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Local equity benchmarks turned negative in noon session, both Sensex and Nifty were trading below 48,050 and 14,400 marks, respectively. Stocks from FMCG, Realty and TECK counters were trading lower, while Power, Utilities and PSU counters were supporting the markets. Sentiments were dented as private report states that the stringent mobility curbs and lockdowns put across key Indian cities will dent the economic momentum and will result in an economic loss of Rs 1.5 trillion. Total loss is estimated at Rs 1.5 trillion, of which Maharashtra, Madhya Pradesh and Rajasthan account for 80 per cent. Maharashtra alone accounts for 54 per cent. However, downfall remains capped as Chief Economic Adviser K V Subramanian said the impact of the second wave of COVID-19 on the Indian economy may not be ‘very large’. He also said predicting the second wave was a real problem for researchers across the globe. On the global front, Asian markets were trading mixed as surging coronavirus infections in India and Thailand sapped risk appetite, while reports of a potential hike in capital gains tax in the United States also dampened sentiment.

The BSE Sensex is currently trading at 48021.39, down by 59.28 points or 0.12% after trading in a range of 47743.43 and 48265.39. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.78%, while Small cap index was up by 1.06%.

The top gaining sectoral indices on the BSE were Power up by 2.33%, Utilities up by 1.87%, PSU up by 0.96%, Consumer Durables up by 0.67%, Industrials was up by 0.48%, while FMCG down by 0.43%, Realty down by 0.42%, TECK down by 0.35%, Healthcare down by 0.32% and IT was down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 4.03%, Axis Bank up by 2.30%, NTPC up by 2.07%, Bajaj Finserv up by 2.02% and Indusind Bank was up by 1.68%. On the flip side, Dr. Reddys Lab down by 1.43%, Hindustan Unilever down by 1.20%, ONGC down by 1.02%, Tech Mahindra down by 1.01% and Mahindra & Mahindra was down by 0.92% were the top losers.

Meanwhile, with an aim to guard domestic manufacturers from cheap imports, the Commerce Ministry’s investigative arm -- Directorate General of Trade Remedies (DGTR) has recommended imposition of anti-dumping duty on the import of certain copper products, used in electrical industry, from China, Thailand, Korea and three other countries for five years. The DGTR has recommended the duty after concluding its probe that imports of ‘copper and copper alloy flat rolled products’ from China, Korea, Malaysia, Nepal, Sri Lanka and Thailand were below cost and have impacted the domestic industry.

The duty suggested is in the range of $42 per tonne to $1,077 per tonne. The finance ministry takes the final call to impose these duties and issues notification for the same. It added ‘The authority is of the view that imposition of antidumping duty is necessary to offset dumping and injury’. The DGTR conducted the probe following a complaint by a domestic player, Agarwal Metal Works.

Copper flat rolled products are used in power distribution, electrical and electronic switchgear, automotive electronics, and radiators. The directorate is the investigative arm of the commerce ministry, which probes dumping of goods, a significant increase in imports and subsidised imports from India’s trade partners. These countries are important trading partners of India. Countries carry out anti-dumping probes to determine whether their domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose duties under the multilateral regime of the WTO (World Trade Organisation).

The CNX Nifty is currently trading at 14373.95, down by 32.20 points or 0.22% after trading in a range of 14319.05 and 14461.15. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 4.13%, Axis Bank up by 2.34%, NTPC up by 2.17%, Bajaj Finserv up by 1.91% and SBI Life Insurance was up by 1.67%. On the flip side, Cipla down by 1.78%, Dr. Reddys Lab down by 1.66%, Britannia Inds down by 1.47%, Shree Cement down by 1.40% and Hindustan Unilever was down by 1.37% were the top losers.

Asian markets were trading mixed; KOSPI rose 8.58 points or 0.27% to 3,186.10, Hang Seng increased 159.58 points or 0.55% to 28,914.92, Jakarta Composite soared 19.30 points or 0.32% to 6,013.48 and Taiwan Weighted was up by 203.30 points or 1.19% to 17,300.27.

On the other side; Straits Times trembled 4.53 points or 0.14% to 3,183.25, Nikkei 225 slipped 167.54 points or 0.57% to 29,020.63 and Shanghai Composite was down by 4.50 points or 0.13% to 3,460.61.

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