Bourses manage to trade in green in late afternoon session

Indian equity markets managed to trade in green after touching day’s low levels. However, the broader indices, the BSE Mid cap index and Small cap index traded with cut of over half a percent each. Traders found some support after India's foreign exchange reserves increased to $604 billion as on December 1, surpassing the $600 billion mark after a gap of about four months. The forex reserves were last above the $600 billion mark on August 11 this year. Besides, Reserve bank governor Shaktikanta Das said that the Indian rupee has exhibited low volatility compared to emerging market economy (EME) peers in the calendar year 2023, despite elevated US treasury yields and a stronger US dollar. On the global front, Asian markets were trading mostly in green as investors awaited U.S. jobs data later in the day for clues on the Fed's rate trajectory. European markets were trading higher with all eyes on the release later in the session of key US jobs data.

The BSE Sensex is currently trading at 69707.99, up by 186.30 points or 0.27% after trading in a range of 69506.12 and 69888.33. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.57%, while Small cap index was down by 0.65%.

The top gaining sectoral indices on the BSE were IT up by 0.93%, TECK up by 0.82%, Consumer Durables up by 0.37%, Bankex up by 0.31% and Capital Goods was up by 0.24%, while Utilities down by 2.28%, Power down by 2.17%, Oil & Gas down by 1.54%, Energy down by 1.03% and FMCG was down by 1.01% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 2.58%, JSW Steel up by 2.29%, Titan Company up by 1.66%, Infosys up by 1.25% and HDFC Bank up by 1.16%. On the flip side, ITC down by 1.45%, Mahindra & Mahindra down by 1.31%, Bajaj Finance down by 1.28%, Tata Motors down by 1.10% and Tata Steel down by 0.96% were the top losers.

Meanwhile, Department for Promotion of Industry and Internal Trade (DPIIT) has showcased ongoing and upcoming initiatives and reforms to improve India’s Logistics Efficiency to the World Bank. During their meeting, DPIIT showcased the best practices adopted by Indian Ministries/ Departments that are helping improve India’s Logistics efficiency. 

DPIIT mentioned that Land Ports Authority of India (LPAI) has implemented a Land Port Management System (LPMS) to digitise operations and facilitate a secure electronic flow of information between all stakeholders at the integrated check posts (ICPs) and has also implemented smart gate for automated entry and exit (Land Port Petrapole). They have been successful in meeting NTFAP target of reducing export release time from 101 hours to 22 hours while average import release time for Land Ports is 17 hours.

Besides, it said that 100% electrification of railway tracks is being planned by Ministry of Railways (MoR). The speed of track construction has increased by 3.6 times between FY 2014 and FY 2023, locomotive and wagon holding is expected to increase by 1.6 times and 1.8 times respectively from FY2023 to FY 20230.  

The CNX Nifty is currently trading at 20912.00, up by 10.85 points or 0.05% after trading in a range of 20862.70 and 21006.10. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were LTIMindtree up by 2.92%, HCL Tech up by 2.79%, JSW Steel up by 2.19%, Titan Company up by 1.64% and Infosys up by 1.44%. On the flip side, Adani Enterprises down by 3.52%, Adani Ports down by 3.24%, ONGC down by 1.94%, Grasim Industries down by 1.61% and Britannia down by 1.59% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 105.25 points or 0.61% to 17,383.99, Jakarta Composite gained 36.26 points or 0.51% to 7,170.88, Straits Times rose 33.86 points or 1.09% to 3,108.12, KOSPI increased 25.78 points or 1.02% to 2,517.85 and Shanghai Composite was up by 3.35 points or 0.11% to 2,969.56. On the flip side, Hang Seng declined 11.52 points or 0.07% to 16,334.37 and Nikkei 225 was down by 550.45 points or 1.7% to 32,307.86.

European markets were trading higher; UK’s FTSE 100 increased 21.31 points or 0.28% to 7,535.03, France’s CAC rose 44.46 points or 0.59% to 7,472.98 and Germany’s DAX was up by 36.93 points or 0.22% to 16,665.92.