Benchmarks continue to trade in negative zone

Indian bourses continued their lackluster trade in afternoon session with Sensex and Nifty trading down by 103 and 17 points respectively. Traders were seen in selling position for Energy, Healthcare and Telecom stocks, while buying was witnessed in Capital Goods, Basic Materials and Realty stocks. Traders were worried amid uncertainties over the global economic recovery in the wake of the emergence of Omicron. Foreign Institutional Investors (FIIs) were offloaded shares worth Rs 909.71 crore in the Indian equity market on Thursday also impacted sentiments. However, downfall remain capped as Indian economy is showing solid signs of recovery and November data shows a pickup. India's PMI data for November indicated that the Indian service sector continued to strengthen, with a substantial upturn in new orders underpinning output growth. Posting 58.1 in November, down only fractionally from 58.4 in October, the seasonally adjusted India Services Business Activity Index pointed to the second-fastest rise in output since July 2011.

On the global front, Asian markets were trading mixed after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about US-China tensions and tech regulation. Back home, IPO market continues to remain hit with 2 public issues available for investing. Tega Industries enters the final day of sale after having been massively oversubscribed. Anand Rathi Wealth IPO was oversubscribed on day one.

The BSE Sensex is currently trading at 58358.44, down by 102.85 points or 0.18% after trading in a range of 58269.62 and 58757.09. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.60%, while Small cap index was up by 0.95%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.27%, Basic Materials up by 1.06%, Realty up by 0.94%, Industrials up by 0.86% and Metal was up by 0.78%, while Energy down by 0.87%, Healthcare down by 0.52%, Telecom down by 0.45% and FMCG was down by 0.25% were the few losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 1.57%, Larsen & Toubro up by 1.27%, Tata Steel up by 1.06%, Indusind Bank up by 1.04% and Infosys was up by 0.95%. On the flip side, Power Grid down by 2.05%, Reliance Industries down by 1.40%, Sun Pharma down by 1.32%, Bharti Airtel down by 1.30% and Dr. Reddy's Lab was down by 1.24% were the top losers.

Meanwhile, Indian service sector continued to strengthen, with a substantial upturn in new orders underpinning output growth. The Services Purchasing Managers' Index, compiled by IHS Markit, eased to 58.1 in November from 58.4 in October, but last month's rate of growth was the second-best in over a decade and well above the 50-mark separating growth from contraction for a fourth straight month. Input costs rose at the second-strongest pace in close to ten years, while the rate of charge inflation softened from October's recent high.

Amid reports of higher fuel, labour, material, retail and transportation costs, average input prices among Indian services companies rose further in November. The overall rate of inflation quickened from October and was the second-strongest in almost a decade, behind April. The report also said few firms transferred higher input costs through to their clients by lifting selling prices, the vast majority kept their fees unchanged from October. As a result, output charges rose at a moderate rate that was slower than in the prior month.

Private sector activity in India continued to expand, taking the current sequence of growth to four months. Moreover, the Composite PMI Output Index signalled the strongest upturn since January 2012, rising from 58.7 in October to 59.2. Robust increases in activity were seen in the manufacturing and service sectors, with growth led by the former. Aggregate new business rose for the fourth month in succession and at the fastest pace in almost ten years.

The pick-up in growth stemmed from the manufacturing industry, as sales among service providers increased at a pace that was little changed from October. The combined rate of input cost inflation matched that seen in October, and was therefore the joint-highest in close to nine and-a-half years. Manufacturing firms recorded a stronger increase than their services counterparts. Concerns over inflationary pressures dampened optimism among Indian private sector companies.

The CNX Nifty is currently trading at 17384.20, down by 17.45 points or 0.10% after trading in a range of 17351.60 and 17489.80. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were UPL up by 2.03%, BPCL up by 1.70%, Ultratech Cement up by 1.66%, Indian Oil Corporation up by 1.57% and Tata Steel was up by 1.42%. On the flip side, Power Grid down by 2.24%, Sun Pharma down by 1.47%, Dr. Reddy's Lab down by 1.43%, Bharti Airtel down by 1.41% and Reliance Industries was down by 1.40% were the top losers.

Asian markets trading mixed; Shanghai Composite gained 33.97 points or 0.95% to 3,607.81, KOSPI rose 23.06 points or 0.78% to 2,968.33, Nikkei 225 surged 276.20 points or 1% to 28,029.57 and Straits Times was up by 15.01 points or 0.49% to 3,107.12

On the flip side, Hang Seng decreased 45.63 points or 0.19% to 23,743.30, Taiwan Weighted dropped 27.74 points or 0.16% to 17,697.14 and Jakarta Composite was down by 24.25 points or 0.37% to 6,559.57.