Bourses continue to trade near flat lines in late afternoon session

In a volatile trading session, the Indian benchmarks traded near neutral lines. Sensex traded in marginally in green, while nifty traded in red. 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. Meanwhile, stating that some Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) are making wider net interest margins, RBI Governor Shaktikanta Das asked entities to be ‘judicious’ in using the flexibility on the interest rates they charge from borrowers. On the global front, Asian markets were trading mostly in green amid Japanese markets closed on account of Workers Day. European markets were trading higher after a survey showed French business activity contracted again in November. The HCOB flash November composite PMI - which comprises both the services and manufacturing sectors - slipped to 44.5 points from 44.6 in October. 

The BSE Sensex is currently trading at 66039.70, up by 16.46 points or 0.02% after trading in a range of 65989.53 and 66235.24. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.20%, while Small cap index was up by 0.51%.

The top gaining sectoral indices on the BSE were Realty up by 0.96%, Telecom up by 0.96%, Oil & Gas up by 0.58%, Metal up by 0.51% and Energy was up by 0.48%, while Healthcare down by 1.03%, Consumer Durables down by 0.61%, Capital Goods down by 0.38%, Utilities down by 0.22% and Power was down by 0.20% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.19%, Bharti Airtel up by 0.85%, Tata Steel up by 0.71%, JSW Steel up by 0.68% and HDFC Bank up by 0.63%. On the flip side, Ultratech Cement down by 1.67%, Larsen & Toubro down by 1.44%, Titan Company down by 0.92%, Power Grid down by 0.66% and Maruti Suzuki down by 0.62% were the top losers.

Meanwhile, inviting Nordic-Baltic companies to showcase, attend, collaborate in the upcoming trade fairs in India, Union Minister of Commerce and Industry Piyush Goyal has said that India’s exports to Nordic region have grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Besides, highlighting the fact the region has come close to India in recent years, the Minister pointed out that Indian Cuisine, Bollywood, Yoga, Ayurveda and Textiles are extremely popular in Nordic-Baltic region.

Goyal further noted that Nordic-Baltic nations have best of innovation, green tech, AI & blockchain-led transformation, supply chain logistics & fintech and these are the areas where there is a huge scope for collaboration with India as India has made great strides in these areas besides being an economic powerhouse with vast mineral resources and talent pool. He also said that it’s an exciting era of collaboration, innovation & shared prosperity with similar outlook towards global challenges & opportunities.

Meanwhile, during the 2nd CII India Nordic-Baltic Business Conclave 2023, the Minister informed that BharatTex, which will start from February 26 till 29, will have over 3,500 exhibitors from nearly 40 countries. Bharat Mobility Show will begin from February 1 till 3 and will showcase Auto Fair and will also have electrical component as a key feature.

The CNX Nifty is currently trading at 19808.00, down by 3.85 points or 0.02% after trading in a range of 19791.15 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 3.81%, Bajaj Auto up by 3.02%, Eicher Motors up by 1.28%, Indusind Bank up by 1.21% and BPCL up by 0.95%. On the flip side, Cipla down by 6.87%, Ultratech Cement down by 1.71%, Larsen & Toubro down by 1.45%, SBI Life down by 1.37% and Titan Company down by 0.91% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 176.24 points or 0.98% to 17,910.84, Jakarta Composite gained 104.38 points or 1.51% to 7,011.33, Shanghai Composite strengthened 18.25 points or 0.6% to 3,061.86 and KOSPI was up by 3.26 points or 0.13% to 2,514.96. On the flip side, Straits Times fell 4.19 points or 0.13% to 3,110.73 and Taiwan Weighted was down by 15.71 points or 0.09% to 17,294.55.

European markets were trading higher; UK’s FTSE 100 increased 22.64 points or 0.3% to 7,492.15, France’s CAC rose 16.84 points or 0.23% to 7,277.57 and Germany’s DAX was up by 22.35 points or 0.14% to 15,980.17.