Indian equity benchmarks added gains in late morning session, with both Sensex and Nifty trading in green. Positive cues from other Asian markets helped key indices to remain higher. Traders were positive, as the Ministry of Finance informed that the Central Board of Direct Taxes (CBDT) has granted further relaxation in the electronic filing of Income Tax Forms 15CA/15CB. Besides, with an aim to digitize the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiencies in logistics and enhance value for consumers, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has initiated a project on Open Network for Digital Commerce (ONDC).
On the global front, Asian markets were trading mostly in green, after the average of household spending in Japan was up 11.6 percent on year in May, the Ministry of Internal Affairs and Communications said on Tuesday - coming in at 281,063 yen. That beat forecasts for an increase of 10.9 percent following the 13.0 percent spike in April. On a monthly basis, household spending was down 2.1 percent - but that beat expectations for a decline of 3.7 percent following the 0.1 percent gain in the previous month.
The BSE Sensex is currently trading at 53087.66, up by 207.66 points or 0.39% after trading in a range of 52805.88 and 53101.24. There were 18 stocks advancing against 12 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.91%, while Small cap index was up by 0.71%.
The top gaining sectoral indices on the BSE were Power up by 1.07%, Bankex up by 1.06%, Basic Materials up by 0.99%, Oil & Gas up by 0.84% and Industrials up by 0.82%, while IT down by 0.15%, Healthcare down by 0.09%, TECK down by 0.07% and FMCG down by 0.06% were the top losing indices on BSE.
The top gainers on the Sensex were Ultratech Cement up by 3.89%, HDFC Bank up by 2.29%, Indusind Bank up by 1.12%, Kotak Mahindra Bank up by 0.88% and Titan Co up by 0.84%. On the flip side, Tech Mahindra down by 1.40%, Nestle down by 0.98%, TCS down by 0.89%, NTPC down by 0.63% and Hindustan Unilever down by 0.53% were the top losers.
Meanwhile, the government has decided not to impose anti-dumping on imports of certain copper products, used in the electrical industry, from China, Thailand, Korea and three other countries. In April, the commerce ministry’s arm Directorate General of Trade Remedies (DGTR) recommended imposing the duty on ‘copper and copper alloy flat-rolled products’ from China, Korea, Malaysia, Nepal, Sri Lanka and Thailand, after conducting a probe.
The revenue department’s memorandum stated that ‘The central government has decided not to impose anti-dumping duty on imports of copper and copper alloy flat-rolled products originating in or exported from China, Korea, Malaysia, Nepal, Sri Lanka and Thailand, proposed in the said final findings (of DGTR). The duty proposed by the DGTR was in the range of $42 per tonne to $1,077 per tonne. The finance ministry takes the final call to impose these duties and issues notification for the same.
Copper flat-rolled products are used in power distribution, electrical and electronic switchgear, automotive electronics, and radiators. The directorate is the investigative arm of the commerce ministry, which probes dumping of goods, a significant increase in imports and subsidised imports from India’s trade partners. Countries carry out anti-dumping probes to determine whether their domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose duties under the multilateral regime of the WTO (World Trade Organisation). The duty is to ensure fair trade practices and create a level playing field for domestic producers concerning foreign producers and exporters.
The CNX Nifty is currently trading at 15898.45, up by 64.10 points or 0.40% after trading in a range of 15808.70 and 15900.60. There were 29 stocks advancing against 21 stocks declining on the index.
The top gainers on Nifty were Ultratech Cement up by 4.00%, HDFC Bank up by 2.23%, Tata Motors up by 2.20%, Shree Cement up by 2.19% and SBI Life Insurance up by 1.73%. On the flip side, Tech Mahindra down by 1.39%, Nestle down by 1.07%, TCS down by 0.78%, NTPC down by 0.59% and Hindustan Unilever down by 0.57% were the top losers.
Asian markets were trading mostly in green; Nikkei 225 surged 80.84 points or 0.28% to 28,679.03, Straits Times advanced 37.11 points or 1.18% to 3,178.13, Jakarta Composite soared 30.71 points or 0.51% to 6,036.32, KOSPI rose 12.81 points or 0.39% to 3,306.02 and Taiwan Weighted strengthened 6.70 points or 0.04% to 17,926.03. On the flip side, Shanghai Composite declined 18.68 points or 0.53% to 3,515.64 and Hang Seng decreased 163.27 points or 0.58% to 27,980.23.