Sensex, Nifty continue to trade flat with positive bias

Indian equity benchmarks continued to trade flat with positive bias in morning deals, led by gains in Metal, IT and Realty stocks. Traders took support with the labour ministry stating that retail inflation for farm workers and rural labourers eased to 5.96 per cent and 6 per cent, respectively, in October from 6.36 per cent and 6.39 per cent in September. Some support also came as exchange data showed Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 724.27 crore. However, gains remained capped as traders remained on sidelines ahead of this week's IIP and inflation numbers, which would be key given the RBI's reluctance to cut rates on the back of higher inflation concerns going ahead. Sector-wise, stocks related to auto sector remained in watch as Federation of Automobile Dealers Associations (FADA) stated that retail sales of vehicles across categories in India grew by 11.21 per cent at 32,08,719 units in November 2024, as compared to 28,85,317 units in the same month last year riding on two-wheeler demand.

On the global front, Asian markets are trading mostly in green as markets in the region reacted positively to China's announcement of more proactive fiscal measures and a moderately looser monetary policy that bodes well for the nations flattering economy. However, the escalating conflict in the Middle East weighed on market sentiment.

The BSE Sensex is currently trading at 81576.73, up by 68.27 points or 0.08% after trading in a range of 81416.56 and 81726.34. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.16%, while Small cap index was up by 0.07%.

The top gaining sectoral indices on the BSE were Metal up by 1.16%, IT up by 0.65%, Realty up by 0.64%, Basic Materials up by 0.53% and Consumer Durables up by 0.37%, while Telecom down by 0.97%, Utilities down by 0.54%, Power down by 0.40%, Capital Goods down by 0.32% and Auto down by 0.18% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 1.76%, Tata Steel up by 1.60%, Infosys up by 1.39%, Titan Company up by 1.09% and HCL Technologies up by 0.97%. On the flip side, Bharti Airtel down by 1.19%, Mahindra & Mahindra down by 0.81%, Adani Ports & SEZ down by 0.61%, Ultratech Cement down by 0.61% and Larsen & Toubro down by 0.54% were the top losers.

Meanwhile, Federation of Automobile Dealers Associations (FADA) has said that retail sales of vehicles across categories in India grew by 11.21 per cent at 32,08,719 units in November 2024, as compared to 28,85,317 units in the same month last year riding on two-wheeler demand. Retail sales of two-wheelers were at 26,15,953 units in November 2024, as compared to 22,58,970 units in November 2023, a growth of 15.8 per cent buoyed by the festive spillover.  

On the other hand, FADA said passenger vehicle (PV) retail was down 13.72 per cent at 3,21,943 units in November 2024, as against 3,73,140 units in the year-ago month. The PV segment faced notable headwinds. In the commercial vehicles segment, it said retail sales were at 81,967 units in November 2024 as compared to 87,272 units in November 2023, down 6.08 per cent. It also said three-wheeler sales in November 2024 were at 1,08,337 units, as against 1,03,939 units in the year-ago month, up 4.23 per cent.  

On the overall near-term outlook, FADA said while the near-term outlook for December is not overwhelmingly strong across segments, it leans towards stability with pockets of potential growth, underlining a sentiment that overall remains cautiously optimistic. 

The CNX Nifty is currently trading at 24638.65, up by 19.65 points or 0.08% after trading in a range of 24593.25 and 24677.80. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 2.27%, Bajaj Finserv up by 1.83%, Wipro up by 1.63%, Infosys up by 1.51% and Tata Steel up by 1.48%. On the flip side, Bharti Airtel down by 1.27%, Dr. Reddy's Lab down by 1.19%, Trent down by 1.08%, ONGC down by 0.93% and Mahindra & Mahindra down by 0.89% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 193.95 points or 0.5% to 39,354.45, Hang Seng advanced 147.69 points or 0.72% to 20,561.78, KOSPI increased 55.53 points or 2.35% to 2,416.11, Straits Times rose 21.99 points or 0.58% to 3,816.91 and Shanghai Composite strengthened 46.6 points or 1.37% to 3,449.13. On the flip side, Jakarta Composite plunged 17.95 points or 0.24% to 7,419.78 and Taiwan Weighted lost 184.98 points or 0.79% to 23,088.27.