Markets trade flat with positive bias

Domestic equity markets traded flat with a positive bias in late morning deals on account of buying in Titan, Maruti Suzuki, Tata Motors and Asian Paints companies. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.30-0.35%. Traders were getting some encouragement as India’s trade deficit in December narrowed to a three-month low of $19.8 billion amid an import slowdown due to falling commodity prices. However, after a solid run to record highs in the last few sessions, benchmark indices Sensex and Nifty took a breather today. All eyes were also on results of banking major HDFC Bank. On the sectoral front, traders were seen pilling up position in Consumer Durables, Oil & Gas, Energy, PSU and Auto, while selling was witnessed in Realty, Power, IT, Utilities and TECK. 

On the global front, Asian markets were trading mostly in red as Japan's wholesale inflation was flat in December from a year earlier, slowing for the 12th consecutive month, underscoring the central bank's view that cost-push pressure from rising raw material prices will steadily dissipate. The reading for the corporate goods price index (CGPI), which measures the prices companies charge each other for their goods and services, compared with a median market forecast for a 0.3% fall and followed a 0.3% increase in November. Back home, in the stock specific development, PNC Infratech jumped after the firm reported that it sold an equity stake in 12 road assets to Highways Infrastructure Trust (HIT). 

The BSE Sensex is currently trading at 73368.18, up by 40.24 points or 0.05% after trading in a range of 73101.01 and 73427.59. 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 0.31%, while Small cap index up by 0.30%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.36%, Oil & Gas up by 1.10%, Energy up by 0.66%, PSU up by 0.60% and Auto up by 0.45%, while Realty down by 1.04%, Power down by 0.69%, IT down by 0.65%, Utilities down by 0.65% and TECK down by 0.51% were the top losing indices on BSE.

The top gainers on the Sensex were Titan up by 2.36%, Maruti Suzuki up by 1.48%, Tata Motors up by 1.09%, Asian Paints up by 0.73% and Ultratech Cement up by 0.73%. On the flip side, HCL  down by 1.72%, Wipro down by 1.66%, NTPC down by 1.28%, Tech Mahindra down by 1.24% and Indusind Bank down by 0.67% were the top losers.

Meanwhile, the commerce ministry in its latest data has said that India’s merchandise exports registered marginal growth of 0.97 per cent to $38.45 billion in December 2023 as compared to $38.08 billion in December 2022. Imports declined by 4.85 per cent to $58.25 billion in December 2023 as compared to $61.22 billion in December 2022 due to a dip in crude oil shipments. India’s trade deficit narrowed to a three-month low of $19.8 billion in December 2023 from $23.14 billion in the year-ago period.

According to the data, merchandise exports for the period April-December 2023 were $317.12 billion as against $336.30 billion during April-December 2022. Merchandise imports for the period April-December 2023 were $505.15 billion as against $548.64 billion during April-December 2022. The merchandise trade deficit for April-December 2023 was estimated at $188.02 billion as against $212.34 billion during April-December 2022.

It further stated that non-petroleum and non-gems & jewellery exports in December 2023 were $28.67 billion, compared to $27.19 billion in December 2022. Non-petroleum and non-gems & jewellery exports during April-December 2023 was $230.74 billion, as compared to $233.73 billion in April-December 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2023 were $37.96 billion, compared to $38.04 billion in December 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $320.75 billion in April-December 2023 as compared to $333 billion in April-December 2022.

The CNX Nifty is currently trading at 22109.20, up by 11.75 points or 0.05% after trading in a range of 22029.20 and 22124.15. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were BPCL up by 2.62%, Titan up by 2.30%, ONGC up by 1.86%, Hero MotoCorp up by 1.55% and Maruti Suzuki up by 1.49%. On the flip side, HCL  down by 1.75%, Wipro down by 1.65%, Divi's Lab down by 1.32%, NTPC down by 1.24% and Tech Mahindra down by 1.18% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 340.17 points or 2.1% to 15,876.16, Nikkei 225 slipped 241.89 points or 0.67% to 35,659.90, Taiwan Weighted lost 162.47 points or 0.93% to 17,384.35, Straits Times fell 11.86 points or 0.37% to 3,187.56, KOSPI dropped 23.50 points or 0.93% to 2,502.49 and Shanghai Composite weakened 21.34 points or 0.74% to 2,864.95. However, Jakarta Composite gained 32.03 points or 0.44% to 7,256.03.