Benchmarks trade flat in afternoon session

Indian benchmarks traded flat in afternoon session, with Sensex losing 52 points, while Nifty was up by 5 points. Traders were seen in selling position for IT, energy and TECK stocks, while buying was witnessed in realty, auto and utilities stocks. Traders were concerned as SBI Research in its latest report has stated that India’s GDP likely contracted 10.7% in the second quarter, with a further recovery likely in the third quarter, citing improvements in economic indicators over October and November. However, some solace came as SBI Ecowrap stated that riding high on improved economic activities the Goods and Services Tax (GST) collections in November is projected to be 10-month high of Rs 1.08 lakh crore as compared to Rs 1.05 lakh crore in October 20. On the global front, Asian markets were trading higher despite concerns about the efficacy of AstraZeneca's highly-anticipated coronavirus vaccine. Back on street, shares of Manappuram Finance were in focus as the manager of a branch of Manappuram Finance has been detained in connection with the robbery of gold and valuables, worth around Rs 20 crore, from a branch of IIFL in Cuttack.

The BSE Sensex is currently trading at 44207.51, down by 52.23 points or 0.12% after trading in a range of 44071.61 and 44407.28. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 2.01%, while Small cap index was up by 1.60%.

The top gaining sectoral indices on the BSE were Realty up by 3.07%, Auto up by 2.24%, Utilities up by 1.95%, Consumer Discretionary up by 1.52% and Industrials was up by 1.46%, while IT down by 0.37%, Energy down by 0.34% and TECK was down by 0.23% were top the losing indices on BSE.

The top gainers on the Sensex were Bajaj Auto up by 3.44%, Tata Steel up by 1.78%, Titan Company up by 1.62%, Sun Pharma up by 1.58% and NTPC was up by 1.28%. On the flip side, Power Grid down by 1.77%, HCL Tech down by 1.45%, HDFC down by 1.36%, TCS down by 1.12% and SBI was down by 0.84% were the top losers.

Meanwhile, Union Minister Jitendra Singh has said that India will play a lead role in rebuilding economy in the post-COVID era and the way the country's scientific community rose to the challenge of the pandemic is a testimony to this.  He said the government's continuous focus on innovation and skilling will go a long way in the holistic development of the country.

Dwelling on the importance of harnessing of space technology for greater common good, the minister said though India was a late starter in the space journey, in the last four-five years, space technology has become part of infrastructure building and promotion and its benefits have reached every household. He referred to some of the path-breaking historic reforms in the Department of Space under the leadership of Prime Minister Narendra Modi, saying possibly for the first time in the history of Independent India, future projects for planetary exploration, outer space travel etc. will be open for the private sector.

Singh said this is also a part of the Modi government's ‘Atma Nirbhar’ roadmap towards self-reliant India, which envisages the initiative to boost private sector participation in space activities. He noted that private companies will be provided a level playing field in satellite launches and space-based activities. He also said with the creation of Indian National Space Promotion and Authorisation Centre (IN-SPACe), there will be a mechanism in place and the private sector will be allowed to use ISRO's facilities and other relevant assets to improve their capacities.

The CNX Nifty is currently trading at 12992.60, up by 5.60 points or 0.04% after trading in a range of 12945.20 and 13035.30. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 5.44%, Bajaj Auto up by 3.41%, Eicher Motors up by 2.37%, Tata Steel up by 2.23% and Britannia Industries was up by 1.72%. On the flip side, HDFC Life Insurance down by 1.82%, Power Grid down by 1.77%, HCL Tech down by 1.48%, HDFC down by 1.33% and TCS was down by 1.17% were the top losers.

All Asian markets were trading firm; KOSPI rose 7.54 points or 0.29% to 2,633.45, Shanghai Composite gained 8.94 points or 0.27% to 3,378.67, Taiwan Weighted strengthened 21.43 points or 0.15% to 13,867.09, Hang Seng increased 127.16 points or 0.47% to 26,946.61, Nikkei 225 surged 107.40 points or 0.4% to 26,644.71, Jakarta Composite soared 22.25 points or 0.39% to 5,782.17 and Straits Times was up by 6.08 points or 0.21% to 2,863.56.