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Indian equity benchmarks continue to trade in red terrain in noon deals as traders were worried after inflation in the US hit a 30-year high, raising concerns of an earlier-than-expected hike in interest rates in the world's largest economy.  Also, continuous foreign fund outflows subdued traders’ sentiments.  Foreign institutional investors (FIIs) were stood as net sellers in the capital market, as they offloaded shares worth Rs 469.50 crore on Wednesday. They have sold equities worth Rs 5,515 crore so far this month. In scrip specific developments, Tata Steel, Godrej Consumer Products, Piramal Enterprises, Balkrishna Industries, Hindustan Aeronautics, NMDC, NHPC and Zee Entertainment were in focus as these companies will declare their September quarter results today. On the global front, Asian markets were trading mixed as rising inflation fears were tempered by a report that teetering Chinese property giant Evergrande had once again avoided a default after meeting bond-payment deadlines.

Back on street, market breadth remained pessimistic, as there were 1754 shares on the losing side against 1404 shares on the gaining side, while 162 shares remained unchanged. Broader market indices also reflect weakness across sectors.

The BSE Sensex is currently trading at 59799.18, down by 553.64 points or 0.92% after trading in a range of 59744.60 and 60293.25. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.77%, while Small cap index was down by 0.44%.

The only gaining sectoral indices on the BSE were Metal up by 0.53% and Consumer Durables was up by 0.23%, while Realty down by 2.35%, PSU down by 1.33%, Bankex down by 1.08%, FMCG down by 1.06% and TECK was down by 1.01% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 1.27% and Tata Steel was up by 1.17%. On the flip side, Tech Mahindra down by 2.69%, Bajaj Finserv down by 2.41%, SBI down by 1.84%, Asian Paints down by 1.70% and HDFC was down by 1.65% were the top losers.

Meanwhile, Directorate General of Foreign Trade (DGFT) said the government has constituted a committee for the determination of the Remission of Duties and Taxes on Exported Products (RoDTEP) rates for exports from special economic zones (SEZs) and export-oriented units (EOUs), as these sectors were left out in the earlier exercise. The government in August announced the rates of tax refunds under the export promotion scheme RoDTEP for 8,555 products, such as marine goods, yarn and dairy items.

It has set aside Rs 12,454 crore for refunds under RoDTEP scheme for the current fiscal. SEZs and EOUs were kept out of the scheme in the list notified in August. The industry was demanding to include them in the scheme.  DGFT stated ‘The government has constituted a committee for determination of RoDTEP rates for AA (advance authorisation)/ EOU/ SEZ exports; and to give supplementary report/ recommendations on issues relating to errors or anomalies, with respect to the RoDTEP schedule of rates notified.’

It said members of trade and industry may submit their representations through the export promotion councils, industry associations, to the RoDTEP committee directly. Under the RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai, former CBEC member Y G Parande and former customs member Gautam Ray. It will submit its report within eight months.

The CNX Nifty is currently trading at 17842.05, down by 175.15 points or 0.97% after trading in a range of 17826.90 and 17971.35. There were 4 stocks advancing against 46 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 1.23%, Tata Steel up by 1.14%, Hindalco up by 0.62% and JSW Steel was up by 0.60%. On the flip side, Indian Oil Corporation down by 3.87%, Tech Mahindra down by 2.78%, ONGC down by 2.63%, Bajaj Finserv down by 2.46% and Tata Consumer Products was down by 1.93% were the top losers.

Asian markets were trading mixed; Shanghai Composite gained 33.38 points or 0.96% to 3,525.84, Hang Seng increased 71.29 points or 0.29% to 25,067.43, Straits Times advanced 1.57 points or 0.05% to 3,232.89 and Nikkei 225 was up by 171.08 points or 0.59% to 29,277.86.

On the flip side; Jakarta Composite lost 2.55 points or 0.04% to 6,680.60, KOSPI fell 7.12 points or 0.24% to 2,923.05 and Taiwan Weighted was down by 107.13 points or 0.61% to 17,452.52.

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