The Indian headline indices- Sensex and Nifty opened higher on Tuesday morning on positive trade data for March and IMD monsoon forecast. We take a look at the factors which will sway the market today.
The Indian headline indices- Sensex and Nifty opened higher on Tuesday morning on positive trade data for the month of March and IMD monsoon forecast. SGX Nifty ended at 11,791.50 level, 54.50 points above than the last close. While the Sensex is up 202 points to 39,108, while the Nifty is around 11,750 level. We take a look at the factors which will sway the market today.
IMD monsoon forecast: India Meteorological Department expects India to receive near-normal monsoon rains in 2019, it said on Monday in its forecast on south-west monsoon. It said that El-Nino conditions would weaken after summers. The IMD doesn’t expect any adverse effect on monsoon due to EI-Nino. According to IMD, the country will receive rainfall of 96% of the long-period average rainfall during the period of June-September.The monsoon is called normal when the rainfall is between 96% and 104% of the long period average rainfall or LPA.
Export-Import Data: India’s trade deficit has widened in March on account of increase in oil and gold imports. The exports rose at 11 percent in March to $331 billion in FY 2018-19, according to the government’s official data. While, the merchandise exports in March stood at $32.55 billion as compared with $29.32 billion in the same month of last year, imports increased by 1.44% to $43.44 billion in March 2019. The trade deficit narrowed to $10.89 billion during March as against the $13.51 billion in the same month of the previous year.
EU-US Trade Talks: The European Union countries gave final approval on Monday to initiate a formal negotiation with the world’s biggest economy US. But there is still a conflict over farm products between EU and US. Among those who dissented with the new trade negotiations are France and Belgium over disputes with US President’s climate and trade policies.
FIIs and DIIs: The net value of foreign institutional investors (FIIs) was Rs 713 crore, while those of domestic institutional investors (DIIs) net value was Rs 581.36 crore as on April 15.