Key gauges continue to trade in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, led by gains in Utilities, Metal and Power stocks. Traders took support with Minister of State for Commerce and Industry Jitin Prasada’s statement that the government is working to mitigate the impact of the US tariffs on the country's exports through a multi-pronged strategy including intensive engagement with America for a mutually beneficial trade pact. He said it is expected that these measures will also enhance diversification and resilience in India's trade relationships. Some support also came as the commerce ministry stated that India and the EU have agreed to intensify efforts for early conclusion of negotiations on the proposed free trade agreement (FTA). On the global front, Asian markets are trading mostly in red as investors awaited clues on the Federal Reserve’s policy path in its final interest-rate decision of the year. 

The BSE Sensex is currently trading at 84992.69, up by 326.41 points or 0.39% after trading in a range of 84607.49 and 85020.34. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.29%, while Small cap index was up by 0.65%.

The top gaining sectoral indices on the BSE were Utilities up by 1.05%, Metal up by 1.05%, Power up by 1.01%, Basic Materials up by 0.91% and Energy up by 0.86%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Mahindra & Mahindra up by 1.42%, Reliance Industries up by 1.20%, Kotak Mahindra Bank up by 1.19%, Adani Ports &SEZ up by 1.14% and NTPC up by 1.00%. On the flip side, Eternal down by 0.98%, Infosys down by 0.30%, TCS down by 0.29%, Bajaj Finance down by 0.17% and HDFC Bank down by 0.12% were the top losers.

Meanwhile, the commerce ministry has said that India and the EU have agreed to intensify efforts for early conclusion of negotiations on the proposed free trade agreement (FTA). The progress of the negotiations was reviewed by Commerce and Industry Minister Piyush Goyal and European Union's Commissioner for Trade and Economic Security Maros Sefcovic on December 8 and 9. They held a dialogue to expedite the conclusion of the India-EU FTA and deepen the trade relationship.

It stated the discussions were aimed at providing strategic guidance to the FTA negotiating teams as both sides work towards concluding the agreement at the earliest. The meeting between the two takes place against the backdrop of the technical discussions held from 3-9 December across key chapters of the pact covering Market Access for Goods, Rules of Origin, Services, and Technical Barriers to Trade.

It stated ‘Both sides took note of the steady progress achieved across various negotiating tracks and agreed on the need to sustain the current momentum through continued exchanges.’ it added the Ministerial-level discussions reaffirmed the strong political resolve on either side to address pending issues through constructive engagement and to work towards a comprehensive, mutually advantageous outcome.

Moreover, it said ‘The visit of the EU team concluded with both parties expressing confidence and a renewed determination to intensify efforts toward the early conclusion of a modern, comprehensive, and mutually beneficial agreement.’

The CNX Nifty is currently trading at 25929.55, up by 89.90 points or 0.35% after trading in a range of 25832.65 and 25947.65. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 1.93%, Hindalco up by 1.48%, Mahindra & Mahindra up by 1.38%, Kotak Mahindra Bank up by 1.25% and Adani Ports &SEZ up by 1.12%. On the flip side, Eternal down by 0.96%, Interglobe Aviation down by 0.73%, ONGC down by 0.37%, TCS down by 0.28% and Infosys down by 0.26% were the top losers.

Asian markets are trading mostly in red; Shanghai Composite weakened 31.53 points or 0.81% to 3,877.99, KOSPI dropped 2.76 points or 0.07% to 4,140.79, Hang Seng declined 164.23 points or 0.65% to 25,270.00, Straits Times fell 14.67 points or 0.33% to 4,498.57 and Nikkei 225 slipped 285.1 points or 0.56% to 50,370.00.

On the flip side, Jakarta Composite gained 36.53 points or 0.42% to 8,693.71 and Taiwan Weighted added 221.64 points or 0.79% to 28,404.24.