Indian Indices Open Firm

Thu, 22 Sep 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in Japan and Hong Kong trading higher by 1.9% and 1.5% respectively. Benchmark indices in Europe and the US ended their previous session in green with stock market in US ending the day higher by 0.9%. The rupee is trading at 67.01 per US$.

Owing to positive global cues, Indian stock markets have opened the day on a strong note. The BSE Sensex is trading higher by 259 points (up 0.9%) and the NSE Nifty is trading higher by 106 points (up 1.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.8% and 0.6% respectively.

Major sectoral indices have opened the day on a firm note with stocks from metal and banking sector witnessing maximum buying interest.

As per an article in Livemint , the current account deficit of India in the quarter ended June narrowed to 0.1% of gross domestic product (GDP). Three years back, this figure stood at an unprecedented 4.1% of GDP. The obvious conclusion to this is that India is in a much better position deficit wise as compared to three years back.

A current account deficit takes place when the value of imports of goods, services etc is greater than the value of exports.

However, it is imperative to note that the current account deficit has not narrowed due to increase in exports. Rather, the deficit has gone down due to a significant decrease in the country's imports. This just goes on to signify the weak investment demand conditions in the economy. During the quarter ended June, merchandise imports declined by 11.5%.

Reportedly, there are several other indicators too that show a bleak picture. One is the decline in foreign direct investments (FDI) inflow. FDI inflow was US$ 4 billion for the quarter ended June as compared to US$ 10 billion a year ago.

Not only this, remittances from abroad-India's strongest source of dollar inflows have been weak. Flows from personal transfers, money that Indians abroad remit back home dropped to US$ 13.8 billion in the June quarter from US$ 15.7 billion a year ago.

Increase in FDI inflows coupled with remittances and a surge in exports will play as key variables to keep the current account deficit in check.

In another news update, truck rentals have improved by 4% during mid-September as compared to late August.

Freight rentals have increased mainly due to a pick-up in the industrial activity ahead of the festival season. Additionally, there has also been a jump in cargo arrivals at Agricultural Produce Marketing Committee (APMC). Arrival of fruits, vegetables, pulses and other food items at APMCs have increased by almost 20-25% on account of a favourable monsoon this year.

Further, an increase in diesel prices has also played its part in increasing the freight rentals. Increase in rentals will provide much relief to the truck operators and would also possibly help them in purchasing commercial vehicles which in-turn will benefit the auto industry.

Moving on to the latest update from the IPO space, recently, many companies are considering going public. So expect more action in the IPO markets going ahead.

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