Sensex, Nifty pare gains in late afternoon session

The local equity benchmarks pared most of their gains in late afternoon session, despite firm opening in European markets, as caution prevailed ahead of corporate results due later this month. Investors remained sidelines ahead of services PMI data which is scheduled to be release on January 04, 2017. The markets got hit due to profit booking in recent gainers and major losers such as Dr. Reddy’s Lab, Bajaj Auto and ONGC. However, the indices were trying to keep their heads above water with taking support from a private report stating that India’s growth rate is expected to accelerate over the coming year and are likely to improve further to 7.6% by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetization. Some support also came with a report that the Rajya Sabha has given green signal to the Insolvency and Bankruptcy Code (IBC) (Amendment) Bill 2017, which will replace an ordinance promulgated by President Ram Nath Kovind in November to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC.

On the global front, European markets were trading in green, as investors reacted to a string of robust economic data and monitored the release of sweeping reforms for the continent's financial sector. Asian markets were also trading in green. Back home, in scrip specific development, Yash Papers zoomed after the company commenced the Commercial Production of Tableware Unit (Phase - 1) with effect from January 02, 2018.

The BSE Sensex is currently trading at 33833.41, up by 21.15 points or 0.06% after trading in a range of 33827.68 and 33998.37. There were 18 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.56%, while Small cap index was up by 0.91%.

The top gaining sectoral indices on the BSE were Basic Materials up by 1.34%, Metal up by 1.24%, Consumer Durables up by 1.04%, Capital Goods up by 1.00% and Industrials up by 0.79%, while Auto down by 0.46%, Oil & Gas down by 0.20%, Healthcare down by 0.11%, Utilities down by 0.05% and PSU down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Adani Ports & SEZ up by 2.70%, ICICI Bank up by 1.67%, Larsen & Toubro up by 1.56%, Yes Bank up by 1.40% and Bharti Airtel up by 1.20%. On the flip side, Dr. Reddy’s Lab down by 3.02%, Bajaj Auto down by 1.34%, ONGC down by 1.32%, Maruti Suzuki down by 1.19% and Wipro down by 0.99% were the top losers.

Meanwhile, with an aim to protect the domestic players against cheap chemical imports, the government may impose anti-dumping duty of up to $397 per tonne on the imports of Sulphonated Naphthalene Formaldehyde chemical from China.

The Directorate General of Antidumping and Allied Duties (DGAD) which administers the anti-dumping and countervailing measures in India, has recommended the imposition of definitive anti-dumping duty on imports of such chemical for a period of five years, as it found that the chemical has been exported to India from China at below normal value, causing material injury to the domestic industry.

Himadri Speciality Chemical, which is an integrated specialty carbon entity and one of the leading manufacturers of coal tar pitch (CTP), carbon black and SNF (Sulphonated Naphthalene Formaldehyde), had filed an application for initiation of anti-dumping investigation concerning imports of ‘SNF’ originating in or exported from People’s Republic of China.

The CNX Nifty is currently trading at 10455.20, up by 13.00 points or 0.12% after trading in a range of 10454.20 and 10503.60. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 2.32%, Tech Mahindra up by 1.90%, ICICI Bank up by 1.66%, Hindalco up by 1.54% and Yes Bank up by 1.28%. On the flip side, Dr. Reddy’s Lab down by 3.04%, Bajaj Auto down by 1.57%, ONGC down by 1.45%, Maruti Suzuki down by 1.31% and BPCL down by 1.19% were the top losers.

Asian markets were trading mostly in green; KOSPI Index increased 6.7 points or 0.27% to 2,486.35, FTSE Bursa Malaysia KLCI increased 11.21 points or 0.63% to 1,793.91, Shanghai Composite increased 20.78 points or 0.62% to 3,369.11, Hang Seng increased 45.64 points or 0.15% to 30,560.95 and Taiwan Weighted increased 90.84 points or 0.85% to 10,801.57. On the flip side, Jakarta Composite decreased 100.7 points or 1.59% to 6,238.54.

All European markets were trading in green; UK’s FTSE 100 increased 3.53 points or 0.05% to 7,651.63, France’s CAC increased 14.08 points or 0.27% to 5,302.68 and Germany’s DAX increased 61.98 points or 0.48% to 12,933.37.