Domestic indices trade flat with positive bias in late morning deals

Domestic equity indices traded flat with a positive bias amid volatility in late morning deals on account of buying in Reliance Industries, Tech Mahindra, Sun Pharma and HCL companies' stocks. However, broader indices outperformed their larger peers with BSE Mid cap index and Small cap index gaining in the range of 0.35-0.65%. Traders were getting some encouragement with private report that Generative AI could boost India's economy by $1.2-1.5 trillion in the next seven years as the Gen AI revolution unfolds across the globe, promising significant disruption and innovation. Support also came in markets as the government data showed that India's merchandise trade deficit fell to $20.58 billion in November. It was primarily driven by a fall in imports, by 4.3 per cent, to $54.48 billion as compared to $56.95 billion in the same month last year. 

On the global front, Asian markets were trading mostly in red following the mixed cues from global markets on Friday. Traders cautiously awaited the Bank of Japan's final monetary policy meeting of the year later in the week. Back home, on the BSE sectoral front, traders were seen pilling up in position Healthcare, Consumer Durables, Telecom, Auto and Consumer Disc, while selling was witnessed in Realty, Bankex, Power, Utilities and FMCG. 

The BSE Sensex is currently trading at 71508.77, up by 25.02 points or 0.04% after trading in a range of 71142.29 and 71552.24. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index up by 0.61%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.11%, Consumer Durables up by 0.85%, Telecom up by 0.63%, Auto up by 0.57% and Consumer Disc up by 0.56%, while Realty down by 0.80%, Bankex down by 0.33%, Power down by 0.25%, Utilities down by 0.22% and FMCG down by 0.17% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.37%, Reliance Industries up by 1.21%, Tech Mahindra up by 1.07%, HCL up by 0.93% and Wipro up by 0.88%. On the flip side, JSW Steel down by 1.96%, Power Grid down by 1.87%, ICICI Bank down by 1.60%, ITC down by 1.53% and Indusind Bank down by 0.69% were the top top losers.

Meanwhile, the commerce ministry in its latest data has said that India’s merchandise exports declined by 2.83 per cent to $33.90 billion in November 2023 as compared to $34.89 billion a year ago. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022. However, the country's trade deficit exhibited a positive trend, narrowing to $20.58 billion in November. 

According to the data, merchandise exports for the period April-November 2023 were $278.80 billion as against $298.21 billion during April-November 2022. Merchandise imports for the period April-November 2023 were $445.15 billion as against $487.42 billion during April-November 2022. The merchandise trade deficit for April-November 2023 was estimated at $166.35 billion as against $189.21 billion during April-November 2022.

It further stated that non-petroleum and non-gems & jewellery exports in November 2023 were $23.61 billion as compared to $24.30 billion in November 2022. Non- petroleum and non-gems & jewellery exports during April-November 2023 was $202.05 billion, as compared to $206.54 billion in April-November 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in November 2023 were $34.62 billion as compared to $34.95 billion in November 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $281.06 billion in April-November 2023 as compared to $294.96 billion in April-November 2022.

The CNX Nifty is currently trading at 21473.60, up by 16.95 points or 0.08% after trading in a range of 21365.35 and 21481.05. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 2.84%, Sun Pharma up by 2.48%, Eicher Motors up by 1.42%, Reliance Industries up by 1.29% and Divi's Lab up by 1.07%. On the flip side, Power Grid down by 2.00%, JSW Steel down by 1.87%, ICICI Bank down by 1.61%, Coal India down by 1.24% and ITC down by 1.20% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 160.55 points or 0.97% to 16,631.64, Nikkei 225 slipped 211.67 points or 0.65% to 32,758.88, Taiwan Weighted lost 15.68 points or 0.09% to 17,658.19, Straits Times fell 4.24 points or 0.14% to 3,112.27, Shanghai Composite weakened 10.72 points or 0.37% to 2,931.84 and Jakarta Composite plunged 32.83 points or 0.46% to 7,158.16. However, KOSPI increased 5.36 points or 0.21% to 2,568.92.