Markets remain flat in late morning deals

Domestic equity indices remained flat and were trading slightly in red in late morning deals amid geopolitical tensions between Israel and Gaza. Weak cues from other Asian markets weighed on the domestic sentiments. A surge in crude oil prices further dampened market sentiment. Besides, cautiousness also prevailed in the markets after private report stated that chief economic advisor (CEA) V Anantha Nageswaran said Private investment is happening in India, and inflation is not a concern, but crude oil prices and tightening global monetary conditions pose a risk. Paints, tyres and aviation industries related stock were in under pressure amid rising crude.

On the global front, Asian markets were trading in red as investors looked ahead to key economic data from China and Japan this week. China will release its third-quarter gross domestic product numbers on Wednesday. Back home, on the BSE sectoral front, traders were seen pilling up position in Metal, Consumer Durables, PSU, Energy and Basic Materials, while selling was witnessed in Realty, FMCG, Bankex, Telecom and Healthcare. In the stock specific development, Delta Corp dropped after the company’s arm Deltatech Gaming has received a goods and service tax (GST) shortfall notice worth Rs 6,384 crore.

The BSE Sensex is currently trading at 66225.62, down by 57.12 points or 0.09% after trading in a range of 66039.38 and 66313.77. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.30%, while Small cap index up by 0.48%.

The top gaining sectoral indices on the BSE were Metal up by 0.96%, Consumer Durables up by 0.76%, PSU up by 0.53%, Energy up by 0.50% and Basic Materials up by 0.46%, while Realty down by 0.55%, FMCG down by 0.17%, Bankex down by 0.07%, Telecom down by 0.04% and Healthcare down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were HCL up by 1.50%, JSW Steel up by 1.08%, Tata Steel up by 1.04%, Axis Bank up by 1.01% and Titan up by 0.94%. On the flip side, Nestle down by 2.26%, Asian Paints down by 1.12%, Indusind Bank down by 0.88%, TCS down by 0.80% and Bajaj Finserv down by 0.61% were the top losers.

Meanwhile, the commerce ministry in its latest data has said that India’s merchandise exports contracted by 2.6 per cent to $34.47 billion in September 2023 as compared to $35.39 Billion in September 2022. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September 2023 as compared to $63.37 Billion in September 2022, the 10th consecutive month of decline. The trade deficit (difference between imports and exports) narrowed to $19.37 billion during the month under review. 

According to the data, merchandise exports for the period April-September 2023 were $211.40 billion as against $231.73 billion during April-September 2022. Merchandise imports for the period April-September 2023 were $326.98 billion as against $372.56 billion during April-September 2022. The merchandise trade deficit for April-September 2023 was estimated at $115.58 billion as against $140.83 billion during April-September 2022. 

It further stated that non-petroleum and non-gems & jewellery exports in September 2023 were $24.78 billion, compared to $24.33 billion in September 2022. Non-petroleum and non-gems & jewellery exports during April-September 2023 were $153.89 billion, as compared to $160.25 billion in April-September 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2023 were $33.58 billion, compared to $38.25 billion in September 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $209.65 billion in April-September 2023 as compared to $224.89 billion in April-September 2022.

The CNX Nifty is currently trading at 19748.35, down by 2.70 points or 0.01% 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 ONGC up by 1.60%, LTIMindtree up by 1.52%, HCL up by 1.52%, Coal India up by 1.49% and Hero MotoCorp up by 1.34%. On the flip side, Nestle down by 2.31%, Divi's Lab down by 1.15%, Asian Paints down by 1.08%, Grasim Industries down by 1.04% and Indusind Bank down by 0.97% were the top losers.

All Asian markets were trading lower; Hang Seng declined 140.01 points or 0.79% to 17,673.44, Nikkei 225 slipped 701.09 points or 2.17% to 31,614.90, Taiwan Weighted lost 134.52 points or 0.8% to 16,648.05, Straits Times fell 23.71 points or 0.74% to 3,162.08, KOSPI dropped 26.56 points or 1.08% to 2,429.59, Shanghai Composite weakened 15.31 points or 0.5% to 3,072.79 and Jakarta Composite plunged 19.73 points or 0.29% to 6,907.05.