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Local equity markets continued to trade with strength in afternoon trade on account of buying in frontline blue chip counters and taking cues from regional counterparts. The sentiments were on optimistic note as India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products. Some support also came as industry body -- the PHD Chamber of Commerce and Industry (PHDCCI) suggested the rationalisation of direct and indirect tax rates. PHDCCI President Pradeep Multani said refuelling of consumption demand should be the theme of the Budget to have a multiplier effect on production possibilities, private investments and employment creation in the country. On the global front, Asian markets were trading mostly higher though gains remain capped as markets struggled to find direction in the absence of solid information about the Omicron variant of the new coronavirus.

Back home, the market breadth on BSE was positive in the ratio of 1981: 1131 while 147 scrip’s remained unchanged. Currently, BSE Sensex is trading at 58104.06, up by 419.27 points or 0.73% after trading in a range of 57680.41 and 58225.90. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.16%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.31%, Utilities up by 1.10%, Power up by 0.98%, Energy up by 0.97% and IT was up by 0.82%, while Realty down by 0.60%, Telecom down by 0.37%, Metal down by 0.25% and Bankex was down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC up by 3.50%, Power Grid up by 3.21%, Sun Pharma up by 2.46%, Tech Mahindra up by 1.58% and HDFC Bank was up by 1.13%. On the flip side, Axis Bank down by 1.38%, ICICI Bank down by 1.29%, Bharti Airtel down by 0.60%, Ultratech Cement down by 0.54% and Larsen & Toubro was down by 0.32% were the top losers.

Meanwhile, Ministry of Commerce and Industry in its provisional data has showed that India's merchandise exports rose 26.49 percent year-on-year to $29.88 billion in November 2021 on better performance by key sectors. The exports stood at $23.62 billion in November 2020. Imports in November were at $53.15 billion, an increase of 57.18 per cent over the same month of 2020. The trade deficit widened to an all-time high of $23.27 billion as gold imports grew by about 8 per cent to $4.22 billion. The gap between imports and exports totalled $10.19 billion during November 2020.

As per the data, India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019. Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion. Trade deficit stood at $121.98 billion during the eight-month period of this fiscal.

It stated that export sectors that recorded positive growth during the month include petroleum products, handloom, engineering, chemicals, plastic and marine products. Outward shipments of engineering goods, which accounted for 28.19 per cent of total exports in November, jumped about 37 per cent year-on-year to $8 billion. Exports of petroleum products soared 145.3 per cent on an annual basis to $3.82 billion. However, the outbound shipments of gems and jewellery dipped by 11 per cent to $2.4 billion during the month. It further noted that Imports of 'coal, coke and briquettes' climbed 135.81 per cent in November this year to $3.58 billion. Imports of 'petroleum, crude and products' surged 132.44 per cent to $14.68 billion during the month under review.

The CNX Nifty is currently trading at 17280.80, up by 113.90 points or 0.66% after trading in a range of 17149.30 and 17327.45. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were HDFC up by 3.45%, Power Grid up by 3.14%, BPCL up by 2.39%, Sun Pharma up by 2.27% and Indian Oil Corporation up by 2.04%. On the flip side, Axis Bank down by 1.38%, ICICI Bank down by 1.35%, Bharti Airtel down by 0.92%, Tata Consumer Products down by 0.90% and Cipla was down by 0.77% were the top losers.

Asian markets were trading mostly in higher; Hang Seng increased 61.93 points or 0.26% to 23,720.85, Shanghai Composite gained 1.04 points or 0.03% to 3,577.93, KOSPI rose 37.90 points or 1.31% to 2,937.62, Taiwan Weighted strengthened 138.89 points or 0.79% to 17,724.88 and Jakarta Composite was up by 60.28 points or 0.93% to 6,567.96.

On the other hand; Nikkei 225 slipped 182.25 points or 0.65% to 27,753.37 and Straits Times trembled 2.67 points or 0.09% to 3,095.58.

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