Bourses manage to trade in green in late afternoon session

Indian equity markets managed to keep their head above water in late afternoon session. However, gains were limited ahead of key inflation data from the U.S. later in the day and the domestic CPI print on December 12, expected to provide cues on the rate trajectories for both economies. Meanwhile, private report stated that Asian Development Bank has lowered India’s growth forecast for this fiscal to 6.5 percent from 7 percent it had projected earlier after the economy slowed down in the second quarter. On the global front, Asian markets were trading mixed as traders were keeping tabs on Beijing hoping for more economic support measures. European markets were trading lower after a series of downbeat corporate updates and as investors awaited U.S. inflation data.

The BSE Sensex is currently trading at 81557.19, up by 47.14 points or 0.06% after trading in a range of 81383.42 and 81742.37. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.12%, while Small cap index was up by 0.33%.

The top gaining sectoral indices on the BSE were Auto up by 0.49%, Basic Materials up by 0.47%, Metal up by 0.43%, Consumer Durables up by 0.37% and Industrials was up by 0.37%, while Utilities down by 0.24%, Power down by 0.22%, Bankex down by 0.20%, Realty down by 0.15% and PSU was down by 0.01% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.90%, Ultratech Cement up by 1.69%, Asian Paints up by 1.24%, Nestle up by 1.00% and Bajaj Finserv up by 0.99%. On the flip side, Adani Ports down by 1.13%, JSW Steel down by 0.77%, SBI down by 0.67%, HCL Tech down by 0.60% and Axis Bank down by 0.56% were the top losers.

Meanwhile, Minister of State (MoS) in the Ministry of Commerce and Industry Jitin Prasada has said that the government is developing industrial corridor projects as part of the National Industrial Corridor Development Programme (NICDP) for the development of greenfield industrial areas, regions, and nodes in order to compete with the world's top manufacturing and investment destinations. These projects are part of the National Industrial Corridor Development Programme (NICDP).

The minister added that under NICDP in the state of Maharashtra, Shendra-Bidkin Industrial Area (SBIA) and Dighi Port Industrial Area (DPIA) are being undertaken for development. Under NICDP, the Amritsar Kolkata Industrial Corridor (AKIC) has been conceptualised on the backbone of the EDFC (Eastern Dedicated Freight Corridor). Two projects, namely IMC Agra and IMC Prayagraj, proposed by the state government, have been considered and approved by the government of India in August 2024. He further added that no funds have been released by NICDIT to MITL (SPV at Shendra Bidkin Industrial area) in the past three years. However, the total funds released by NICDIT (till December 3, 2024) to MITL as equity is Rs 3000 crore for the development of trunk infrastructure of the SBIA project.

The government has also approved the Central Sector Scheme ‘Indian Footwear and Leather Development Programme (IFLDP)’ with an allocation of Rs 1700.00 crore till March 31 of 2026. Maharashtra has received help under the IFLDP. From 2021-2022 to 2024-2025, Rs 5.75 lakh has been allocated for the technological upgrade of one unit in the state of Maharashtra. In addition, DPIIT has approved the development of the Mega Leather Footwear and Accessories Cluster at Ratwad Village, Maharashtra, with a total project cost of Rs 256.42 crore involving Government of India assistance of Rs 125.00 crore.

The CNX Nifty is currently trading at 24646.90, up by 36.85 points or 0.15% after trading in a range of 24583.85 and 24691.75. There were 31 stocks advancing against 18 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Bajaj Finance up by 3.02%, Shriram Finance up by 2.01%, Britannia up by 1.94%, BPCL up by 1.70% and Ultratech Cement up by 1.64%. On the flip side, Adani Ports down by 1.17%, JSW Steel down by 0.76%, HCL Tech down by 0.69%, SBI down by 0.68% and Adani Enterprises down by 0.54% were the top losers.

Asian markets were trading mixed; KOSPI increased 24.67 points or 1.01% to 2,442.51, Jakarta Composite gained 13.99 points or 0.19% to 7,467.28, Shanghai Composite strengthened 9.83 points or 0.29% to 3,432.49 and Nikkei 225 was up by 4.65 points or 0.01% to 39,372.23. On the flip side, Straits Times fell 20.09 points or 0.53% to 3,793.46, Hang Seng declined 156.23 points or 0.78% to 20,155.05 and Taiwan Weighted was down by 221.45 points or 0.97% to 22,903.63.

European markets were trading lower; UK’s FTSE 100 decreased 28.77 points or 0.35% to 8,251.59, France’s CAC fell 14.12 points or 0.19% to 7,380.66 and Germany’s DAX was down by 10.13 points or 0.05% to 20,319.03.