1.33%, Bajaj Auto down by 0.87%, Hindalco down by 0.66% and Bharti Airtel down by 0.57% were the top losers.</p><p align="justify">Asian markets were trading mostly in red; Hang Seng decreased 145.84 points or 0.54% to 26,702.65, Shanghai Composite declined 38.63 points or 1.3% to 2,938.70, KOSPI fell 17.25 points or 0.83% to 2,060.69, Straits Times trembled 12.88 points or 0.41% to 3,113.26 and Taiwan Weighted was down by 6.66 points or 0.06% to 11,180.22. On the flip side, Jakarta Composite soared 7.96 points or 0.13% to 6,188.97 and Nikkei 225 was up by 40.82 points or 0.18% to 22,492.68.</p><p align="justify">European markets were trading mostly in red; FTSE lost 24.91 points or 0.35% to 7,157.41, CAC fell 19.13 points or 0.34% to 5,653.94, while DAX was up by 11.07 points or 0.09% to 12,666.02.<br></p>
18-Oct-2019   12:57 Hrs IST Benchmarks continue to trade higher in afternoon deals <p align="justify">Key benchmark indices continued to trade higher in the afternoon session on sustained buying, with the Sensex moving over the 39,250 and the Nifty above 11,650 marks. Trading sentiments remained optimistic with Union Finance Minister Nirmala Sitharaman's statement there has been narrowing of trade differences between India and the US and hoped that the two countries be able to enter into a trade deal soon. Additional support also came with a private report that corporate tax rate cut is clearly a positive for India which would move the country up the ladder in terms of attractiveness for foreign direct investment. However, there was some cautiousness too with Former Prime Minister Manmohan Singh's statement that achieving the $5 trillion target for the economy, set by the Narendra Modi administration, is not possible under current circumstances, with annual growth projected to cool to 6% or slower according to some estimates. On the sectoral front, jewellery stocks were trading in green despite Gems and Jewellery Export Promotion Council (GJEPC) stating that the overall gems and jewellery exports is expected to decline of 5-10 percent in this financial year on the back of US-China trade war, protests in Hong Kong and the implementation of VAT in the Middle East. <p align="justify">On the global front, Asian markets were trading mostly in red, after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal. China's economy grew 6.0% in the third quarter, less than expected, and the weakest pace in at least 27-1/2 years. Back home, the BSE Sensex is currently trading at 39267.31, up by 215.25 points or 0.55% after trading in a range of 38963.60 and 39291.88. There were 21 stocks advancing against 10 stocks declining on the index.<p align="justify">The broader indices were trading in green; the BSE Mid cap index rose 1.58%, while Small cap index was up by 1.53%.<p align="justify">The top gaining sectoral indices on the BSE were Power up by 2.18%, Capital Goods up by 2.16%, Metal up by 2.09%, PSU up by 1.84% and Industrials was up by 1.70%, while there were no losing indices on BSE sectoral front.<p align="justify">The top gainers on the Sensex were Yes Bank up by 7.28%, Vedanta up by 2.43%, Reliance Industries up by 1.99%, Larsen &amp; Toubro up by 1.87% and SBI was up by 1.34%. On the flip side, Mahindra &amp; Mahindra down by 1.02%, Bajaj Auto down by 0.69%, Indusind Bank down by 0.58%, Bharti Airtel down by 0.51% and Tata Motors - DVR was&nbsp;down by 0.32% were the top losers.<p align="justify">Meanwhile, showing further slowdown in the aviation sector, the domestic air passenger traffic rose by just 1.18 percent in September 2019 as compared to the same month last year. According to the Directorate General of Civil Aviation (DGCA) data, domestic airlines flew 11.79 million passengers in September 2019, as against 11.35 million passengers carried in the same month of last year. In August 2019, the domestic passenger growth was 3.87 percent compared to the same month last year. <p align="justify">As per data, the passenger load factor of four major airlines -- Air India, GoAir, AirAsia and Vistara -- declined in September as compared to August last year. In terms of market share, IndiGo maintained its lead position with 48.2 percent share of the domestic passenger market in September. SpiceJet's market share fell to 14.7 percent in September from 15.5 percent in August, giving it the number two spot. The market share of Air India, GoAir, AirAsia and Vistara was 13 percent, 11.5 percent, 6.3 percent and 5.8 percent, respectively, in September. <p align="justify">DGCA further said ‘the numbers are disappointing. They have pulled down our projection (for 2018-19)...to 4-6 percent. The good news is that we have managed to withstand the sad exit of Jet Airways and maintained a positive growth despite three months of negative or almost flat growth.' It also said that the loss in the fleet on account of Jet Airways has largely been recovered and it expects an all-time high fleet of more than 616 aircraft in the air in a month's time from now. With some more aircrafts joining fleet by December 31, it also expects a return to double digit growth in the early part of next year.<p align="justify">The CNX Nifty is currently trading at 11651.95, up by 65.60 points or 0.57% after trading in a range of 11553.15 and 11656.60. There were 36 stocks advancing against 14 stocks declining on the index.<p align="justify">The top gainers on Nifty were Yes Bank up by 7.28%, Adani Ports &amp;SEZ up by 3.08%, Coal India up by 2.51%, Vedanta up by 2.16% and Larsen &amp; Toubro was up by 2.09%. On the flip side, Zee Entertainment down by 6.52%, Tata Motors down by 1.00%, Mahindra &amp; Mahindra down by 0.96%, Eicher Motors down by 0.94% and Bajaj Auto was down by 0.93% were the top losers.<p align="justify">Asian markets were trading mostly in red; Hang Seng decreased 145.84 points or 0.54% to 26,702.65, Shanghai Composite declined 38.63 points or 1.3% to 2,938.70, KOSPI fell 17.25 points or 0.83% to 2,060.69, Straits Times trembled 12.88 points or 0.41% to 3,113.26 and Taiwan Weighted was down by 6.66 points or 0.06% to 11,180.22.<p align="justify">On the flip side, Jakarta Composite soared 7.96 points or 0.13% to 6,188.97 and Nikkei 225 was up by 40.82 points or 0.18% to 22,492.68.<p align="justify">&nbsp;</p>
18-Oct-2019   12:00 Hrs IST Indian markets maintain upward momentum
18-Oct-2019   11:13 Hrs IST Local equities hold on to their early gains
18-Oct-2019   10:13 Hrs IST Markets trade firm in early deals; Sensex above 39,100 mark
17-Oct-2019   15:06 Hrs IST Sensex, Nifty gain traction to trade at day's high
17-Oct-2019   12:52 Hrs IST Markets continue choppy trade in afternoon session
17-Oct-2019   12:02 Hrs IST Benchmarks trade flat in early noon session
17-Oct-2019   11:18 Hrs IST Local equities trading flat with positive bias
17-Oct-2019   10:16 Hrs IST Benchmarks trade marginally in green in early deals