Sensex, Nifty cut some losses in late morning session

Indian equity benchmarks remained in red terrain but managed to cut some of their losses in late morning session, on the back of positive cues from other Asian markets.  Losses got trimmed, as Foreign Secretary Harsh Vardhan Shringla has said that the Indian economy is rapidly recovering from the pandemic-induced downturn and is returning to its trajectory of rapid growth. He noted that the economic shock of the pandemic was countered by a massive fiscal and monetary support package.

Besides, Union Minister of Commerce and Industry Piyush Goyal has called upon fellow Ministers of neighbouring countries to work together to transform the subcontinent and said India is becoming the global hub for innovation with the third-largest startup ecosystem. Further, he called for enhancing India's economic ties with the nations of the Southern African Customs Union which consists of Botswana, Namibia, South Africa, Swaziland and Lesotho.

On the global front, Asian markets were trading mostly in green, after industrial output in China was up 3.8 percent on year in November, the National Bureau of Statistics said on Wednesday - exceeding expectations for an increase of 3.6 percent and up from 3.5 percent in October. The bureau also said that fixed asset investment climbed an annual 5.2 percent - missing forecasts for 5.4 percent and down from 6.1 percent in the previous month.

The BSE Sensex is currently trading at 57902.79, down by 214.30 points or 0.37% after trading in a range of 57671.61 and 58218.25. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.18%, while Small cap index was up by 0.24%.

The top gaining sectoral indices on the BSE were Auto up by 0.44%, Capital Goods up by 0.43%, Bankex up by 0.39%, Power up by 0.19% and Industrials up by 0.16%, while IT down by 0.90%, TECK down by 0.89%, Realty down by 0.62%, FMCG down by 0.52% and Healthcare down by 0.52% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.48%, Axis Bank up by 1.17%, Mahindra & Mahindra up by 1.04%, NTPC up by 1.03% and Bajaj Auto up by 0.67%. On the flip side, Bajaj Finance down by 2.23%, Bajaj Finserv down by 1.58%, Infosys down by 1.22%, TCS down by 1.17% and Sun Pharma down by 1.09% were the top losers.

Meanwhile, India’s merchandise exports rose by 27.16% in November 2021 as compared to same period of last year on the back of good performance by sectors like petroleum products, engineering goods and electronic items. The exports stood at $23.62 billion in November 2020. The trade deficit widened to $22.91 billion in November 2021 from $10.19 billion from the year-ago period.

As per the data released by the Commerce Ministry, exports in November 2021 were $30.04 billion, as compared to $23.62 billion in November 2020, exhibiting a positive growth of 27.16 per cent. Exports for the period April-November 2021 was $263.57 billion as against $174.16 billion during the period April-November 2020, registering a positive growth of 51.34 per cent.

Non-petroleum and non-gems & jewellery exports in November 2021 were $23.68 billion, registering a positive growth of 22.26 per cent over $19.37 billion in November 2020. Non-petroleum and non-gems & jewellery exports during April-November 2021 was $199.67 billion, an increase of 38.08 per cent over $144.60 billion in April-November 2020.

On the other hand, Merchandise imports in November 2021 were $52.94 billion, which is an increase of 56.58 per cent over imports of $33.81 billion in November 2020. Imports for the period April-November 2021 was $384.34 billion as against $219.82 billion during the period April-November 2020, registering a positive growth of 74.84 per cent.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $31.82 billion in November 2021 with a positive growth of 40.64 per cent over $22.63 billion in November 2020.  Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $227.96 billion in April-November 2021, recording a positive growth of 48.89 per cent, as compared to $153.11 billion in April-November 2020.

The CNX Nifty is currently trading at 17253.15, down by 71.75 points or 0.41% after trading in a range of 17192.20 and 17351.20. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 1.56%, Axis Bank up by 1.22%, NTPC up by 0.87%, Mahindra & Mahindra up by 0.83% and Bajaj Auto up by 0.67%. On the flip side, Bajaj Finance down by 2.28%, Divi's Lab down by 1.70%, Bajaj Finserv down by 1.67%, Adani Ports & SEZ down by 1.64% and Britannia down by 1.33% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 48.99 points or 0.21% to 23,684.94, Jakarta Composite soared 38.59 points or 0.58% to 6,654.23, Taiwan Weighted strengthened 38.10 points or 0.22% to 17,637.47, Nikkei 225 surged 7.08 points or 0.02% to 28,439.72 and Shanghai Composite gained 2.66 points or 0.07% to 3,664.19. On the flip side, KOSPI fell 4.70 points or 0.16% to 2,983.25 and Straits Times trembled 11.40 points or 0.37% to 3,109.69.