Domestic indices remain flat in late morning deals

Domestic equity indices remained flat and were trading slightly in green in late morning deals. Buying in Bharat Electronics, HCL Technologies, Adani Ports, Tech Mahindra and Hindustan Unilever companies’ stocks helped the markets to trade above neutral lines. However, gains remained capped as the Asian Development Bank (ADB) in its latest report has said the Indian economy is expected to expand by 6.5% in the current financial year despite a strong 7.8% growth in the first quarter of FY26. It had projected a 7% growth in April. The slowdown can be attributed to new US tariffs on Indian exports, which are likely to weigh on growth in the second half of the year. On the BSE sectoral front, traders were seen piling up positions in Metal, PSU, Basic Materials, IT and TECK, while selling was witnessed in Consumer Durables, Realty, Auto, Consumer Disc and FMCG.

On the global front, Asian markets were trading mixed as China’s official reading showed manufacturing activity contracted for a sixth straight month, albeit less than market estimates. The Manufacturing Purchasing Managers’ Index came in at 49.8. Back home, in the stock specific development, Man Industries tumbled after the securities markets regulator banned its chairman and top executives from accessing the securities markets for two years over alleged fund diversion.

The BSE Sensex is currently trading at 80374.17, up by 9.23 points or 0.01% after trading in a range of 80201.15 and 80677.82. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.09%, while Small cap index up by 0.08%.

The top gaining sectoral indices on the BSE were Metal up by 1.01%, PSU up by 0.56%, Basic Materials up by 0.55%, IT up by 0.51% and TECK up by 0.24%, while Consumer Durables down by 0.56%, Realty down by 0.49%, Auto down by 0.28%, Consumer Disc down by 0.27% and FMCG down by 0.27% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 1.05%, HCL Technologies up by 1.02%, Adani Ports up by 0.95%, Tech Mahindra up by 0.75% and Hindustan Unilever up by 0.67%. On the flip side, ITC down by 0.78%, Larsen & Toubro down by 0.61%, Reliance Industries down by 0.53%, Bharti Airtel down by 0.45% and Trent down by 0.33% were the top losers.

Meanwhile, the commerce ministry's investigation arm - Directorate General of Trade Remedies (DGTR) has started an anti-dumping investigation into the import of a solar component and mobile covers from China. This came following the complaints filled by RenewSys India and All India Mobile Cover Manufacturer Association. The applicant has alleged that industry is impacted by China’s dumping of Solar Encapsulants, excluding EVA Encapsulants in India. Solar Encapsulants is used in the manufacturing of solar PV modules. Further, the DGTR would recommend the imposition of the levy on imports, if it is established that the dumping has caused material injury to domestic players.

Separately, the DGTR has initiated a countervailing duty investigation concerning imports of ‘Clear Float Glass’ imported from Malaysia and Indonesia. It said that the Authority finds that there is prima facie evidence of the existence of countervailable subsidies on production and export of the subject goods in the subject country and such subsidised imports are causing material injury to the domestic industry through their volume and price effects.

The anti-dumping investigation are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. Further, the countries can impose anti-dumping duties as a countermeasure under the multilateral regime of the Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level playing field for domestic producers vis-a-vis foreign producers and exporters. India is members of the WTO and has imposed anti-dumping duties on several products to tackle cheap imports from various countries, including China.

The CNX Nifty is currently trading at 24647.15, up by 12.25 points or 0.05% after trading in a range of 24593.95 and 24731.80. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 1.74%, Hindalco up by 1.38%, Bharat Electronics up by 1.10%, HCL Technologies up by 1.05% and Adani Ports up by 0.99%. On the flip side, Interglobe Aviation down by 1.02%, ITC down by 0.98%, Larsen & Toubro down by 0.68%, Reliance Industries down by 0.48% and Bajaj Finserv down by 0.46% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 240.22 points or 0.94% to 25,820.54, Shanghai Composite strengthened 15.81 points or 0.41% to 3,878.34, Hang Seng advanced 45.12 points or 0.17% to 26,668.00 and Straits Times rose 17.16 points or 0.4% to 4,287.14. However, Nikkei 225 slipped 10.75 points or 0.02% to 45,033.00, Jakarta Composite plunged 26.93 points or 0.33% to 8,096.32, KOSPI dropped 3.30 points or 0.1% to 3,427.91.