Markets trade volatile in late afternoon session

Indian equity markets continued to trade volatile in late afternoon session. Weakness in Metal and Capital Goods shares dragged key gauges lower, while buying in Auto and Telecom stocks helped markets to trade near neutral lines. Traders were cautious after India’s exports dip to $29.78 billion in October 2022 from $35.73 billion a year ago. Besides, trade deficit widened to $26.91 billion as against $17.91 billion a year ago. In scrip specific, Mindtree and L&T Infotech remained in limelight after receiving approval for merger from National Company Law Tribunal (NCLT).  On the global front, all Asian markets were trading higher as investors brushed off a reverse on Wall Street and focused on signs of slowing inflation and China’s moves to shore up its economy. European markets were trading higher with defensive utilities and real estate sectors leading the advance after more Federal Reserve officials dampened hopes of a policy pivot, while Vodafone tumbled after slashing its full-year forecasts.

The BSE Sensex is currently trading at 61556.11, down by 68.04 points or 0.11% after trading in a range of 61436.90 and 61783.00. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.15%, while Small cap index was down by 0.14%.

The top gaining sectoral indices on the BSE were Auto up by 0.80%, Telecom up by 0.50%, Oil & Gas up by 0.42%, Utilities up by 0.35% and Power was up by 0.25%, while Metal down by 1.21%, Capital Goods down by 0.61%, Realty down by 0.58%, Energy down by 0.49% and IT was down by 0.46% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.82%, Ultratech Cement up by 1.60%, ICICI Bank up by 1.37%, Bharti Airtel up by 1.24% and Dr. Reddy's Lab up by 1.20%. On the flip side, Bajaj Finserv down by 1.24%, Kotak Mahindra Bank down by 1.08%, ITC down by 1.07%, Larsen & Toubro down by 0.97% and TCS down by 0.92% were the top losers.

Meanwhile, with an aim to enhance partnership, India and Finland have agreed to carry mutual cooperation between the two countries to a new level in a number of areas of bilateral as well as global interests. Two nations decided to enhance cooperation in areas such as Digital Partnership in Future ICT, Future Mobile Technologies and Digital Education. The two countries also emphasised on having institutionalised joint working groups on areas of mutual interest.

On this collaboration, Union Minister of Science and Technology Jitendra Singh said that the bilateral STI (Science, Technology and Innovation) collaboration between the two countries is an attempt to stimulate innovative R&D projects that address a specific need or challenge; demonstrate high industrial relevance and commercial potential; and aim to deliver benefit to all participants, and more broadly, to both nations.

India and Finland have strong bonding in Science, Technology and Innovation. Within the framework of S&T agreement, the Department of Science and Technology, Department of Biotechnology, Government of India and the Ministry of Economic Affairs and Employment of Finland together with Business Finland and Academy of Finland have been successfully collaborating for over a decade.

The CNX Nifty is currently trading at 18319.25, down by 9.90 points or 0.05% after trading in a range of 18282.00 and 18378.15. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were ONGC up by 2.05%, Hero MotoCorp up by 1.93%, Power Grid up by 1.80%, Ultratech Cement up by 1.61% and ICICI Bank up by 1.57%. On the flip side, Coal India down by 6.27%, HDFC Life Insurance down by 1.56%, Grasim Industries down by 1.34%, Bajaj Finserv down by 1.18% and ITC down by 1.07% were the top losers.

All Asian markets were trading higher, Hang Seng increased 723.41 points or 4.11% to 18,343.12, Taiwan Weighted strengthened 371.41 points or 2.62% to 14,546.31, Shanghai Composite gained 50.68 points or 1.64% to 3,134.08, Nikkei 225 surged 26.70 points or 0.1% to 27,990.17, Jakarta Composite soared 16.11 points or 0.23% to 7,035.50, Straits Times advanced 12.80 points or 0.39% to 3,273.60 and KOSPI was up by 5.68 points or 0.23% to 2,480.33.

European markets were trading higher, UK’s FTSE 100 increased 7.66 points or 0.1% to 7,392.83, France’s CAC increased 23.12 points or 0.35% to 6,632.29 and Germany’s DAX was up by 5.62 points or 0.04% to 14,318.92.