Indian equity benchmarks maintained their gaining rally in early afternoon session, with both Sensex and Nifty holding notable gains, on the back of positive cues from other Asian markets along with buying at banking and auto counters. Sentiments were upbeat, as the Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 System with an aim to simplify the certification process for exporters and enhance trade efficiency. This upgraded platform offers several user-friendly features, such as multi-user access, which enables exporters to authorize multiple users under a single Importer Exporter Code (IEC).
Adding more optimism, a private report stated that the global consumption pools are witnessing a significant shift from regions like North America and Western Europe to India and emerging Asia. This transformation highlights the growing importance of these regions in the global economic landscape, driven by rising incomes, changing demographics, and evolving consumer preferences.
On the global front, Asian markets were trading mostly in green, as Hong Kong's foreign trade deficit decreased notably in December from a year ago as export growth accelerated amid a decline in imports. The data from the Census and Statistics Department showed that the trade gap declined to HK$34.5 billion in December from HK$59.9 billion in the same month last year. The trade shortfall also fell from HK$43.4 billion in November. The visible trade deficit of HK$34.5 billion was equivalent to 7.8 percent of the value of imports.
The BSE Sensex is currently trading at 76143.27, up by 777.10 points or 1.03% after trading in a range of 75622.88 and 76213.85. There were 18 stocks advancing against 12 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index fell by 0.49%, while Small cap index was down by 2.01%.
The top gaining sectoral indices on the BSE were Bankex up by 1.99%, Auto up by 1.14%, Realty up by 1.09%, Consumer discretionary up by 0.27% and TECK up by 0.14%, while Healthcare down by 2.18%, Industrials down by 1.77%, Capital Goods down by 1.75%, Power down by 1.55% and Utilities down by 1.47% were the top losing indices on BSE.
The top gainers on the Sensex were Axis Bank up by 4.63%, Bajaj Finance up by 3.77%, HDFC Bank up by 3.02%, Tata Motors up by 2.77% and ICICI Bank up by 2.66%. On the flip side, Sun Pharma down by 5.01%, NTPC down by 2.50%, Nestle down by 1.15%, Power Grid down by 1.01% and Larsen & Toubro down by 0.90% were the top losers.
Meanwhile, Trade ministers of India and Oman have reviewed progress of the proposed free trade agreement (FTA) between the two countries and focused on advancing the negotiations for the pact. The agreement was discussed between Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef in Muscat. Goyal said ‘our talks focused on advancing negotiations on the Comprehensive Economic Partnership Agreement (CEPA), strengthening trade and investment ties, and exploring avenues to further deepen our bilateral partnership’.
On January 14, India and Oman held the fifth round of talks for the agreement, aiming to boost bilateral economic ties. The negotiations for the agreement, officially dubbed CEPA, formally began in November 2023. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022.
The bilateral trade has declined to $8.94 billion (exports $4.42 billion and imports $4.5 billion) in 2023-24 from $12.39 billion (exports $4.47 billion and imports $7.91 billion) in 2022-23. India's key imports are petroleum products and urea. These account for over 70 per cent of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel.
The CNX Nifty is currently trading at 23006.30, up by 177.15 points or 0.78% after trading in a range of 22857.65 and 23049.25. There were 24 stocks advancing against 26 stocks declining on the index.
The top gainers on Nifty were Axis Bank up by 4.53%, Shriram Finance up by 3.94%, Bajaj Finance up by 3.71%, HDFC Bank up by 3.05% and Tata Motors up by 2.80%. On the flip side, Sun Pharma down by 4.83%, NTPC down by 2.53%, Bharat Electronics down by 2.11%, Dr. Reddy's Lab down by 1.84% and Britannia down by 1.58% were the top losers.
Asian markets were trading mostly in green; Hang Seng advanced 27.34 points or 0.14% to 20,225.11 and Straits Times rose 4.36 points or 0.11% to 3,801.07, while Nikkei 225 slipped 548.93 points or 1.41% to 39,016.87.