Benchmarks remain flat in late morning deals

Indian equity markets remained flat and were trading slightly positive in late morning deals amid mixed cues from other Asian markets. Buying in HDFC Bank, Wipro, Tata Steel and Indusind Bank restricted the markets to go lower. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.20-0.65%. Traders took note of Commerce and Industry Minister Piyush Goyal’s statement that the proposed free trade agreements with the European Union (EU) and four-nation EFTA group are doable, but they should keep in mind India's concerns as the level of economic development is different. On the BSE sectoral front, Realty, Telecom, Auto, Consumer and Basic Materials witnessed the maximum gains in trade, while Healthcare, Power, Utilities and Capital Goods remained the top losers.  

On the global front, Asian markets were trading mixed amid persisting worries about global economic slowdown. Back home, in the stock specific development, Honasa Consumer zoomed after the company reported a strong 93 per cent year-on-year (YoY) increase in its net profit to Rs 29.4 crore for the quarter ended September (Q2FY24).

The BSE Sensex is currently trading at 66056.58, up by 33.34 points or 0.05% after trading in a range of 65989.74 and 66235.24. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.21%, while Small cap index up by 0.61%.

The top gaining sectoral indices on the BSE were Realty up by 1.04%, Telecom up by 0.41%, Auto up by 0.36%, Consumer Disc up by 0.29% and Basic Materials up by 0.24%, while Healthcare down by 0.86%, Power down by 0.23%, Utilities down by 0.21% and Capital Goods down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.62%, Nestle up by 0.70%, Tata Steel up by 0.59%, Wipro up by 0.55% and HDFC Bank up by 0.46%. On the flip side, Ultratech Cement down by 1.20%, Larsen & Toubro down by 0.76%, Power Grid down by 0.64%, Maruti Suzuki down by 0.33% and NTPC down by 0.32% were the top losers.

Meanwhile, Chairman of CII National Committee on EXIM Sanjay Budhia has said that the focus on new and existing markets, product diversification and simplification of procedures will significantly help enhance the competitiveness of domestic exports. He said as a part of market facilitation services, industry chamber CII has identified the emerging markets and the potential sectors to help exporters explore newer markets.

Budhia has said that in recent years, India has emerged as a powerhouse in the global export arena, marking significant progress in terms of trade performance. India's export sector has emerged as a beacon of economic progress, and India is now the preferred trade partner to all the major economies of the world. He said there is huge potential in West Bengal to increase exports from the state. The state has released a new export and logistics policy to promote shipments from the state. He also said ‘our government has set a target to double the exports in the next decade, taking all needed steps to ensure that industry can work hand in hand with our government to exceed the set target’.

He further said the current geopolitical and global trade context also sets the stage for West Bengal to emerge as the next global FDI destination on the fundamentals of rich endowment and ports. It can play a strategic role in tapping into global supply chains and emerge as the next global manufacturing destination.

The CNX Nifty is currently trading at 19813.05, up by 1.20 points or 0.01% after trading in a range of 19793.05 and 19875.15. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 3.74%, Bajaj Auto up by 3.09%, Indusind Bank up by 1.66%, Eicher Motors up by 1.46% and Nestle up by 0.67%. On the flip side, Cipla down by 6.83%, Ultratech Cement down by 1.22%, Divi's Lab down by 1.15%, Hindalco down by 0.85% and SBI Life down by 0.83% were the top losers.

Asian markets were trading mixed; Hang Seng declined 79.26 points or 0.45% to 17,655.34, Taiwan Weighted lost 30.69 points or 0.18% to 17,279.57 and traits Times fell 9.09 points or 0.29% to 3,105.83, However, KOSPI increased 1.31 points or 0.05% to 2,513.01, Shanghai Composite strengthened 1.69 points or 0.06% to 3,045.30 and Jakarta Composite gained 94.93 points or 1.36% to 7,001.88.