Markets remain in green in late morning deals

Domestic equity indices remained in green and were trading higher by over quarter percent in late morning deals on account of buying by funds and retail investors. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 1.15-1.55%. Positive cues from the global markets supported domestic sentiments. Sentiments got boost as US core inflation data for December came in lower than expected, boosting hopes for further easing by the Federal Reserve.  Further, support also came in as India’s merchandise trade deficit narrowed to $21.94 billion in December, down from a record $31.86 billion in November, as gold imports halved to $4.7 billion.  On the BSE sectoral front, traders were seen pilling up positions in PSU, Metal, Industrials, Basic Materials and Telecom, while selling was witnessed in FMCG, IT, Consumer Durables and TECK.

On the global front, Asian markets were trading higher following positive cues from US markets overnight. Meanwhile, South Korea unexpectedly kept rates unchanged. Korea’s central bank surprised market watchers by keeping benchmark rates unchanged at 3%. Street had expected the Bank of Korea to cut its policy rate by 25 basis points. Back home, in the stock specific development, Punjab & Sind Bank zoomed after it reported a more than two-fold jump in its net profit to Rs 282 crore in the December 2024 quarter as bad loans declined. 

The BSE Sensex is currently trading at 76941.17, up by 217.09 points or 0.28% after trading in a range of 76895.51 and 77319.50. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.15%, while Small cap index up by 1.52%.

The top gaining sectoral indices on the BSE were PSU up by 1.99%, Metal up by 1.75%, Industrials up by 1.68%, Basic Materials up by 1.58% and Telecom up by 1.50%, while FMCG down by 0.67%, IT down by 0.30%, Consumer Durables down by 0.23% and TECK down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.39%, Adani Ports up by 2.14%, Tata Motors up by 1.96%, SBI up by 1.87% and Axis Bank up by 1.40%. On the flip side, HCL Technologies down by 1.48%, ITC down by 1.33%, Nestle down by 1.20%, Hindustan Unilever down by 1.20% and Infosys down by 0.62% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports dipped by about 1 per cent to $38.01 billion in December 2024 against $38.39 billion a year ago. Imports increased by 4.8 per cent to $59.95 billion in December 2024 compared to $57.15 billion in the year-ago month. The trade deficit, or the gap between imports and exports, narrowed to $21.94 billion in December, down from a record $31.86 billion in November.    

According to the data, merchandise exports during April-December 2024 were $321.71 billion as compared to $316.65 billion during April-December 2023. Merchandise imports during April-December 2024 were $532.48 billion as compared to $506.39 billion during April-December 2023. Merchandise trade deficit during April-December 2024 was $210.77 billion as compared to $189.74 billion during April-December 2023. 

It further said non-petroleum and non-gems & jewellery exports in December 2024 were $30.96 billion compared to $28.60 billion in December 2023. Non-petroleum and non-gems & jewellery exports in April-December 2024 were $251.34 billion, compared to $230.43 billion in April-December 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2024 were $38.28 billion compared to $36.86 billion in December 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-December 2024 were $336.09 billion, compared to $320.63 billion in April-December 2023.

The CNX Nifty is currently trading at 23288.50, up by 75.30 points or 0.32% after trading in a range of 23272.05 and 23391.65. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were HDFC Life up by 9.10%, SBI Life up by 3.35%, Bharat Electronics up by 2.89%, Shriram Finance up by 2.77% and Indusind Bank up by 2.31%. On the flip side, Tata Consumer down by 2.81%, Trent down by 2.56%, Britannia down by 1.94%, Wipro down by 1.78% and HCL Technologies down by 1.68% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 148.64 points or 0.77% to 19,434.71, Jakarta Composite gained 62.74 points or 0.88% to 7,142.30, Shanghai Composite strengthened 1.98 points or 0.06% to 3,229.10, Straits Times rose 24.65 points or 0.65% to 3,797.23, KOSPI increased 27.13 points or 1.09% to 2,523.94, Nikkei 225 surged 27.32 points or 0.07% to 38,471.90 and Taiwan Weighted added 510.46 points or 2.27% to 23,025.03.