Bourses trade near neutral lines with negative bias in late afternoon session

IIndian equity markets traded near neutral lines with negative bias in late afternoon session tracking weak cues from European markets. Selling was witnessed in IT sector stocks. Traders took note of report that Global Trade Research Initiative (GTRI) said reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws. On the global front, Asian markets were trading mostly in red with Chinese and Hong Kong markets underperforming as Trading volumes were muted due to a holiday in the U.S. for Thanksgiving. European markets were trading lower after the latest economic data highlighted Germany’s struggle to recover from an energy-induced downturn last winter and the mounting impact of higher borrowing costs.

The BSE Sensex is currently trading at 65983.30, down by 34.51 points or 0.05% after trading in a range of 65894.05 and 66101.64. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.23%, while Small cap index was up by 0.33%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.73%, Healthcare up by 0.65%, Utilities up by 0.51%, Industrials up by 0.50% and PSU was up by 0.39%, while IT down by 0.79%, TECK down by 0.76%, FMCG down by 0.47%, Oil & Gas down by 0.38% and Consumer Durables was down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 1.02%, NTPC up by 0.91%, JSW Steel up by 0.81%, HDFC Bank up by 0.67% and Mahindra & Mahindra up by 0.59%. On the flip side, HCL Tech down by 1.56%, Wipro down by 1.34%, TCS down by 1.22%, Nestle down by 1.02% and Infosys down by 0.94% were the top losers.

Meanwhile, in a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports from the country. 

In first such collaboration with different e-commerce platforms, DGFT has signed a memorandum of understanding (MoU) with Amazon India. The initiative seeks to link local producers even in rural and remote districts with global supply chains. The collaboration aims to enable exporters/MSMEs to sell their 'Made in India' products to customers internationally.

The core objective of this collaboration is to leverage e-commerce platforms to support local exporters, manufacturers, and MSMEs in reaching potential international buyers. The partnership aligns with the Foreign Trade Policy 2023, which identifies e-commerce as a focus area for amplifying India's exports.

The CNX Nifty is currently trading at 19794.60, down by 7.40 points or 0.04% after trading in a range of 19768.85 and 19832.85. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Cipla up by 2.44%, Divi's Lab up by 1.92%, Adani Enterprises up by 1.64%, Hindalco up by 1.13% and Axis Bank up by 1.00%. On the flip side, Apollo Hospital down by 1.57%, HCL Tech down by 1.55%, Wipro down by 1.43%, TCS down by 1.24% and Britannia down by 1.18% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 351.42 points or 2% to 17,559.42, Shanghai Composite weakened 20.89 points or 0.69% to 3,040.97, Straits Times fell 19.55 points or 0.63% to 3,095.37, KOSPI dropped 18.33 points or 0.73% to 2,496.63 and Taiwan Weighted was down by 7.13 points or 0.04% to 17,287.42. On the flip side, Jakarta Composite gained 15.24 points or 0.22% to 7,019.58 and Nikkei 225 was up by 173.7 points or 0.52% to 33,625.53.

European markets were trading lower; UK’s FTSE 100 decreased 27.13 points or 0.36% to 7,456.45, France’s CAC fell 3.03 points or 0.04% to 7,274.90 and Germany’s DAX was down by 12.39 points or 0.08% to 15,982.34.