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Indian equity indices pared almost their gains and were trading slightly in green in afternoon session after the wholesale based inflation came in at 15.88% in May as against 15.08% in April. The number has remained in double digits for the fourteenth consecutive month. Further, some cautiousness also came in as retail inflation stayed above the Reserve Bank’s upper tolerance level of 6 per cent for the fifth month in a row, though it eased to 7.04 per cent in May from April's near-eight-year high of 7.79 percent, mainly on account of softening food and fuel prices as the government as well as the RBI stepped in to control spiralling price rise by way of duty cuts and repo rate hike.

On the global front, Asian markets were trading mostly in red following the broadly negative cues from the global markets overnight, as rising worries about global economic slowdown, higher bond yields and looming aggressive interest rate hikes triggered heavy selling across the board.  Back home, stock specific development, Adani Enterprises rose after Adani and TotalEnergies of France entered into a new partnership to jointly create the world’s largest green hydrogen ecosystem.

The BSE Sensex is currently trading at 52863.38, up by 16.68 points or 0.03% after trading in a range of 52459.48 and 53095.32. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.38%, while Small cap index up by 0.25%.

The gaining sectoral indices on the BSE were Utilities up by 1.09%, Realty up by 1.08%, Power up by 1.06%, Industrials up by 0.95%, Capital Goods up by 0.73% while, Energy down by 0.76%, Oil & Gas down by 0.68% were the losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.91%, Mahindra & Mahindra up by 1.50%, Bharti Airtel up by 1.36%, Ultratech Cement up by 1.32% and Power Grid Corp up by 1.19%. On the flip side, Tech Mahindra down by 1.53%, Reliance Industries down by 1.31%, Asian Paints down by 1.17%, Indusind Bank down by 1.09% and Maruti Suzuki down by 0.69% were the top losers.

Meanwhile, India Exim Bank has said that the country's total merchandise exports are likely to be at $117.2 billion in the first quarter of FY23 (Q1FY23). The total merchandise exports stood at $95.5 billion in the corresponding quarter of the previous year.

It said non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to $93 billion, during the first quarter (April-June) of 2022-23, compared to $82.6 billion in the year-ago period.

It further said the rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank. It stared that the growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension. 

The CNX Nifty is currently trading at 15781.80, up by 7.40 points or 0.05% after trading in a range of 15659.45 and 15858.00. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Adani Ports &Special up by 2.88%, NTPC up by 1.88%, Apollo Hospital Ent. up by 1.76%, Mahindra & Mahindra up by 1.56% and Eicher Motors up by 1.53%. On the flip side, Tech Mahindra down by 1.54%, HDFC Life Insurance down by 1.43%, Reliance Industries down by 1.30%, ONGC down by 1.28% and Indusind Bank down by 1.26% were the top losers.

Asian market were trading mostly in red; Taiwan Weighted dropped 23.61 points or 0.15% to 16,047.37, KOSPI fell 11.54 points or 0.46% to 2,492.97, Straits Times trembled 20.58 points or 0.66% to 3,118.77 nad Nikkei 225 slipped 357.58 points or 1.32% to 26,629.86, On the flip side, Hang Seng rose 63.45 points or 0.30% to 21131.03, Shanghai Composite gained 6.47 points or 0.20% to 3,262.02 and Jakarta Composite was up by 14.74 points or 0.21% to 7,010.18.

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