Sensex Tanks 491 Points, India's Rising Trade Deficit, and Top Stocks in Action

Tue, 18 Jun Pre-Open

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After opening the day marginally lower, share markets in India witnessed negative trading activity throughout Monday and ended deep in the red.

All sectoral indices ended on a negative note, with stocks in the metal sector, oil & gas sector and telecom sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 491 points (down 1.3%) and the NSE Nifty closed down by 151 points (down 1.3%). The BSE Mid Cap index ended the day down 1.3%, while the BSE Small Cap index ended the day down by 1.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.4% and the Shanghai Composite stood higher by 0.2%.

Top Stocks in Action Today

Divis Laboratories share price is likely to be in focus today after the company's plant at village Chippada, Bheemunipatnam District, Andhra Pradesh has had an inspection by the USFDA from 10 June 2019 to 15 June.

This was a general cGMP inspection by the USFDA and was concluded with no form 483 observations.

Shriram Transport Finance share price will be in focus today today Piramal Enterprises share price sold its entire stake in the company via multiple block deals.

Reportedly, Fidelity, Eastspring and SBI MF are the likely buyers of the shares.

India's Trade Deficit Expands

In the news from the economy. India's trade deficit expanded to a six-month high of US$15.4 billion in May, with import growth outpacing export growth following a 37% jump in gold imports.

According to data released by the commerce ministry on Friday, exports grew 3.9% in May, while imports rose 4.3%. Exports have been in low single digits in six out of the last seven months, barring March when it grew in double digits.

Rising crude oil prices, amid sanctions on Iranian oil imports, could further increase imports and put pressure on India's current account deficit.

China's exports in May inched up 1.1%, while imports fell 8.5%, leading to a significantly higher trade surplus of US$41.7 billion.

The escalating trade war between the US and China, and rising protectionism have cast a shadow on India's prospects for higher exports.

In March, the World Trade Organization (WTO) had projected trade growth to fall from 3.9% in 2018 to 3.7% in 2019. It had cautioned that these estimates could be revised downward if trade conditions continue to deteriorate.

The International Monetary Fund also cut its global growth forecast for 2019 by 20 basis points to 3.3%, the lowest since the 2008 financial crisis, blaming the US-China trade tensions, loss of momentum in Europe and the uncertainty surrounding Brexit.

Notably, the commerce ministry is contemplating an export promotion scheme, along with a production-based support scheme, to boost Make In India as part of its 100-day action plan.

The new export promotion scheme may replace the existing Merchandise Export from India Scheme, following the US decision to challenge India's existing export subsidy schemes at the WTO.

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