Sensex, Nifty trade near day's lows

Bears held a tight grip over the Dalal Street in late afternoon deals, with both Sensex and Nifty trading near their intraday low points, despite positive cues from European markets. Hectic selling at Banking and Metal counters along with weak cues from other Asian markets kept markets lower.  The street paid no heed towards Commerce Secretary Sunil Barthwal's statement that India's agriculture exports, which stood at over USD 50 billion at present, are expected to double by 2030 and reach USD 100 billion. He said that the country is targeting USD 2 trillion worth of exports of goods and services by 2030.

On the global front, European markets were trading mostly in green, as Germany's exports and imports rebounded in November. Exports posted a monthly growth of 3.7 percent, reversing a fall of 0.4 percent in October. Shipments were expected to rise moderately by 0.3 percent. Likewise, imports gained 1.9 percent, following a 1.1 percent decrease. 

Back home, auto stocks were in watch, as Urging the auto industry to not limit itself to achieving a 25% export share rather aim for at least 50% export share, Union Minister of Commerce & Industry Piyush Goyal has encouraged the industry stakeholders to adopt a proactive approach to seize opportunities in the global economy, emphasizing the vast potential for Indian businesses to capture large world markets. 

The BSE Sensex is currently trading at 71411.82, down by 614.33 points or 0.85% after trading in a range of 71366.55 and 72181.77. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.74%, while Small cap index was down by 0.28%.

The only gaining sectoral indices on the BSE were Power up by 0.26%, Realty up by 0.19% and Utilities up by 0.05%, while Bankex down by 1.44%, Metal down by 1.29%, FMCG down by 1.29%, Basic Materials down by 1.25% and PSU down by 0.89% were the top losing indices on BSE.

The top gainers on the Sensex were HCL up by 0.99%, Power Grid up by 0.79%, NTPC up by 0.40%, Bajaj Finance up by 0.39% and Sun Pharma up by 0.32%. On the flip side, SBI down by 2.30%, Hindustan Unilever down by 1.72%, Nestle down by 1.63%, Asian Paints down by 1.46% and TCS down by 1.44% were the top losers.

Meanwhile, Commerce Secretary Sunil Barthwal has said that the countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country’s fast-growing automobile sector. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. 

The secretary said the industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. He also said ‘when we look at our present strength and the future potential in India, I think it is going to be huge. In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK…saying that this much of market share should be available to them (the UK) through the FTA’. 

He further said the UK is seeking duty concessions in the auto sector, particularly in the EV segment. The talks are in the last phase. He added that India is also focusing on value chains, including de-risking the value chains.

The CNX Nifty is currently trading at 21527.15, down by 183.65 points or 0.85% after trading in a range of 21515.50 and 21763.95. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 1.36%, HCL Tech. up by 0.99%, Power Grid up by 0.77%, ONGC up by 0.74% and BPCL up by 0.56%. On the flip side, UPL down by 3.35%, SBI down by 2.27%, Divi's Lab down by 1.99%, SBI Life Insurance down by 1.84% and Hindustan Unilever down by 1.69% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 310.88 points or 1.92% to 16,224.45, Jakarta Composite plunged 65.34 points or 0.9% to 7,285.28, Shanghai Composite weakened 41.64 points or 1.44% to 2,887.54 and KOSPI dropped 10.26 points or 0.4% to 2,567.82, while Straits Times rose 3.83 points or 0.12% to 3,188.13 and Taiwan Weighted added 53.52 points or 0.3% to 17,572.66.

European markets were trading mostly in green; France’s CAC rose 5.83 points or 0.08% to 7,426.52 and Germany’s DAX gained 39.61 points or 0.24% to 16,633.82, while UK’s FTSE 100 decreased 16.32 points or 0.21% to 7,673.29.