Benchmarks trim some gains in late afternoon session

The Indian equity benchmarks trimmed some of their gains in late afternoon session but continued their trade in green territory. Some support came, as India’s exports showed signs of improvement with growth of 22.47 per cent year-on-year to $6.75 billion in the first week of November. The exports during the first week of November last year was $5.51 billion. Exports of pharmaceuticals, and gems and jewellery grew 32 per cent to $139.12 million and 88.8 per cent to $3,360.71 million, respectively. Meanwhile, SBI Research report stated that a number of green shoots are visible in the economy five months after easing restrictions. It also said assuming that India escapes a second wave, the pandemic will subside by February 2021. On the global front, Asian markets are trading mostly in green on news that a vaccine candidate had been 90 percent effective in treating patients, fuelling hopes it could begin to be rolled out this year and bring an end to a pandemic that has battered the world economy. European markets were trading mostly in green. Back home, Traders were seen piling up positions in Bankex, Realty and Capital Goods sector while selling was witnessed in IT, Healthcare and FMGC sector stocks.

The BSE Sensex is currently trading at 42996.75, up by 399.32 points or 0.94% after trading in a range of 42660.09 and 43270.95. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.60%, while Small cap index was down by 0.62%.

The top gaining sectoral indices on the BSE were Bankex up by 2.87%, Capital Goods up by 2.11%, PSU up by 1.68%, Industrials up by 1.54% and Realty was up by 1.12%, while IT down by 3.65%, Healthcare down by 3.63%, TECK down by 3.24%, Telecom down by 1.08% and FMCG was down by 0.87% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 7.66%, Bajaj Finance up by 7.23%, HDFC up by 5.02%, Larsen & Toubro up by 4.95% and Bajaj Finserv up by 4.79%. On the flip side, Tech Mahindra down by 5.85%, HCL Tech down by 5.10%, Nestle down by 4.09%, Infosys down by 4.04% and Sun Pharma down by 3.52% were the top losers.

Meanwhile, driven by healthy growth in pharmaceuticals, gems and jewellery and engineering sectors, India’s exports showed signs of improvement with growth of 22.47 per cent year-on-year to $6.75 billion in the first week of November. The exports during the first week of November last year was $5.51 billion.

Imports in November (1st - 7th) this year too increased by 13.64 per cent year-on-year to $9.30 billion as against $8.19 billion. Imports, excluding petroleum, jumped 23.37 per cent during the week. Trade deficit during the week stood at $ 2.55 billion.

Exports of pharmaceuticals, and gems and jewellery grew 32 per cent to $139.12 million and 88.8 per cent to $3,360.71 million, respectively. Similarly, the outbound shipments of engineering goods increased by 16.7 per cent to $215.13 million during the week.

Sectors which recorded negative growth include petroleum, marine products and leather goods. During the period, exports to the US, Hong Kong and Singapore rose by 53.91 per cent, 176.2 per cent and 90.76 per cent, respectively.

The CNX Nifty is currently trading at 12557.10, up by 96.05 points or 0.77% after trading in a range of 12475.25 and 12627.15. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 7.39%, Indusind Bank up by 7.17%, Larsen & Toubro up by 5.15%, HDFC up by 4.94% and Bajaj Finserv up by 4.82%. On the flip side, Cipla down by 7.09%, Tech Mahindra down by 5.76%, HCL Tech down by 5.04%, Nestle down by 4.14% and Infosys down by 4.09% were the top losers.

Asian markets are trading mostly in green, Hang Seng increased 285.31 points or 1.1% to 26,301.48, Jakarta Composite soared 106.73 points or 1.99% to 5,462.74, Straits Times advanced 89.18 points or 3.42% to 2,698.54, Nikkei 225 surged 65.75 points or 0.26% to 24,905.59 and KOSPI was up by 5.63 points or 0.23% to 2,452.83. On the flip side, Shanghai Composite declined 13.58 points or 0.4% to 3,360.15 and Taiwan Weighted was down by 45.75 points or 0.35% to 13,081.72.

European markets were trading mostly in green; UK’s FTSE 100 increased 38.48 points or 0.62% to 6,224.77 and France’s CAC was up by 16.65 points or 0.31% to 5,352.97. On the flip side, Germany’s DAX was down by 54.84 points or 0.42% to 13,041.13.