Indian equity indices trade flat with positive bias in early deals

Indian equity benchmarks made slightly positive start tracking gains in Asian counterparts. Markets are trading flat with positive bias in early deals as investors reluctant to make any significant move ahead of the Q2 gross domestic product (GDP) numbers to be out later in the day. There are expectations that annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded. As per a private report, the economy is likely to post annual growth of 6.2% in the three months to September 30, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns. However, some support came as foreign fund inflows aided domestic sentiments. Foreign institutional investors (FIIs) have net-bought shares worth Rs 1,241.57 crore on November 29, as per provisional data available on the NSE.

Most of the Asian markets are trading higher. The first decrease in new Covid infections in more than a week in China is generating some positive sentiment. Besides, the Ministry of Economy, Trade and Industry said industrial production in Japan was down a seasonally adjusted 2.6 percent on month in October. Back home, the Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1. In stock specific development, Yes Bank advanced after acquiring a 9.9 percent stake in JC Flowers Asset Reconstruction Company (ARC).

The BSE Sensex is currently trading at 62687.00, up by 5.16 points or 0.01% after trading in a range of 62667.81 and 62865.74. There were 16 stocks advancing against 13 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.36%, while Small cap index was up by 0.41%.

The top gaining sectoral indices on the BSE were Metal up by 1.52%, Realty up by 1.00%, Auto up by 0.64%, FMCG up by 0.50%, Industrials up by 0.21%, while IT down by 0.45%, TECK down by 0.42%, Telecom down by 0.19%, Consumer Durables down by 0.18%, Oil & Gas down by 0.17% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.18%, Tata Steel up by 1.13%, Nestle up by 0.90%, Dr. Reddy's Lab up by 0.88% and Asian Paints up by 0.46%. On the flip side, HCL Technologies down by 0.76%, Infosys down by 0.64%, Tech Mahindra down by 0.62%, Power Grid down by 0.48% and Wipro down by 0.43% were the top losers.

Meanwhile, in order to deepen financial inclusion and improve service delivery, India's G20 Sherpa Amitabh Kant has said India will work with countries to promote digital public infrastructure. India will officially assume the G20 presidency from the current chair Indonesia on December 1. He said India is taking over the presidency of the G20 at a time when the world is going through a lot of turmoil. He added there is a geopolitical crisis in Europe, 200 million people have gone below poverty line and 100 million people have lost jobs due to COVID era.

He said ‘There is a huge crisis of global debt. Almost 70 countries in the world are facing a debt crisis. We have the challenge of a global supply chain which is disrupted. You have the challenge of climate action. But every crisis is also an opportunity. And to my mind, this is a huge opportunity for India.’ He also said ‘At G20 we will all work with countries and in partnership with them towards promoting digital public infrastructure so that we can deepen financial inclusion, we can improve efficiency of service delivery, we can lead to better women's growth, we can solve challenges of the world by leveraging technology.’

He further said India's tech-enabled digital public infrastructure model driven by dynamic entrepreneurs is the very best in the world. He said ‘Now we must work with countries across the world to help drive digital inclusion at an unprecedented global space because we believe in one earth one family one future’. The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union.

The CNX Nifty is currently trading at 18631.05, up by 13.00 points or 0.07% after trading in a range of 18616.70 and 18679.55. There were 33 stocks advancing against 16 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Hindalco up by 2.61%, JSW Steel up by 1.22%, Dr. Reddy's Lab up by 1.20%, Tata Steel up by 1.18% and Bajaj Auto up by 1.17%. On the flip side, HCL Technologies down by 1.01%, Infosys down by 0.82%, Tech Mahindra down by 0.81%, BPCL down by 0.72% and Wipro down by 0.46% were the top losers.

Asian markets are trading mostly in green; Hang Seng surged 40.36 points or 0.22% to 18,245.04, Taiwan Weighted rose 107.18 points or 0.73% to 14,816.82, KOSPI added 20.65 points or 0.85% to 2,454.04, Jakarta Composite advanced 37.02 points or 0.53% to 7,049.09 and Shanghai Composite was up by 6.75 points or 0.21% to 3,156.50. On the other hand, Nikkei 225 slipped 119.16 points or 0.43% to 27,908.68 and Straits Times was down by 5.10 points or 0.16% to 3,271.26.