Benchmarks trade flat in morning deals

Indian equity benchmarks traded flat in morning deals amid disappointing macroeconomic data. India’s economic growth slowed to a near two-year low of 5.4 percent in the July-September quarter of this fiscal due to poor performance of manufacturing and mining sectors as well as weak consumption. Some concern also came as a business survey found that India's factory growth cooled in November yet maintained a strong pace, leading to significantly improved optimism despite demand easing a bit due to higher price pressures. The HSBC final India manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 56.5 last month from 57.5 in October. A preliminary estimate was far higher at 57.3. Besides, the Ministry of Commerce & Industry in its latest data showed that the output of eight core industries expanded by 3.1 per cent in October 2024, sharply down from a 12.7 per cent growth registered in the same month last year. On the global front, Asian markets are trading mostly in green following another record day on Wall Street, with traders also cheered by data suggesting China's economic malaise is showing signs of easing.  

The BSE Sensex is currently trading at 79784.84, down by 17.95 points or 0.02% after trading in a range of 79308.95 and 79881.51. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.36%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Realty up by 1.79%, Consumer Durables up by 1.37%, Healthcare up by 1.08%, Basic Materials up by 0.89% and Consumer discretionary up by 0.71%, while Bankex down by 0.39%, Oil & Gas down by 0.30%, Capital Goods down by 0.30%, PSU down by 0.14% and Energy down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 2.55%, Maruti Suzuki up by 1.85%, Sun Pharma up by 1.57%, Adani Ports &Special up by 1.27% and Tech Mahindra up by 1.19%. On the flip side, Indusind Bank down by 1.46%, Bajaj Finance down by 0.88%, Hindustan Unilever down by 0.87%, Larsen & Toubro down by 0.83% and HDFC Bank down by 0.81% were the top losers.

Meanwhile, the government in its latest data has said that the total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago on account of increased sales spurred by the festive season. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST (Rs 91,828 crore) and cess (Rs 13,253 crore).

During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during November, registering an 8.9 per cent decline over the year-ago period. After adjusting refunds, net GST collection increased by 11 per cent to Rs 1.63 lakh crore.

The net GST collection stood at Rs 12.90 lakh crore during the current fiscal so far against Rs 11.81 lakh crore collected during the April-November period last year. In October, the GST collection of Rs 1.87 lakh crore was the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.

The CNX Nifty is currently trading at 24164.10, up by 33.00 points or 0.14% after trading in a range of 24008.65 and 24182.60. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 2.67%, Ultratech Cement up by 2.57%, Shriram Finance up by 2.40%, Maruti Suzuki up by 1.87% and Apollo Hospital up by 1.83%. On the flip side, HDFC Life Insurance down by 1.54%, Indusind Bank down by 1.31%, Hindustan Unilever down by 0.83%, Bajaj Finance down by 0.78% and Cipla down by 0.77% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 249.28 points or 0.65% to 38,457.31, Taiwan Weighted added 482.59 points or 2.12% to 22,745.09, Hang Seng advanced 44.66 points or 0.23% to 19,468.27, KOSPI increased 13.05 points or 0.53% to 2,468.96, Straits Times rose 14.85 points or 0.4% to 3,754.14 and Shanghai Composite strengthened 33.92 points or 1.01% to 3,360.38.

On the flip side, Jakarta Composite plunged 15.9 points or 0.22% to 7,098.37.