Indian Markets Trade Flat

Tue, 26 Apr 11:30 am

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After opening the day on a bearish note, the Indian Markets registered some gains and are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks from the metal and realty sectors leading the gains. FMCG stocks are leading the losses.

The BSE Sensex is trading down by 20 points (down 0.1%) while the NSE Nifty is flat. The BSE Mid Cap index and the BSE Small Cap index are trading positively, up by 0.3% and 0.4%, respectively. The rupee is trading at 66.70 to the US$.

As per a leading financial daily, the government has banned the import of electronic items, mobile phones, milk and milk products, and some steel products from China.Union Commerce Minister Nirmala Sitharaman said that India has banned import of these items from China over quality concerns.

It was noted that mobile phones not bearing the International Mobile Station Equipment Identity (IMEI) number or other security features cannot be imported from China. Further, import of milk and milk products from China was banned as their quality was unacceptable. Also, India has banned some steel products that are imported from China.The Commerce Minister however stated that complete ban of import from any country is not possible due to WTO (World Trade Organisation) rules even if we have problems diplomatically, territorially or militarily.

The above development comes as another hit for the dragon nation that has been going through a slowdown. China’s economy grew at an annual rate of 6.7% in the first quarter of 2016. This was slightly below the 6.8% growth in the final quarter of last year. While the growth was in line with government's expectations, it was the slowest quarterly growth in the Chinese economy in seven years.

While some numbers came better than expected, we believe China needs to do a lot better to come out of the ongoing slowdown phase. Sluggish demand and excess capacity are threatening to slow down China's economic engine, which had been growing at a frenzied pace in the past. And lack of transparency in the government and banking entities in China have made it difficult to decipher the reasons for the grown decline.

The need of the hour is to have more credible and trustworthy reports on economic developments. And that is where Nitin Gregory fills the gap. Nitin is a new writer at Equitymaster, currently based in China and taking a very close look at some of the key economic and competitive factors that we'd otherwise not have access to. In his latest article, he gives his on-the-ground outlook at what drives the real estate in China and how will it fare in the short term as well as the long term. You can read the entire article here.Speaking of real estate, Rahul Shah, Equitymaster co-head of research, says stocks can crush real estate over the next three-to-five years.

Stocks in the energy space are trading on a mixed note with Hindustan Oil Exploration and Indian Oil Corporation (IOC) leading the gains. In another news update it was reported that Bharat Petroleum Corporation (BPCL) has received green nod for its Rs 7 billion project of developing LPG import terminal as well as storage, bottling and bulk distribution facilities at Haldia Dock Complex in West Bengal.

As per the proposal, BPCL will set up an import terminal at Haldia to import 1 million metric tonne per annum (mmtpa) of refrigerated Propane and Butane and transfer it through 7.5-km long twin transfer pipeline for LPG production. The proposal also includes dispatch of bulk LPG via road tankers and bottling of LPG in cylinders.It was noted that the green nod is subject to certain specific and general conditions and the project is proposed to be completed in a year from the date of award of the environment clearance.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene. Presently the stock of the company is trading down by 0.3%.

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