Tag: trade

Indian benchmark indices, which started on a quiet note today(02 January 2023) amid thin global trade, were volatile in the trade as selling in financial services, IT, FMCG, and pharma stocks weighed, while metal stocks lent support. The S&P BSE Sensex was up over 100 points at 60,982 levels, while the Nifty50 was near 18,150, up 42 points. In the broader markets, the BSE MidCap and Smallcap indices gained 0.07 percent and 0.12 percent, respectively. The volatility index, India VIX, advanced nearly 4 percent. Read more

Indian exports rose by 24.22 percent to USD 38.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods, and chemicals, the commerce ministry said on Tuesday. Imports during the month under review grew 26.55 percent to USD 58.26 billion. The trade deficit in April 2022 widened to USD 20.07 billion as against USD 15.29 billion in the year-ago period, it said.

US Economic recovery from the pandemic has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 — up 47 percent, compared to last year. The US’ share of exports, compared to total exports, stood at 18.2 percent. The country is also India’s largest trading partner and export destination. Read more

The Indian benchmark indices swung in trade today(21st Feb.2022) as investors monitored geopolitical tensions between Russia and Ukraine. While the day began with reports that Russian President Vladimir Putin and his US counterpart Joe Biden had agreed in principle to a summit over the Ukraine crisis, the Kremlin later said there were no concrete plans yet for a summit. Under these circumstances, the S&P BSE Sensex gyrated 976 points intra-day but ended 149 points, or 0.38 percent, lower at 57,683.5. The Nifty50, on the other hand, closed at 17,207, down 70 points or 0.4 percent. Wipro, Infosys, PowerGrid, Shree Cement, Nestle India, ICICI Bank, and HDFC Bank were the top large-cap gainers today, up between 0.7 percent and 1.7 percent. On the downside, Hindalco, UPL, Sun Pharma, Adani Ports, Divis Labs, and TCS were the top drags, down up to 3.45 percent. Read more

A steady depreciation in the rupee spells trouble for the rally on D-Street. Historically, most rallies in the equity market have occurred either when the rupee has appreciated or has been stable. In contrast, a decline in the value of the rupee against the dollar has been accompanied by market decline. For example, the BSE Sensex is down around 2.6 percent since the beginning of November, against a similar 1.9 percent fall in the value of the rupee against the dollar in the period. Today (16th Dec.2021), the equity market and the rupee ended in the red. The Indian currency closed at around 76.23 to a dollar, down around 0.47 percent, from Rs 75.87 on Tuesday. In comparison, the BSE Sensex was down 0.57 percent on Wednesday. Read more

Financial shares came to the rescue of the benchmark indices for the second straight day, today (22nd Oct.2021) as select index heavyweights weighed under selling pressure. The BSE benchmark index, the Sensex, opened 120-odd points higher at 61,044 and rallied to a high of 61,420 on the back of fresh buying in early trades. Selling pressure re-emerged in the second half of the trading session, with ITC, technology, and metal stocks leading the fall. The BSE 30-share index slid to a low of 60,551 - down 869 points from the day's high. The Sensex eventually ended with a minor loss of 100 points at 60,822. The NSE Nifty from a high of 18,314, dropped to a low of 18,034, and finally settled 63 points lower at 18,115. The India VIX declined 1.8 percent to 17.70. Read more

India and Taiwan are in talks on an agreement that could bring chip manufacturing to South Asia along with tariff reductions on components for producing semiconductors by the end of the year. Officials in New Delhi and Taipei have met in recent weeks to discuss a deal that would bring a chip plant worth an estimated $7.5 billion to India to supply everything from 5G devices to electric cars, the people said. India is currently studying possible locations with adequate land, water, and manpower while saying it would provide financial support of 50% of capital expenditure from 2023 as well as tax breaks and other incentives, the people said. Officials in Taipei wanted quick progress on a bilateral investment agreement that would include tariff reductions on dozens of products used to make semiconductors - a precursor to a broader trade deal also under consideration, according to the sources.

A volatile trade was witnessed on Dalal street (today(7th September 2021) as bulls and bears were caught in a fierce battle. Investors looked to lock in gains after a recent rally and a subdued global market mood but most dips were bought into, which left indices unchanged at close. The BSE Sensex lost only 17 points to end at 58,280. Meanwhile, NSE Nifty closed at 17,356, down 21 points. Both indices snapped their three-day winning streaks but did manage to hit new highs in intra-day deals (Sensex at 58,553 and Nifty at 17,437). In the 30-pack Sensex, 12 stocks ended in the green and 18 in the red. Bharti Airtel, HDFC, IndusInd Bank, and ITC, up between 1-3 percent, were the top gainers. Tech Mahindra, Sun Pharma, Axis Bank, and HCL Tech on the other hand were the worst losers. Read more

India's exports marginally declined 0.25 percent to $27.67 billion in February while imports grew by 6.98 percent to $40.55 billion during the month, according to provisional data released by the commerce ministry today(2nd March 2021). The trade deficit widened to $12.88 billion in February as compared to $10.16 billion in the year-ago period, the ministry said in a statement. The exports during April-February 2020-21 period stood at $255.92 billion. In the same period a year ago, it was at $291.87 billion, showing negative growth of 12.32 percent. Imports during the April-February period too dipped 23 percent to $340.88 billion. In February 2021, Oil imports were $8.99 billion, as compared to $10.78 billion in February 2020, a decline of 16.63 percent. Oil imports in April-February 2020-21 stood at $72.08 billion, as compared to $120.50 billion, showing a decline of 40.18 per cent. Read more

India may end the current fiscal with a record surplus of about USD 20 billion or 70 bps of the GDP, as imports continue to plunge due to the coronavirus-driven disruptions globally, says a report. The country has been perennially struggling with huge current account deficits. The last time the country had a current account surplus was in the first quarter of 2006-07, again due to the cheaper crude, according to an analysis by Barclays on 19th May. In fact, the Exim trade has been balancing through 2019 due to the worsening growth momentum. Read more

GSP is America's oldest preferential trade scheme, which offered Indian exporters tariff-free access to the US on the criteria of a developing country having less than 0.5 per cent share of global trade. India crossed the limit way back, according to the government’s estimate. US suspended all benefits since last June. In respect of products having GSP benefits of 3 per cent or more, exporters had found it difficult to absorb the loss. While Commerce and Industry Minister Piyush Goyal has said India does not need development assistances like GSP anymore traders feel that Indian export remained under pressure due to increasing competition from low-cost rivals like Pakisthan, Bangladesh, and that surrendering GSP claims would mean handing away market share. To compete in the export market, terry towel makers in India have alredy started using blended yarn made from recycled materials. The issue still has continued to be part of trade talks between India and the US