Equity markets trim some gains in late afternoon session

The Indian equity benchmarks trimmed some of their gains in late afternoon session. Traders were seen piling up positions in Telecom, Healthcare and PSU sector while selling was witnessed in Consumer Durables, Metal and Realty sector stocks. Markets continued their trade in green territory, as Reserve Bank of India in its latest report has showed that bank credit grew at 5.82 percent to Rs 104.34 lakh crore, while deposits rose by 10.89 percent to Rs 143.71 lakh crore in the fortnight ended November 20. In the fortnight ended November 22, 2019, bank credit stood at Rs 98.60 lakh crore and deposits at Rs 129.58 lakh crore.  However, gains remain capped with the report that the Reserve Bank of India’s (RBI) data showing that the country's foreign exchange reserves declined $469 million to $574.821 billion in the week ended November 27, after touching a lifetime high in previous week.

On the global front, Asian markets were trading mixed as investors prepare for a big week that could see the vaccine rollout begin in earnest and US lawmakers agree a new stimulus, while post-Brexit trade talks remain on a knife-edge. European markets were trading mostly in red.

The BSE Sensex is currently trading at 45254.31, up by 174.76 points or 0.39% after trading in a range of 45024.47 and 45418.33. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.56%, while Small cap index was up by 1.14%.

The top gaining sectoral indices on the BSE were Telecom up by 1.44%, Healthcare up by 1.41%, PSU up by 1.40%, FMCG up by 0.98% and Oil & Gas was up by 0.96%, while Consumer Durables down by 0.46%, Metal down by 0.32%, Realty down by 0.29%, Auto down by 0.26% and Power was down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.38%, Sun Pharma up by 2.23%, Hindustan Unilever up by 2.19%, ONGC up by 2.11% and SBI up by 2.11%. On the flip side, Kotak Mahindra Bank down by 1.93%, Nestle down by 1.69%, Tata Steel down by 1.54%, Maruti Suzuki down by 1.37% and Titan Company down by 1.17% were the top losers.

Meanwhile, the Reserve Bank of India ( RBI) in its latest consumer confidence survey has showed that consumer confidence remained very low in November 2020 when compared to a year ago, though it showed a marginal improvement over the all-time low recorded in the previous round.

The report noted that weak confidence is attributable to the consumer sentiments on general economic situation, employment scenario, price levels and household incomes. As per the report, households remain optimistic about the one year ahead situation, with the future expectations index (FEI) remaining in growth terrain at 115.9.

Respondents reported higher essential and overall spending, though discretionary expenditure contracted; non-essential spending is expected to contract further in the coming year. In view of the COVID-19 pandemic, the survey was conducted through field interviews, wherever possible, and telephonic interviews elsewhere, during October 30 - November 12, 2020 in thirteen major cities, viz., Ahmedabad; Bengaluru; Bhopal; Chennai; Delhi; Guwahati; Hyderabad; Jaipur; Kolkata; Lucknow; Mumbai; Patna; and Thiruvananthapuram.

The CNX Nifty is currently trading at 13297.90, up by 39.35 points or 0.30% after trading in a range of 13241.95 and 13352.65. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were UPL up by 3.41%, Adani Ports up by 3.30%, Indusind Bank up by 3.10%, Hindustan Unilever up by 2.49% and Sun Pharma up by 2.28%. On the flip side, Kotak Mahindra Bank down by 2.15%, JSW Steel down by 1.94%, Tata Steel down by 1.77%, Nestle down by 1.72% and SBI Life down by 1.47% were the top losers.

Asian markets were trading mixed; Hang Seng decreased 329.07 points or 1.23% to 26,506.85, Nikkei 225 slipped 203.80 points or 0.76% to 26,547.44, Shanghai Composite declined 27.98 points or 0.81% to 3,416.60 and Straits Times was down by 5.94 points or 0.21% to 2,833.95. On the flip side, KOSPI rose 13.99 points or 0.51% to 2,745.44, Jakarta Composite soared 120.28 points or 2.07% to 5,930.76 and Taiwan Weighted was up by 124.16 points or 0.88% to 14,256.60.

European markets were trading mostly in red, France’s CAC decreased 56.46 points or 1.01% to 5,552.69 and Germany’s DAX was down by 42.05 points or 0.32% to 13,256.91. On the flip side, UK’s FTSE 100 was up by 7.47 points or 0.11% to 6,557.70.