Sensex Opens Flat; Capital Goods and Realty Stocks Lag

Tue, 16 Jul 09:30 am

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Asian share markets are mixed today. The Shanghai Composite is lower by 0.3% while the Hang Seng is even. The Nikkei 225 is trading down by 0.7%. Meanwhile, the benchmark S&P 500 index ended little changed on Monday after oscillating between positive and negative territory throughout the session after Citigroup Inc kicked off the earnings season with a mixed quarterly report.

Back home, India share markets opened the day on a flat note. The BSE Sensex is trading up by 31 points while the NSE Nifty is trading down by 4 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.2%.

Sectoral indices have opened the day on a mixed note with oil & gas stocks and telecom stocks leading the pack of gainers. Capital goods and realty stocks have opened the day in red.

The rupee is currently trading at 68.54 against the US$.

In the news from the steel sector. The country's total steel exports fell 34% in FY19 to 6.4 million tonne (MT) compared to the preceding fiscal.

In comparison to FY18 (9.62 million tonnes), India's total steel export has declined by 34% in FY19 and stood at 6.36 million tonnes.

Reportedly, the government has taken appropriate measures such as anti-dumping and countervailing duties in order to protect the domestic industry from unfair external competition.

Further, government has also notified 53 Steel and Steel Product (Quality Control) Orders which is applicable for both domestic production as well as imports.

The Steel Quality Control Order are implemented in the public interest for protection of human, animal and plant, safety of environment, prevention of unfair trade practices and national security.

He also said that trade related issues are a part of ongoing economic relationship discussion between India and the US.

Note that, In the last 6 years, India has been the world's fastest growing steel producer, among the top 10.

Over the last 6-year period, India's steel production grew at a CAGR of 6%. Countries such as Germany and Japan registered negative growth. Growth has been flat in USA, South Korea, Russia, and Brazil.

India's Steel Production Growing at the Fastest Rate

China, the world leading steel producer, which saw double-digit growth over 2001-2010, grew marginally by 4% CAGR in the last six years.

Importantly, India's production growth is due to strong domestic demand. Particularly, on the back of strong infrastructure development and housing demand, especially affordable housing.

No wonder India has surged past Japan and USA to become the second largest steel producer in the world.

And this is just one of the 50 irreversible trends in the Rebirth of India.

Catch Tanushree Banerjee talk about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times...

Moving on to the news from the economy. India's imports declined to their lowest level in four months in June to US$40.3 billion, down 9% from a year ago, indicating weakening consumption in Asia's third largest economy.

The Indian economy grew at 5.8% in the January-March period, a five-year low, hurt by weak consumption and tepid private investment.

The latest data added to fears that the economy may have slowed further in April-June.

In the last two quarters, the Indian economy has seen a sharp fall in sales of automobiles, petroleum products and consumer goods.

India's oil imports during June fell 13.3% to US$11 billion, partly due to low oil prices, while gold imports surged 13% to US$2.7 billion.

Imports excluding gold and oil also fell 9% to US$26.6 billion in June 2019, the data showed.

India's merchandise exports also fell in June, for the first time in nine months, by a year-on-year 9.7% to US$25 billion, narrowing the trade deficit for the month by 8% to US$15.3 billion.

The de-growth in exports is a reflection of sluggish global demand and rising US-China trade war and developments in Iran further aggravated the problem of the world economy.

Exports of commodities, excluding oil and precious metals, also fell 4.9% to US$19.2 billion in June from a year ago.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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