Bourses maintained their upward momentum in the afternoon session, following gains in metal, healthcare and PSU stocks. Healthy buying was observed in blue-chip stocks like Sun Pharma, Dr. Reddys Lab and ONGC. Sentiments got a boost as Union Health Ministry stated that India is the fastest country globally to administer 17 crore COVID-19 vaccine doses. China took 119 days while the US took 115 days for reaching the same landmark. The vaccination drive in India was rolled out on January 16 with healthcare workers getting inoculated and vaccination of frontline workers started from February 2. Subsequently, it was opened for different age groups. Maharashtra, Rajasthan, Gujarat, Uttar Pradesh, West Bengal, Karnataka, Madhya Pradesh, Kerala, Bihar and Andhra Pradesh account for 66.79 per cent of the cumulative doses given so far in the country. Traders ignored report that foreign investors have pulled out Rs 5,936 crore from the Indian equities in the first week of May amid worries over the intense second wave of coronavirus infection and its fallout on the economy.
On the global front, Asian markets were trading mixed as a well-below-forecast US jobs report eased inflation concerns, while oil prices climbed more than one percent after a crucial US pipeline was put out of action by a cyber attack. Back home, the BSE Sensex is currently trading at 49534.17, up by 327.70 points or 0.67% after trading in a range of 49412.05 and 49597.57. There were 23 stocks advancing against 7 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 0.86%, while Small cap index was up by 1.10%.
The top gaining sectoral indices on the BSE were Metal up by 3.22%, Healthcare up by 2.69%, PSU up by 2.17%, Capital Goods up by 1.60% and Basic Materials was up by 1.47%, while IT down by 0.39%, TECK down by 0.16% and Consumer Durables was down by 0.13% were the few losing indices on BSE.
The top gainers on the Sensex were Sun Pharma up by 3.17%, Dr. Reddys Lab up by 3.11%, ONGC up by 2.78%, Larsen & Toubro up by 2.44% and Indusind Bank was up by 2.17%. On the flip side, Ultratech Cement down by 1.38%, Infosys down by 0.92%, HCL Tech down by 0.42%, ITC down by 0.19% and Tech Mahindra was down by 0.19% were the top losers.
Meanwhile, with a view to guarding domestic manufacturers from cheap Chinese imports, the government has extended anti-dumping duty on certain types of seamless tubes, and pipes till October 31, 2021. The duty on 'seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm' was first imposed in May 2016 for five years.
The Central Board of Indirect Taxes and Customs (CBIC) has said ‘the anti-dumping duty imposed under this notification shall remain in force up to and inclusive of the October 31, 2021, unless revoked, superseded or amended earlier’. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) had recommended for extension of the duty, after concluding a probe. While DGTR recommends the duty to be levied, the finance ministry imposes it.
Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports. As a counter-measure, they impose duties under the multilateral WTO regime. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products. India has initiated maximum anti-dumping cases against dumped imports from China.
The CNX Nifty is currently trading at 14936.15, up by 113.00 points or 0.76% after trading in a range of 14892.50 and 14951.25. There were 39 stocks advancing against 11 stocks declining on the index.
The top gainers on Nifty were Coal India up by 5.44%, UPL up by 4.62%, Hindalco up by 4.41%, Divis Lab up by 3.93% and Sun Pharma was up by 3.16%. On the flip side, Shree Cement down by 1.62%, Ultratech Cement down by 1.35%, Britannia Industries down by 1.19%, Infosys down by 0.98% and Grasim Industries was down by 0.88% were the top losers.
Asian markets were trading mixed; Taiwan Weighted dropped 49.39 points or 0.29% to 17,235.61, Straits Times trembled 16.50 points or 0.52% to 3,183.76, Shanghai Composite decreased 4.55 points or 0.13% to 3,414.32 and Hang Seng was down by 52.32 points or 0.18% to 28,558.33.
On the other hand; Nikkei 225 surged 160.52 points or 0.55% to 29,518.34, KOSPI rose 52.10 points or 1.63% to 3,249.30 and Jakarta Composite was up by 50.55 points or 0.85% to 5,978.86.