Domestic indices trade slightly in red in early deals on Friday

Indian equity markets have made a cautious start and are trading slightly in red in early morning deals on Friday amid mixed cues from other Asian markets. Traders were cautious after India's trade deficit expanded sharply to a five-month high of $26.42 billion in April, up from $21.54 billion in March, amid global trade and supply chains being upended by United States' President Donald Trump's tariff hikes on its trading partners. Some weakness also prevailed in markets as the United Nations has said India's economic growth forecast for 2025 has been revised downward to 6.3 per cent. On the BSE sectoral front, traders were seen pilling up position in Utilities, Industrials, Power, Capital Goods and Realty, while selling was witnessed in TECK, Telecom, Bankex and IT

On the global front, Asian markets were mixed as investors assessed U.S.-China trade developments. Back home, in the stock specific development, SKF India jumped 9% on posting healthy Q4 results. 

The BSE Sensex is currently trading at 82425.04, down by 105.70 points or 0.13% after trading in a range of 82230.51 and 82514.81. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index up by 0.90%.

The top gaining sectoral indices on the BSE were Utilities up by 1.28%, Industrials up by 1.25%, Power up by 1.18%, Capital Goods up by 1.18% and Realty up by 1.04%, while TECK down by 0.77%, Telecom down by 0.72%, Bankex down by 0.28% and IT down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Eternal up by 1.44%, NTPC up by 1.37%, Adani Ports up by 1.03%, Tata Motors up by 0.76% and Bajaj Finance up by 0.72%. On the flip side, Bharti Airtel down by 2.51%, Indusind Bank down by 1.31%, SBI down by 1.31%, HCL Technologies down by 0.71% and Infosys down by 0.70% were the top losers.

Meanwhile, Commerce Secretary Sunil Barthwal said that the negotiations for the proposed bilateral trade agreement between India and the US are progressing well. Barthwal said that an Indian team will be going to Washington for further discussions.

Commerce and Industry Minister Piyush Goyal will lead a team of senior Indian officials to Washington starting May 17 for discussions with their US counterparts on the agreement. He will hold meetings with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick during his visit.

The four-day talks (May 17-20) come against the backdrop of both countries exploring the possibility of an interim trade arrangement in goods to secure ‘early mutual wins’ ahead of finalising the first phase of the trade agreement by fall (September-October) this year.

The CNX Nifty is currently trading at 25009.30, down by 52.80 points or 0.21% after trading in a range of 24984.00 and 25070.00. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 1.76%, Eternal up by 1.43%, Eicher Motors up by 1.26%, NTPC up by 1.20% and Adani Enterprises up by 1.00%. On the flip side, Bharti Airtel down by 2.67%, SBI down by 1.54%, Indusind Bank down by 1.53%, HCL Technologies down by 1.03% and Infosys down by 0.87% were the top losers.

Asian markets were trading mixed; Hang Seng declined 162.63 points or 0.7% to 23,290.53, Shanghai Composite weakened 17.5 points or 0.52% to 3,363.32, Straits Times fell 8.27 points or 0.21% to 3,883.67 and Nikkei 225 slipped 94.66 points or 0.25% to 37,660.85. However, KOSPI increased 2.99 points or 0.11% to 2,624.35, Taiwan Weighted added 55.31 points or 0.25% to 21,785.56 and Jakarta Composite gained 24.26 points or 0.34% to 7,064.42.