Markets cut some gains in late afternoon session

 The local markets cut some of their gains in late afternoon session, as traders opted to book some gains in bluechipcompanies. The broader indices, BSE Mid cap index and Small cap index also trimmed some of gains. But markets breadth was in favour of the bulls. Gains were moderated after RBI data showed that India's forex reserves dropped by $691 million to $562.81 billion as of December 23, making it the second consecutive week of decline in the kitty. The overall reserves had dropped by $571 million to $563.499 billion in the previous reporting week, snapping afive-week trend of an increase in the kitty. On the global front, Asian markets were trading mixed in thin trade on Monday, with most markets closed for New Year holidays. European markets were trading mostly in green after a rough yearmarred with fears of a recession as central banks hiked rates globally and the Russia-Ukraine war.

The BSE Sensex is currently trading at 60953.71, up by 112.97 points or 0.19% after trading in a range of 60764.63 and 61170.79. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.36%, while Small cap index was up by 0.65%.

The top gaining sectoral indices on the BSE were Metal up by 2.66%, Telecom up by 0.87%, PSU up by 0.75%, Realty up by 0.62% and Industrials was up by 0.55%, while Consumer Durables down by 0.62%, Power down by 0.34%, Healthcare down by 0.33%, FMCG down by 0.25% and Utilities was down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 5.59%, Tata Motors up by 1.60%, ICICI Bank up by 1.09%, Mahindra & Mahindra up by 1.02% and Bharti Airtel up by 0.87%. On the flip side, Asian Paints down by 1.69%, Titan Company down by 1.35%, Hindustan Unilever down by 0.74%, Tech Mahindra down by 0.54% and Nestle down by 0.41% were the top losers.

Meanwhile, a Labour Bureau statement has said that retail inflation for industrial workers eased to 5.41 per cent in November 2022 as compared to 6.08 per cent in October 2022 and 4.84 per cent in November 2021 mainly due lower prices of certain food items. Food inflation stood at 4.30 per cent in November 2022 against 6.52 per cent of the previous month and 3.40 per cent during the corresponding month a year ago. The All-India CPI-IW (Consumer Price Index-Industrial Workers) for November, 2022 remained stationary at 132.5 points compared to October 2022.

The maximum upward pressure in current index came from Miscellaneous group contributing 0.21 percentage points to the total change. At item level, wheat, wheat atta, buffalo milk, cow milk, dairy milk, eggs hen, sunflower oil, onion, chillies dry, cooked meal, doctar's/surgon's fee, hospital/nursing home charges and bus fare etc. are responsible for the rise in index. However, it stated that this increase was largely checked by apple, banana, orange, brinjal, cabbage, carrot, cauliflower, cucumber, gourd, lady finger and tomato etc. putting downward pressure on the index.

However, it stated that this increase was largely checked by apple, banana, orange, brinjal, cabbage, carrot, cauliflower, cucumber, gourd, lady finger and tomato etc. putting downward pressure on the index. At centre level, Korba recorded a maximum increase of 4.4 points followed by Chhindwara with 3.0 points. Among others, 2 centres recorded increase between 2 to 2.9 points, 8 centres between 1 to 1.9 points and 29 centres between 0.1 to 0.9 points. On the contrary, Coonor and Solapur recorded a maximum decrease of 2.2 points each followed by Raipur with 2.0 points. Among others, 12 centers recorded decrease between 1 to 1.9 points and 28 centres between 0.1 to 0.9 points. Rest of four centers index remained stationary.

The CNX Nifty is currently trading at 18136.15, up by 30.85 points or 0.17% after trading in a range of 18086.50 and 18199.80. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 5.33%, Hindalco up by 2.58%, ONGC up by 1.91%, Tata Motors up by 1.56% and JSW Steel up by 1.16%. On the flip side, Bajaj Auto down by 1.83%, Asian Paints down by 1.64%, Titan Company down by 1.39%, Divi's Lab down by 1.21% and Tata Consumer down by 1.15% were the top losers.

Asian markets were trading mixed, Jakarta Composite soared 0.36 points or 0.01% to 6,850.98. On the flip side, KOSPI was down by 10.73 points or 0.48% to 2,225.67.

European markets were trading mostly in green, France’s CAC increased 65.12 points or 1.01% to 6,538.88 and Germany’s DAX was up by 108.64 points or 0.78% to 14,032.23.