Bourses trade in green in late afternoon session

Indian equity markets recouped from losses to trade in green in late afternoon session led by buying in IT and banking sectors stocks. Traders ignored report that India’s services sector growth eased in the month of November, impacted by slowdown in new orders and output along with prices pressures. Input costs rose to the greatest extent in 15 months, while selling prices increased at the fastest rate in close to 12 years. Sector wise, airline industry remained in limelight as rating agency ICRA in its latest report has said that domestic air passenger traffic is projected to rise 7-10 per cent to 164-170 million in the current fiscal year (FY25), while the aviation industry's loss is pegged at Rs 2,000-3,000 crore during the same period. On the global front, Asian markets were trading mixed as South Korea plunged into political chaos and data showed China's services activity expansion eased in November. European markets were trading mostly in green as investors braced for an upcoming no-confidence vote in France’s parliament, the National Assembly. 

The BSE Sensex is currently trading at 81062.78, up by 217.03 points or 0.27% after trading in a range of 80630.53 and 81245.39. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.75%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Realty up by 1.73%, Bankex up by 1.01%, PSU up by 0.77%, Consumer Durables up by 0.73% and IT up by 0.62%, while Telecom down by 0.83%, Utilities down by 0.44%, Auto down by 0.40%, Metal down by 0.40% and Energy was down by 0.26% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 2.03%, TCS up by 1.69%, NTPC up by 1.47%, Bajaj Finserv up by 1.35% and Bajaj Finance up by 1.29%. On the flip side, Bharti Airtel down by 1.83%, Power Grid down by 1.68%, Tata Motors down by 1.27%, Adani Ports down by 1.26% and Tata Steel down by 1.06% were the top losers.

Meanwhile, India’s services sector growth eased in the month of November, impacted by slowdown in new orders and output along with prices pressures. Input costs rose to the greatest extent in 15 months, while selling prices increased at the fastest rate in close to 12 years. Besides, total sales increased at a softer pace than in October, but the respective seasonally adjusted index was nevertheless more than four points above its long-run average and consistent with robust growth.

According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index eased to 58.4 in November from 58.5 in October. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also slowed down to 58.6 in November as against 59.1 in October. The report noted that service providers signaled sharper cost pressures than manufacturers, and subsequently recorded the steeper increase in selling prices.

To accommodate for rising intakes of new business, services firms continued to expand their operating capacities through recruitment drives. Besides, service companies in India observed another upturn in business expenses midway through the third fiscal quarter, amid higher food and labour costs. The rate of inflation was sharp, the strongest in 15 months and above its long-run average.

Meanwhile, service providers were more confident regarding the year-ahead outlook for business activity. Confidence reached its highest level since May, boosted by predictions of continued demand strength and expectations that marketing efforts will drive new business.

The CNX Nifty is currently trading at 24473.95, up by 16.80 points or 0.07% after trading in a range of 24366.30 and 24573.20. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 2.25%, HDFC Bank up by 1.85%, Apollo Hospital up by 1.62%, TCS up by 1.43% and SBI Life up by 1.30%. On the flip side, Cipla down by 2.13%, Bharti Airtel down by 2.04%, Power Grid down by 1.87%, Tata Motors down by 1.63% and Adani Ports down by 1.54% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 227.87 points or 0.98% to 23,255.33, Jakarta Composite gained 121.02 points or 1.68% to 7,317.04, Nikkei 225 surged 27.53 points or 0.07% to 39,276.39 and Straits Times was up by 16.04 points or 0.42% to 3,802.17. On the flip side, Hang Seng declined 3.86 points or 0.02% to 19,742.46 and Shanghai Composite weakened 14.16 points or 0.42% to 3,364.65 and KOSPI was down by 36.10 points or 1.47% to 2,464.00.

European markets were trading mostly in green; France’s CAC rose 27.19 points or 0.37% to 7,282.61 and Germany’s DAX was up by 142.19 points or 0.71% to 20,158.94. On the flip side, UK’s FTSE 100 was down by 19.17 points or 0.23% to 8,340.24.