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Domestic indices trade near neutral lines with positive bias
Dec-30-2024

Domestic equity indices traded near neutral lines with positive bias in late morning deals on account of buying in Zomato, Indusind Bank, Sun Pharma, ICICI Bank and Adani Ports. Traders were getting some encouragement as the Reserve Bank of India (RBI) latest data has showed that India's current account deficit (CAD) moderated marginally to $11.2 billion or 1.2 per cent of Gross Domestic Product (GDP) year-on-year in the July-September quarter (Q2) of 2024-25. Traders took a note of private report that Indian economy is likely to grow at 6.5-6.8 per cent this fiscal and slightly higher between 6.7-7.3 per cent in FY2026, boosted by domestic consumption. On the BSE sectoral front, traders were seen pilling up positions in Telecom, Healthcare, Bankex, Realty and Utilities, while selling was witnessed in Auto, Metal, Capital Goods, IT and Industrials. 

On the global front, Asian markets were trading mixed on the penultimate trading day of 2024, after Wall Street declined on Friday. Back home, in the stock specific development, Kothari Products rose after the company’s board of directors recommended issue of bonus shares in the ratio of 1:1 i.e, one bonus share of one share held by the existing shareholders. 

The BSE Sensex is currently trading at 78782.01, up by 82.94 points or 0.11% after trading in a range of 78395.50 and 78835.30. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.17%, while Small cap index down by 0.13%.

The top gaining sectoral indices on the BSE were Telecom up by 0.76%, Healthcare up by 0.52%, Bankex up by 0.49%, Realty up by 0.39% and Utilities up by 0.31%, while Auto down by 0.54%, Metal down by 0.48%, Capital Goods down by 0.48%, IT down by 0.44% and Industrials down by 0.32% were the top losing indices on BSE.

The top gainers on the Sensex were Zomato up by 1.42%, Indusind Bank up by 0.99%, Sun Pharma up by 0.92%, ICICI Bank up by 0.82% and Adani Ports up by 0.82%. On the flip side, Infosys down by 0.92%, Tata Motors down by 0.73%, Bajaj Finserv down by 0.57%, Tata Steel down by 0.47% and Maruti Suzuki down by 0.45% were the top losers.

Meanwhile, Commerce ministry in its notifications has said that India has initiated investigations into alleged dumping of two Chinese products -- a chemical used in rubber industry and nylon filament yarn. The ministry's investigation arm, Directorate General of Trade Remedies (DGTR), is probing the dumping of nylon filament yarn from China and Vietnam; and TDQ (trimethyl dihydroquinoline). While Century Enka, Gujarat Polyfilms, and Oriilon India have filed an application for the initiation of anti-dumping investigation on the yarn; NOCIL has submitted a similar plea for TDQ.

According to two separate notifications of the DGTR, the directorate has initiated the probes ‘on the basis of the duly substantiated written application submitted’ by the applicants. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of anti-dumping duty on these imports. The finance ministry takes the final decision to impose duties.

Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these duties under the multilateral regime of the Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

India has already imposed anti-dumping duty on several products to tackle cheap imports from various countries, including China. The directorate has initiated as many as 43 anti-dumping investigations in 2024 so far on different products. Of this, 34 are against China. The countries against which these probes have been initiated included Russia, Taiwan, and Japan. 

The CNX Nifty is currently trading at 23824.90, up by 11.50 points or 0.05% after trading in a range of 23709.10 and 23844.40. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.84%, Shriram Finance up by 1.27%, Indusind Bank up by 1.04%, Cipla up by 1.02% and Apollo Hospital up by 0.97%. On the flip side, Trent down by 1.32%, Wipro down by 1.12%, Infosys down by 0.98%, Hero MotoCorp down by 0.90% and Grasim Industries down by 0.82% were the top losers.

Asian markets are trading mixed; Hang Seng advanced 3.27 points or 0.02% to 20,093.73, Shanghai Composite strengthened 2.68 points or 0.08% to 3,402.82, KOSPI increased 6.12 points or 0.25% to 2,410.89 and Jakarta Composite plunged 12.86 points or 0.18% to 7,023.71. However, Straits Times rose 10.11 points or 0.27% to 3,781.74, Nikkei 225 slipped 329.32 points or 0.82% to 39,951.84 and Taiwan Weighted lost 112 points or 0.48% to 23,163.68. 
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