Markets erase losses; trade slightly higher

Indian equity markets erased all losses and traded marginally higher in late morning deals on account of buying by fund and retail investors. Sentiments got boost as Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain has said that the country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs.  On the BSE sectoral front, traders were seen pilling up position in Consumer Durables, Utilities, Power, Realty and PSU, while selling was witnessed in Healthcare, TECK, IT, Metal and FMCG.

On the global front, Asian markets were mostly trading in red following the mostly negative cues from US markets overnight, as traders remained cautious in the last week of 2022 amid lingering concerns about the economic outlook and the prospects of interest rate hikes continuing in to the next year. Back home, in stock specific development, India Pesticides (IPL) surged after the government granted environmental clearance to the proposed project activity.

The BSE Sensex is currently trading at 60950.93, up by 23.50 points or 0.04% after trading in a range of 60713.77 and 60976.03. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.25%, while Small cap index up by 0.49%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.68%, Utilities up by 1.42%, Power up by 1.37%, Realty up by 0.95% and PSU up by 0.83%, while, Healthcare down by 0.34%, TECK down by 0.27%, IT down by 0.18%, Metal down by 0.14% and FMCG down by 0.02% were the losing indices on BSE.

The top gainers on the Sensex were Titan Co up by 3.28%, Mahindra & Mahindra up by 1.52%, Maruti Suzuki up by 1.38%, Indusind Bank up by 1.26% and NTPC up by 1.21%. On the flip side, Bharti Airtel down by 0.90%, Reliance Industries down by 0.59%, Tata Motors down by 0.57%, Bajaj Finserv down by 0.52% and TCS down by 0.41% were the top losers.

Meanwhile, Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain has said that the country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs. He also said India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally.

Jain said presently, India has one of the most liberalized FDI policies wherein very few sectors require government approval. The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. An action plan was also laid down for startups. The plan comprises 19 action items spanning across areas such as simplification and handholding; funding support and incentives; and industry-academia partnership and incubation.

On the production linked incentive scheme, he said global players are keen to avail the benefits. He also said several global firms are looking to shift their manufacturing bases to India, adding that the PLI schemes in 14 sectors are expected to attract investment of Rs 2.74 lakh crore. Key sectors such as large-scale electronics manufacturing, pharmaceuticals, telecom and networking products, food processing and white goods have contributed in achieving a considerable amount of investment, production/ sales and employment.

The CNX Nifty is currently trading at 18136.10, up by 3.80 points or 0.02% after trading in a range of 18068.35 and 18146.80. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Titan Co up by 3.37%, Mahindra & Mahindra up by 1.43%, Maruti Suzuki up by 1.43%, Grasim Industries up by 1.36% and Indusind Bank up by 1.32%. On the flip side, Apollo Hospital down by 1.12%, Bharti Airtel down by 0.95%, Divi's Lab down by 0.80%, Hindalco down by 0.74% and JSW Steel down by 0.73% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 124.52 points or 0.47% to 26,323.35, Taiwan Weighted dropped 190.66 points or 1.33% to 14,137.77, Straits Times trembled 1.75 points or 0.05% to 3,264.63, Shanghai Composite declined 8.84 points or 0.29% to 3,086.73, KOSPI fell 52.30 points or 2.24% to 2,280.49, Jakarta Composite lost 60.44 points or 0.87% to 6,862.59. However, Hang Seng increased 274.34 points or 1.4% to 19,867.40.