Benchmarks trade flat in morning deals

Indian equity benchmarks erased initial losses and were trading flat in morning deals, amid a weak trend in global markets. Traders remained cautious as the government data showed exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrowed to $19.37 billion during the month under review. Traders took a note of chief economic advisor (CEA) V Anantha Nageswaran’s statement that private investment is happening in India, and inflation is not a concern, but crude oil prices and tightening global monetary conditions pose a risk. However, traders took some support with the provisional data available on the NSE showing that foreign institutional investors (FII) purchased shares worth net Rs 317.01 crore on October 13, 2023. On the global front, Asian markets are trading lower as the ongoing war between Israel and terrorist group Hamas has raised concerns among global market investors about its impact on the Middle East, and the subsequent rise in oil prices.

The BSE Sensex is currently trading at 66259.20, down by 23.54 points or 0.04% after trading in a range of 66039.38 and 66313.77. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.37%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.96%, Metal up by 0.91%, Energy up by 0.58%, Basic Materials up by 0.55% and Oil & Gas up by 0.45%, while Realty down by 0.39%, FMCG down by 0.11%, Power down by 0.11%, Telecom down by 0.09% and Bankex down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 1.61%, Titan Company up by 1.25%, Tata Steel up by 1.00%, JSW Steel up by 0.83% and Axis Bank up by 0.79%. On the flip side, Nestle down by 1.35%, Indusind Bank down by 0.81%, Asian Paints down by 0.80%, HDFC Bank down by 0.67% and TCS down by 0.67% were the top losers.

Meanwhile, Food and Consumer Affairs Minister Piyush Goyal has said the government aims to bring 1,500-2,000 products under the ambit of mandatory quality standard certification in the next 2-3 years. He stated said prior to 2014, about 14 quality control orders were issued covering only 106 products under mandatory certification. 

However, He stated ‘In the last nine years, our government has issued 126 QCOs bringing 508 products under the ambit of mandatory certification.’ He added there has been a huge increase in the number of products that have been brought under the mandatory certification.

From toys to electronic products are now under mandatory certification. He also mentioned that setting quality standards is a herculean task but maintaining that requires dedication and commitment.

The CNX Nifty is currently trading at 19754.10, up by 3.05 points or 0.02% after trading in a range of 19691.85 and 19767.80. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were HCL Tech. up by 1.54%, LTIMindtree up by 1.41%, Coal India up by 1.38%, Hero MotoCorp up by 1.37% and ONGC up by 1.35%. On the flip side, Nestle down by 1.35%, Divi's Lab down by 1.34%, Asian Paints down by 0.82%, Indusind Bank down by 0.82% and Grasim Industries down by 0.72% were the top losers.

All Asian markets are trading lower; Nikkei 225 slipped 637.05 points or 1.97% to 31,678.94, Taiwan Weighted lost 149.51 points or 0.89% to 16,633.06, Hang Seng declined 75.77 points or 0.43% to 17,737.68, Straits Times fell 21.86 points or 0.69% to 3,163.93, KOSPI dropped 25.57 points or 1.04% to 2,430.58, Jakarta Composite plunged 19.73 points or 0.28% to 6,907.05 and Shanghai Composite weakened 12.3 points or 0.4% to 3,075.80.