Sensex Trades Flat; IT Stocks Top Losers

Tue, 17 Apr 12:30 pm

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After opening the day flat, share markets in India have continued to trade rangebound, and are trading marginally below the dotted line. Sectoral indices are trading on a mixed note with stocks in the capital goods sector and stocks in the IT sector leading the losses.

The BSE Sensex is trading down by 11 points (down 0.1%), and the NSE Nifty is trading down by 12 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.1%. The rupee is trading at 65.62 to the US$.

In news about the economy. The World Bank forecast a growth rate of 7.3% for India this year and 7.5% for 2019 and 2020, and noted that the country's economy has recovered from the effects of demonetisation and the Goods and Services Tax.

The bank said that factors such as sustained recovery in private investment and private consumption will spur growth going forward.

In its report the World Bank said, India should strive to accelerate investments and exports to take advantage of the recovery in global growth.

Teething issues related to implementation of GST, which hampered operations of small and medium sized enterprises and exporters, also contributed to growth moderation.

GDP Growth Getting Back on Track

According to the World Bank, the most substantial medium-term risks are associated with private investment recovery, which continues to face several domestic impediments such as corporate debt overhang, regulatory and policy challenges, along with the risk of an imminent increase in US interest rates.If the internal bottlenecks are not alleviated, subdued private investment would put downside pressures on India's potential growth

India's GDP grew by 7.2% in Q3 FY18. Manufacturing grew by 8.1% for the quarter compared to 7.9% in the same quarter last year. Cement, electricity, coal, and steel, the bedrock of the economy, all witnessed robust growth.

India also surpassed China as the world's fastest growing economy. Rest assured, we'll keep a close eye on this trend.

Moving on to news from stocks in the consumer durables sector. Bajaj Electricals share price hit an all-time high today after the company bagged large orders.

Bajaj Electricals share price surged over 7% in morning trade after the company bagged orders worth Rs 35.7 billion from Madhyanchal Vidyut Vitaran Nigam Ltd (MVVNL).

The orders are for over ten rural and urban electrification projects in Uttar Pradesh.

The electrification and related work will be carried out on turnkey basis under the Saubhagya Yojna of Government of India.

Bajaj electricals added that the projects would be completed within 15 months from the date of the issue of letter of intent.

At the time of writing, Bajaj Electricals share price was trading up by 7%.

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