Benchmarks add losses in morning deals

Indian equity benchmarks added losses in morning deals, amid weak global cues. Traders remained cautious as the government data showed that India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago. Traders overlooked Icra Ratings’ report stating that led by retail-focused players, non-banking financial companies (NBFCs) are likely to close the current fiscal and the next with a loan growth of 10-12 per cent and see around 50 basis points improvement in profitability. On the global front, Asian markets are trading mostly in red after a slew of central banks raised interests rates and warned there were more hikes to come next year.

The BSE Sensex is currently trading at 61549.88, down by 249.15 points or 0.40% after trading in a range of 61413.65 and 61893.22. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.28%, while Small cap index was down by 0.92%.

The top losing sectoral indices on the BSE were Realty down by 1.42%, PSU down by 1.24%, Capital Goods down by 1.22%, Industrials down by 1.18% and Power down by 1.00% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 0.61%, Hindustan Unilever up by 0.59%, Nestle up by 0.33%, HCL Technologies up by 0.06% and Larsen & Toubro up by 0.01%. On the flip side, Mahindra & Mahindra down by 1.44%, SBI down by 1.27%, ITC down by 1.21%, Asian Paints down by 1.20% and TCS down by 1.19% were the top losers.

Meanwhile, with an aim to contain import of the sub-standard product and boost domestic industry, Commerce and Industry Piyush Goyal has said the government is considering to bring quality control order for silk. India is the second largest producer of silk in the world. The four major varieties of silk produced in India include Mulberry, Tussar, Eri and Muga.

Earlier, the Ministry of Commerce and Industry had rolled out these Quality Control Orders (QCOs) for a host of goods such as household refrigerating appliances, certain steel and cable items, toys, and bicycles' retro reflective devices. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless they bear the BIS mark.

Besides, talking about the textiles sector, Goyal said that India is on track to achieve $100 billion target by 2030 despite global slowdown. He added free trade agreements with the UAE and Australia will help in further boosting the exports.

The CNX Nifty is currently trading at 18320.50, down by 94.40 points or 0.51% after trading in a range of 18299.55 and 18440.95. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Nestle up by 0.54%, Reliance Industries up by 0.54%, Hindustan Unilever up by 0.53%, Cipla up by 0.46% and Eicher Motors up by 0.42%. On the flip side, Mahindra & Mahindra down by 1.63%, BPCL down by 1.55%, Adani Enterprises down by 1.45%, Hindalco down by 1.41% and SBI down by 1.36% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted dropped 227.91 points or 1.55% to 14,506.22, Nikkei 225 slipped 529.24 points or 1.89% to 27,522.46, Straits Times trembled 20.74 points or 0.63% to 3,253.01, Shanghai Composite declined 7.98 points or 0.25% to 3,160.67, KOSPI fell 12.85 points or 0.54% to 2,348.12 and Jakarta Composite lost 6.40 points or 0.09% to 6,745.46.

On the flip side, Hang Seng increased 18.11 points or 0.09% to 19,386.70.