Bourses continues to trade lower in late afternoon session

Indian equity markets continued to trade lower in late afternoon session following weak cues from European markets. Traders were cautious about upcoming inflation numbers.  Investors overlooked the Ministry of Labour & Employment in its latest release has showed that retail inflation for farm workers and rural labourers witnessed a notable decline in the month of October 2024, easing to 5.96% and 6%, respectively as compared to 7.08% and 6.92% in October 2023. On the global front, Asian markets were trading mostly in green ahead of key U.S. consumer and producer inflation readings due this week that will help shape the outlook for Federal Reserve monetary policy. European markets were trading lower hurt by losses in miners, as the rally sparked by China stimulus pledges tapered off after its weak trade data, while the focus is now on U.S. inflation data.

The BSE Sensex is currently trading at 81228.55, down by 279.91 points or 0.34% after trading in a range of 81182.69 and 81726.34. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.02%, while Small cap index was up by 0.04%.

The top gaining sectoral indices on the BSE were Realty up by 0.89%, IT up by 0.29%, Metal up by 0.25% and Basic Materials was up by 0.10%, while Telecom down by 1.51%, Utilities down by 1.29%, Power down by 0.92%, Oil & Gas down by 0.64% and Capital Goods was down by 0.59% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 1.02%, Bajaj Finserv up by 1.00%, Bajaj Finance up by 0.68%, Tata Steel up by 0.60% and SBI up by 0.59%. On the flip side, Bharti Airtel down by 1.87%, Adani Ports down by 1.35%, Tech Mahindra down by 1.32%, Reliance Industries down by 1.07% and Larsen & Toubro down by 1.05% were the top losers.

Meanwhile, the commerce ministry has said that India and Australia have reviewed the progress of talks on the proposed free trade agreement between the two countries. The two countries had implemented an interim trade pact in December 2022 and now they are negotiating to widen the scope of the pact for a Comprehensive Economic Cooperation Agreement (CECA).

The ministry said the three-day stocktake visit for the India-Australia CECA concluded in New Delhi on December 6, 2024. The stocktake discussions covered several critical areas of the agreement, including trade in goods, services, mobility, agri-tech cooperation, and more. Both sides emphasized their shared commitment to ensuring that the CECA delivers meaningful benefits and a balanced outcome for both countries. The discussions also centered on market access modalities that align with India’s food security objectives. 

It said both parties evaluated the progress made so far and outlined a path forward for the early conclusion of the CECA. Both delegations expressed optimism about the future of the CECA and the broader India-Australia economic partnership. The discussions have paved the way for further collaboration, particularly in areas such as agricultural innovation, market access, and supply chain resilience.

India and Australia are also key partners in regional and global initiatives such as the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Trilateral Supply Chain Resilience Initiative (SCRI). These frameworks are designed to enhance regional cooperation and strengthen the resilience of supply chains in the Indo-Pacific region.

The CNX Nifty is currently trading at 24561.15, down by 57.85 points or 0.23% after trading in a range of 24510.65 and 24677.80. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 2.24%, Bajaj Finserv up by 1.19%, HCL Tech up by 1.13%, Wipro up by 1.04% and SBI up by 0.79%. On the flip side, Bharti Airtel down by 1.73%, Dr. Reddy's down by 1.61%, Adani Enterprises down by 1.46%, Adani Ports down by 1.44% and Trent down by 1.43% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 207.08 points or 0.53% to 39,367.58, KOSPI increased 57.26 points or 2.37% to 2,417.84, Shanghai Composite strengthened 20.13 points or 0.59% to 3,422.66, Straits Times rose 18.91 points or 0.5% to 3,813.83 and Jakarta Composite was up by 5.72 points or 0.08% to 7,443.45. On the flip side, Hang Seng declined 102.81 points or 0.51% to 20,311.28 and Taiwan Weighted was down by 148.17 points or 0.64% to 23,125.08.

European markets were trading lower; UK’s FTSE 100 decreased 45.34 points or 0.54% to 8,306.74, France’s CAC fell 48.37 points or 0.65% to 7,431.77 and Germany’s DAX was down by 26.31 points or 0.13% to 20,319.65.