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Indian equities have enlarged losses in afternoon session on account of selling in front line counters. Sentiments were fragile as India's merchandise trade deficit in August widened to $27.98 billion from $11.71 billion a year earlier. India's merchandise exports rose to $33.92 billion from $33.38 billion in the same month last year, while imports rose to $61.90 billion in August from $45.09 billion last year. Foreign fund outflows also dampened market sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on Wednesday, exchange data showed. Losses in IT, realty and TECK shares pulled the headline indices lower, though gains in power, utilities and auto shares lent some support. On the global front, Asian markets were trading mostly higher amid investors weighed the risk of the Federal Reserve announcing a 100 basis point interest rate hike next week to tackle sticky inflation.

The BSE Sensex is currently trading at 59996.82, down by 350.15 points or 0.58% after trading in a range of 59889.25 and 60676.12. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.12%, while Small cap index was down by 0.03%.

The top gaining sectoral indices on the BSE were Power up by 1.15%, Utilities up by 1.11%, Auto up by 1.04%, Oil & Gas up by 0.51% and Telecom was up by 0.28%, while IT down by 1.57%, Realty down by 1.48%, TECK down by 1.41%, Metal down by 0.93% and Healthcare was down by 0.69% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.71%, NTPC up by 1.31%, Power Grid up by 0.95%, Larsen & Toubro up by 0.21% and HDFC was up by 0.17%. On the flip side, Infosys down by 2.79%, Tech Mahindra down by 2.72%, Indusind Bank down by 1.71%, Bajaj Finserv down by 1.65% and Tata Steel was down by 1.51% were the top losers.

Meanwhile, commerce ministry in its latest data has showed that India’s merchandise exports rose marginally by 1.62 per cent to $33.92 billion in August 2022 as compared to $33.38 Billion in August 2021. Merchandise imports in August 2022 were $61.90 Billion, which is an increase of 37.28 per cent over imports of $45.09 Billion in August 2021. Merchandise trade deficit more than doubled to $27.98 billion in August as against $11.71 Billion in August 2021 due to increased crude oil imports.

As per the data, merchandise exports for the period April-August 2022 were $193.51 Billion as against $164.44 Billion during the period April-August 2021, registering a positive growth of 17.68 per cent. Merchandise imports for the period April-August 2022 were $318.03 Billion as against $218.22 Billion during the period April-August 2021, registering a positive growth of 45.74 per cent. The merchandise trade deficit for April-August 2022 was estimated at $124.52 Billion as against $53.78 Billion in April-August 2021, which is an increase of 131.52 per cent.

Data further showed that non-petroleum and non-gems & jewellery exports in August 2022 were $24.88 Billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of $25.29 Billion in August 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.53 Billion in August 2022 with a positive growth of 40.63 per cent over Non-petroleum, non-gems & jewellery imports of $26.69 Billion in August 2021.

It also stated that non-petroleum and non-gems & jewellery exports during April-August 2022 was $135.57 Billion, an increase of 8.47 per cent over non-petroleum and non-gems & jewellery exports of $124.99 Billion in April-August 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $185.05 Billion in April-August 2022, recording a positive growth of 37.64 per cent, as compared to Non-petroleum, non-gems & jewellery imports of $134.44 Billion in April-August 2021.

The CNX Nifty is currently trading at 17894.05, down by 109.70 points or 0.61% after trading in a range of 17865.10 and 18096.15. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 3.60%, Eicher Motors up by 3.50%, Adani Ports up by 1.06%, Grasim Industries up by 0.94% and Power Grid was up by 0.92%. On the flip side, Hindalco down by 3.42%, Infosys down by 2.87%, Cipla down by 2.69%, Tech Mahindra down by 2.42% and Divi's Lab was down by 2.02% were the top losers.

Asian markets were trading mostly higher; Nikkei 225 surged 57.29 points or 0.21% to 27,875.91, Taiwan Weighted strengthened 11.73 points or 0.08% to 14,670.04, Straits Times advanced 12.53 points or 0.38% to 3,270.55, Hang Seng increased 43.14 points or 0.23% to 18,890.24 and Jakarta Composite was up by 85.34 points or 1.17% to 7,363.42.

On the flip side, KOSPI fell 9.52 points or 0.39% to 2,401.90 and Shanghai Composite was down by 48.18 points or 1.49% to 3,189.36.

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