Sensex, Nifty trim gains

Following weak European markets, Indian equity benchmarks trimmed most of their gains in late afternoon session. The cut in gains was also due to heavy selling at Metal and Basic Materials counters. The top industry losers like Vedanta and SBI also weighed on the domestic sentiments.  However, the markets managed to hold their heads above neutral lines, aided by the Textiles Minister Smriti Irani’s statement that the Indian economy would become bigger and stronger than the British economy in the next couple of years and added that the country is moving towards economic empowerment. Some support also came with the Union Minister for Finance and Corporate Affairs Arun Jaitley’s statement that fair and Transparent Public Procurement will protect the revenues of the State and make sure that they are used for optimal purpose. On the sectoral front, stocks related to NBFCs were in focused with Corporate Affairs Secretary Injeti Srinivas’s statement that non-banking financial companies, particularly housing finance firms, are facing liquidity issues but there is no crisis.

On the global front, European markets were trading in red, as Eurozone's investor sentiment eroded for a third consecutive month in November to its lowest level in two years. The survey data from Sentix showed that the Sentix investor confidence indicator dropped to 8.8 from 11.4 in October. The latest reading was the lowest since October 2016. Adding some worries, the UK service sector registered its slowest rate of expansion in seven months in October. As per survey results from IHS Markit and the Chartered Institute of Procurement & Supply, the services Purchasing Managers' Index dropped more-than-expected to 52.2 in October from 53.9 in September. Asian markets were trading mixed, as China's private sector expanded at the weakest pace in more than two years in October with both services and manufacturing noting weaker performances. The survey results from IHS Markit showed that the Caixin composite output index fell to a 28-month low of 50.5 in October from 52.1 in September.

The BSE Sensex is currently trading at 35006.99, up by 56.07 points or 0.16% after trading in a range of 34889.72 and 35196.03. There were 17 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.45%, while Small cap index was down by 0.09%.

The top gaining sectoral indices on the BSE were TECK up by 0.93%, IT up by 0.88%, Telecom up by 0.88%, Energy up by 0.61% and Capital Goods up by 0.47%, while Metal down by 1.73%, Basic Materials down by 1.12%, Consumer Durables down by 0.85%, FMCG down by 0.76% and PSU down by 0.56% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors - DVR up by 3.19%, Tata Motors up by 2.90%, Yes Bank up by 2.04%, TCS up by 1.89% and Sun Pharma up by 1.67%. On the flip side, Vedanta down by 6.61%, SBI down by 2.93%, Axis Bank down by 2.71%, Indusind Bank down by 1.03% and Adani Ports & SEZ down by 0.94% were the top losers.

Meanwhile, expressing confidence over growth of the country, the Textiles Minister Smriti Irani has said that the Indian economy would become bigger and stronger than the British economy in the next couple of years and added that the country is moving towards economic empowerment.

Besides, Smriti Irani said that factors such as the welfare schemes launched by the government and the leadership of Prime Minister Narendra Modi would help drive economic growth of India. She also made a comparison of economic conditions of India under current and previous government.

The Textiles Minister pointed that the country was under a huge debt under the erstwhile Congress-led UPA government, but now the BJP-led NDA government has been able to take the country out of such situation and is striving ahead with the dream of achieving a new India.

Meanwhile, with the help of solid expansion in manufacturing and farm sectors, India’s economic growth accelerated to a 15-quarter high of 8.2% during the first quarter (April-June) of the fiscal year 2018-19, as compared to growth rate of 5.59% in the first quarter of the previous financial year (2017-18) and 7.7% in the last quarter (Q4FY18).

The CNX Nifty is currently trading at 10516.40, down by 7.60 points or 0.07% after trading in a range of 10491.45 and 10600.25. There were 19 stocks advancing against 29 stocks declining, while 2 stocks remained unchanged on the index.

The top gainers on Nifty were Tata Motors up by 2.56%, Zee Entertainment up by 2.10%, Yes Bank up by 1.76%, TCS up by 1.73% and Sun Pharma up by 1.47%. On the flip side, Vedanta down by 6.47%, Cipla down by 5.65%, HPCL down by 3.19%, SBI down by 2.90% and Axis Bank down by 2.70% were the top losers.

Asian markets were trading mixed; Hang Seng gained 186.57 points or 0.71% to 26,120.96, Nikkei 225 rose 248.76 points or 1.12% to 22,147.75 and KOSPI increased 12.70 points or 0.61% to 2,089.62. On the flip side, Shanghai Composite decreased 6.07 points or 0.23% to 2,659.36, Taiwan Weighted dipped 64.86 points or 0.66% to 9,824.95 and Jakarta Composite was down by 10.18 points or 0.17% to 5,910.41.

All European markets were trading in red; UK’s FTSE 100 lost 11.49 points or 0.16% to 7,092.35, France’s CAC fell 11.26 points or 0.22% to 5,090.13 and Germany’s DAX was down by 16.37 points or 0.14% to 11,478.59.