Indices trade lower with cut of over one percent in late morning deals

Domestic equity indices traded deeply in red with cut of over one percent in late morning deals as market participants indulged in reducing their positions. Hectic selling in Bharti Airtel, TCS, Power Grid, Reliance Industries and Larsen & Toubro dragged the both Sensex and Nifty to trade below their psychological 81,000 and 24,450 levels respectively. Traders seemed reluctant to make significant moves ahead of the US Fed's upcoming interest rate decision tomorrow. Further, traders were cautious as the commerce ministry in its latest data has showed that India's merchandise exports dipped by 4.85 per cent to $32.11 billion in November 2024 against $33.75 billion a year ago. On the BSE sectoral front, traders were seen pilling up positions in Realty and Consumer Disc, while selling was witnessed in Telecom, Energy, Oil & Gas, TECK and Bankex.

On the global front, Asian markets were trading mostly in red as traders remained concerned about the ongoing economic uncertainties in China amid lack of adequate financial policy measures. Back home, in the stock specific development, Oriana Power surged after it signed a memorandum of understanding (MoU) with the Government of Rajasthan under the ‘Rising Rajasthan 2024’ initiative to explore investment opportunities in renewable energy projects.  

The BSE Sensex is currently trading at 80909.80, down by 838.77 points or 1.03% after trading in a range of 80818.03 and 81613.64. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.07%, while Small cap index up by 0.10%.

The only gaining sectoral indices on the BSE were Realty up by 1.22% and Consumer Disc up by 0.02%, while Telecom down by 1.17%, Energy down by 0.98%, Oil & Gas down by 0.94%, TECK down by 0.80% and Bankex down by 0.76% were the top losing indices on BSE.

The top gainers on the Sensex were Adani Ports up by 0.82%, Bajaj Finance up by 0.51%, Tata Motors up by 0.45%, Tech Mahindra up by 0.22% and Tata Steel up by 0.03%. On the flip side, Bharti Airtel down by 2.01%, TCS down by 1.54%, Power Grid down by 1.52%, Reliance Industries down by 1.30% and Larsen & Toubro down by 1.29% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports dipped by 4.85 per cent to $32.11 billion in November 2024 against $33.75 billion a year ago. India's merchandise exports had increased by 17.25 per cent to $39.2 billion in October this year. Imports increased by 27 per cent to $69.95 billion in November compared to $55.06 billion in the year-ago month. The trade deficit, or the gap between imports and exports, widened to $37.84 billion during the month under review.   

According to the data, merchandise exports during April-November 2024 were $284.31 billion as compared to $278.26 billion during April-November 2023. Merchandise imports during April-November 2024 were $486.73 billion as compared to $449.24 billion during April-November 2023. Merchandise trade deficit during April-November 2024 was $202.42 billion as compared to $170.98 billion during April-November 2023.

It further said non-petroleum and non-gems & jewellery exports in November 2024 were $26.33 billion compared to $23.55 billion in November 2023. Non-petroleum and non-gems & jewellery exports in April-November 2024 were $220.47 billion, compared to $201.83 billion in April-November 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in November 2024 were $37.36 billion compared to $35.20 billion in November 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-November 2024 were $299.13 billion, compared to $283.77 billion in April-November 2023.  

The CNX Nifty is currently trading at 24419.45, down by 248.80 points or 1.01% after trading in a range of 24383.75 and 24624.10. There were 4 stocks advancing against 46 stocks declining on the index.

The few gainers on Nifty were Cipla up by 1.20%, Adani Ports up by 0.83%, Tata Motors up by 0.51%, Bajaj Finance up by 0.27% and Tech Mahindra up by 0.21%. On the flip side, Shriram Finance down by 3.13%, Bharti Airtel down by 2.12%, Power Grid down by 1.66%, TCS down by 1.56% and Reliance Industries down by 1.38% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 47.59 points or 0.66% to 7,211.04, Shanghai Composite weakened 7.09 points or 0.21% to 3,379.24, Straits Times fell 18.53 points or 0.48% to 3,802.50 and KOSPI dropped 32.05 points or 1.29% to 2,456.92. However, Hang Seng advanced 92.68 points or 0.47% to 19,888.17, Nikkei 225 surged 1.46 points or 0% to 39,458.95 and Taiwan Weighted added 29.82 points or 0.13% to 23,069.72.