Bourses trade flat in early noon session

Indian equity benchmarks were trading flat in early noon session amid mixed cues from other Asian markets. Broader indices, BSE Mid cap and Small cap were showing mixed trend. Selling in Sun Pharma Industries, ITC, Hindustan Unilever and Tata Motors weighted on the markets. Sector wise, oil sector remained in focus on report that Oil imports in November 2019 were $11.06 billion, which were 18.17% lower, compared to $13.52 billion in November 2018. Oil imports in April- November 2019-20 were $84.99 billion which were 12.99% lower compared to $97.69 billion, over the same period last year. Traders were concerned as Moody's Investors Service in its latest report has lowered 2019 gross domestic product (GDP) growth forecast for India to 5.6 per cent, which is lower than 7.4 per cent growth in 2018, as slow employment growth weighs on consumption.

On the global front, Asian markets were trading mixed as United States and China reached a historic agreement on a phase one trade deal reaching a big breakthrough in the over 18-month-long bruising trade war between the world's two largest economies that threatened to roil the global economy. Back home, in scrip specific development, BGR Energy Systems traded jubilantly on receiving contract of Rs 4442.75 crore. 

The BSE Sensex is currently trading at 41043.76, up by 34.05 points or 0.08% after trading in a range of 40976.16 and 41185.03. There were 13 stocks advancing against 18 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.14%, while Small cap index was up by 0.22%.

The top gaining sectoral indices on the BSE were IT up by 1.26%, TECK up by 1.04%, Utilities up by 0.73%, Power up by 0.45% and Healthcare was up by 0.44%, while FMCG down by 0.89%, Metal down by 0.74%, Energy down by 0.66%, Auto down by 0.54% and Basic Materials was down by 0.40% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.10%, TCS up by 2.00%, Kotak Mahindra Bank up by 1.51%, HCL Tech up by 1.23% and Indusind Bank up by 0.99%. On the flip side, Sun Pharma Industries down by 1.49%, ITC down by 1.39%, Hindustan Unilever down by 1.23%, Tata Motors down by 1.05% and Hero MotoCorp down by 0.98% were the top losers.

Meanwhile, falling for fourth straight month, India’s merchandise exports contracted by 0.34% in November 2019 as compared to same period of last year, mainly on account of poor shipments of petroleum, gems & jewellery and leather products. Trade deficit, gap between imports and exports, narrowed to $12.12 billion in November from $17.58 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 0.34% to $25.98 billion in November 2019, as compared to $26.07 billion in the same month a year ago. In Rupee terms, it was down by 0.90% to Rs 1,85,644.81 crore in November 2019, as compared to Rs 1,87,335.14 crore in November 2018. Cumulative value of exports for the period April- November 2019-20 was $211.93 billion as against $216.23 billion during the period April- November 2018-19, registering a negative growth of 1.99%. In Rupee terms, it was down by 1.04% to Rs 14,89,793.87 crore from Rs 15,05,216.55 crore.

Non-petroleum and Non Gems and Jewellery exports in November 2019 were $19.31 billion, as compared to $18.55 billion in November 2018, exhibiting a positive growth of 4.08%.  Non-petroleum and Non Gems and Jewellery exports in April- November 2019-20 were $156.76 billion, as compared to $156.49 billion for the corresponding period in 2018-19, an increase of 0.17%.         

On the other hand, Imports during November 2019, decreased by 12.71% to $38.11 billion as compared to $43.66 billion in November 2018, and in rupee terms it was down by 13.20% to Rs 2,72,274.45 crore from Rs 3,13,680.85 crore in November 2018. Cumulative value of imports for the period April- November 2019-20 was $318.78 billion, as against $349.96 billion during the period April- November 2018-19, registering a negative growth of 8.91%. In rupee terms, it was Rs 22,39,900.18 crore, down by 8.11% from Rs 24,37,538.61 crore in the same period last year.     

Oil imports in November 2019 were $11.06 billion, which were 18.17% lower, compared to $13.52 billion in November 2018. Oil imports in April- November 2019-20 were $84.99 billion which were 12.99% lower compared to $97.69 billion, over the same period last year. Non-oil imports during November 2019 were estimated at $27.04 billion which was 10.26% lower than non-oil imports of $30.14 billion in November 2018. Non-Oil and Non-Gold imports were $ 24.10 billion in November 2019, down 11.96% over the same period of last year. Non-Oil and Non-Gold imports were $213.19 billion in April- November 2019-20, down 7.35%, over the same period of last year.      

The CNX Nifty is currently trading at 12080.25, down by 6.45 points or 0.05% after trading in a range of 12069.60 and 12134.65. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were TCS up by 2.02%, Tech Mahindra up by 1.99%, GAIL India up by 1.92%, Kotak Mahindra Bank up by 1.47% and HCL Tech up by 1.44%. On the flip side, Grasim Industries down by 1.63%, Sun Pharma Industries down by 1.58%, Adani Ports &Special down by 1.58%, ITC down by 1.53% and Hindustan Unilever down by 1.32% were the top losers.

Asian markets were trading mixed; Jakarta Composite soared 28.17 points or 0.45% to 6,225.49, Taiwan Weighted strengthened 25.39 points or 0.21% to 11,953.12, Shanghai Composite gained 6.91 points or 0.23% to 2,974.59 and Straits Times advanced 0.51 points or 0.02% to 3,214.56. On the flip side, KOSPI fell 1.95 points or 0.09% to 2,168.30, Nikkei 225 slipped 32.95 points or 0.14% to 23,990.15 and Hang Seng was down by100.97 points or 0.36% to 27,586.79.