Domestic indices trade flat in late morning deals

Indian equity markets were trading flat in late morning deals amid weak cues from other Asian markets. Unabated foreign fund outflows dented investor sentiments.  As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,306.88 crore on November 11. Meanwhile, market participants were looking ahead to the October inflation figures and industrial production data for September to be out later in the day. As per a private report, consumer price inflation in India is expected to have risen to 5.81 per cent in October - a 14-month high - due to a surge in vegetable and edible oil prices. On the BSE sectoral front, traders were seen pilling up positions in Realty, Telecom, Healthcare, TECK and Basic Materials, while selling was witnessed in Power, Auto, FMCG, Capital Goods and Utilities.

On the global front, Asian markets were trading mostly in red despite positive cues from the US markets overnight. Back home, in the stock specific development, Blue Dart Express (Blue Dart) plunged after the company reported a weak set of September quarter results (Q2FY25).   

The BSE Sensex is currently trading at 79516.21, up by 20.06 points or 0.03% after trading in a range of 79373.95 and 79820.98. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.32%, while Small cap index up by 0.63%.

The top gaining sectoral indices on the BSE were Realty up by 1.83%, Telecom up by 1.06%, Healthcare up by 0.93%, TECK up by 0.51% and Basic Materials up by 0.38%, while Power down by 0.81%, Auto down by 0.72%, FMCG down by 0.55%, Capital Goods down by 0.39% and Utilities down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.49%, Sun Pharma up by 1.48%, Tata Steel up by 1.31%, Bharti Airtel up by 1.21% and Reliance Industries up by 0.94%. On the flip side, HDFC Bank down by 1.51%, Asian Paints down by 1.48%, Tata Motors down by 1.41%, NTPC down by 1.17% and Bajaj Finance down by 0.87% were the top losers.

Meanwhile, External Affairs Minister S Jaishankar has called for urgent measures to address the issue of widening trade deficit between India and Russia. He said while India's exports to Russia stood at only $2.24 billion in April-August this fiscal, imports soared to $27.35 billion during the period. The trade deficit is aggregated at $25.11 billion. The high trade deficit is mainly on account crude imports.

The minister said Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022. Addressing the India-Russia Business Forum, Jaishankar also pitched for removal of non-tariff barriers and regulatory impediments to help improve the trade balance with Russia. He noted that the balance of trade needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regulatory impediments are speedily addressed for this to happen.

He said the bilateral trade currently stands at $66 billion, and the goal of reaching $100 billion is more than realistic. Further, he advocated for mutual settlement of trade in the national currencies, especially in the current circumstances. Special Rupee Vostro Accounts are right now an effective mechanism. However, he said even in the short run, a better trade balance with national currency settlements is the answer.

The CNX Nifty is currently trading at 24137.30, down by 4.00 points or 0.02% after trading in a range of 24103.60 and 24242.00. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Trent up by 2.27%, ICICI Bank up by 1.55%, Sun Pharma up by 1.52%, ONGC up by 1.32% and Bharti Airtel up by 1.12%. On the flip side, Britannia down by 4.96%, Eicher Motors down by 1.60%, Asian Paints down by 1.59%, Tata Motors down by 1.53% and HDFC Bank down by 1.49% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 526.97 points or 2.65% to 19,899.96, Shanghai Composite weakened 22.06 points or 0.64% to 3,448.01, Straits Times fell 36.13 points or 0.98% to 3,703.34, KOSPI dropped 40.53 points or 1.63% to 2,491.13, Nikkei 225 slipped 327 points or 0.83% to 39,206.32 and Taiwan Weighted lost 526.51 points or 2.29% to 23,003.13. However, Jakarta Composite gained 45.51 points or 0.62% to 7,311.97.