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Sensex rises 100 points, Nifty reclaims 11,600 as June trade deficit narrows

The exports declined 9.71 per cent to $25.01 billion in June.

Updated: Jul 16, 2019, 09.50 AM IST
Declining crude oil prices also gave the benchmark indices a filip.
NEW DELHI: Benchmark indices Sensex and Nifty opened flat with positive bias on mild optimism as trade deficit narrowed to $15.28 billion in June. The figure stood at $16.6 billion in the same month last year.

The exports declined 9.71 per cent to $25.01 billion in June and the imports too dropped 9 per cent to $40.29 billion, mainly due to falling prices of petroleum products.

Global markets were mixed ahead of US retail data. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.04 per cent. US S&P500 e-mini stock futures pointed up, rising 0.07 per cent in early Asian trade. Japan's Nikkei stock index dipped 0.36 per cent.

Declining crude oil prices also gave the benchmark indices a filip. The crude prices fell for a second day as more production facilities returned to operation in the US Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand. Brent crude futures were down 10 cents, or 0.2 per cent, at $66.38 a barrel.

At around 9:40 am, the 30-pack Sensex traded at 38,987, up 90 poinst or 0.23 per cent. Nifty rose 24.15 points or 0.21 per cent to 11,613.

Tata Motors was the biggest followed by Vedanta, Tata Steel, ONGC, NTPC and SBI.

TCS was the biggest loser, down nearly 2 per cent, as the major expressed worries about the risks of climate change to their businesses in the next five years, according to a report.

M&M, Hero MotoCorp, HCL Tech, Bajaj Auto and Tech Mahindra were other losers shedding upto one per cent.

In the sectoral space, barring IT, Auto, Teck and Consumer Discretionary, all other sectors traded in the green. Metal and Power were top gainers, up 0.80 per cent each.

BSE Midcap and BSE Smallcap index struggled to stay afloat and gained merely 0.11 and 0.05 per cent respectively.

Meanwhile, India’s wholesale inflation cooled to a 23-month low of 2.02 per cent in June as prices rose at a slower pace for veggies and manufactured products, and dropped for fuel and power, raising expectations of a rate cut next month.

Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 216.44 crore on Monday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 591.72 crore, data suggests.

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