Key domestic indices trade marginally in green in early noon session

Key domestic indices were trading marginally higher amid volatility in early noon session. Buying in IT industry related stocks namely TCS, Wipro, HCL and Tech Mahindra supported the markets to trade higher. Broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.10-0.45%. Sentiments got some support as India's services sector ended 2023 on a firm footing, with activity expanding at its fastest pace in three months in December on buoyant demand and an optimistic year-ahead outlook. The HSBC India Services Purchasing Managers' Index, compiled by S&P Global, rose sharply in December to 59.0 from November's one-year low of 56.9. Traders were getting some encouragement as the United Nations said India is projected to grow at 6.2 per cent in 2024, supported by robust domestic demand and strong growth in the manufacturing and services sectors. However, gains were limited as traders remained cautious amid renewed uncertainty about the outlook for interest rates following the release of the minutes of the US Fed's latest monetary policy meeting earlier in the week.

On the global front, Asian markets were trading mostly in red following mostly negative cues from the US markets overnight. Back home, traders were seen pilling up position in IT, TECK, Telecom, Realty and Auto, while selling was witnessed in Healthcare, Consumer Durables, Bankex and FMCG.   

The BSE Sensex is currently trading at 71909.80, up by 62.23 points or 0.09% after trading in a range of 71858.18 and 72156.48. There were 16 stocks advancing against 12 stocks declining, while 2 stocks remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.12%, while Small cap index up by 0.41%.

The top gaining sectoral indices on the BSE were IT up by 1.40%, TECK up by 1.26%, Telecom up by 1.07%, Realty up by 0.59% and Auto up by 0.56%, while Healthcare down by 0.55%, Consumer Durables down by 0.33%, Bankex down by 0.13% and FMCG down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.71%, TCS up by 1.61%, Wipro up by 1.41%, Tech Mahindra up by 1.29% and HCL up by 1.02%. On the flip side, Sun Pharma down by 1.50%, Nestle down by 1.24%, HDFC Bank down by 1.01%, Power Grid down by 0.79% and Kotak Mahindra Bank down by 0.72% were the top losers.

Meanwhile, Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv has said that the government will issue 65 quality control orders (QCOs) covering over 500 products to contain imports of sub-standard goods and boost domestic manufacturing. These orders are promoting safe products to consumers. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark.

He said QCO is benefitting consumers and reducing sub-standard imports. These orders are already issued for goods like smart meters, nuts, bolts and fasteners. Violation of the law can attract a penalty of up to two years of imprisonment or a fine of at least Rs 2 lakh for the first offence, which increases to Rs 5 lakh minimum for the second and subsequent offences.

He further said these orders are issued by the department in consonance with the WTO (World Trade Organization) Agreement on Technical Barriers to Trade (TBT) for industries falling under its domain. Mandatory QCOs help curb the import of sub-standard products, prevent unfair trade practices and ensure the safety and well-being of consumers as well as the environment.

The CNX Nifty is currently trading at 21683.25, up by 24.65 points or 0.11% after trading in a range of 21665.90 and 21749.60. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 2.83%, TCS up by 1.57%, Infosys up by 1.56%, Adani Enterprises up by 1.52% and Wipro up by 1.37%. On the flip side, Britannia down by 1.73%, Sun Pharma down by 1.55%, Nestle down by 1.29%, Cipla down by 1.10% and Divi's Lab down by 1.06% were the top losers. 

Asian markets were trading mostly in red; Hang Seng declined 77.18 points or 0.46% to 16,568.80, Shanghai Composite weakened 13.89 points or 0.47% to 2,940.46, Taiwan Weighted lost 30.51 points or 0.17% to 17,519.14, KOSPI dropped 11.21 points or 0.43% to 2,575.81. However, Nikkei 225 surged 89.13 points or 0.27% to 33,377.42, Straits Times rose 12.2 points or 0.38% to 3,186.21 and Jakarta Composite gained 17.74 points or 0.24% to 7,377.50.