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Indian equity markets were trading with cut of over quarter a percent in late morning deals on the back of selling by fund and retail investors. Meanwhile, investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes. Traders ignored private report witch stated that India consumer price inflation likely cooled to a nine-month low of 6.40% in November mainly due to a moderation in food prices. Information technology (IT) companies were trading lower after private report warned of further correction in valuations. It said that the current valuations of major Indian IT companies was unsustainable in the light of worsening economic outlook for their biggest market, the US.

On the global front, Asian markets were trading mostly higher as Chinese authorities proceeded to ease the COVID-19 measures. Back home, in stock specific developments, Shares of HCL Technologies tumbled after the company said it expected revenue in financial year 2022-23 to come in near the lower end of the guidance band. However, Yes bank surged as it reportedly received two further letters (separate to each investor) from the RBI in relation to the proposed investment by CA Basque Investments and Verventa Holdings in the equity shares of face value Rs 2 each and share warrants of Yes Bank.

The BSE Sensex is currently trading at 62359.20, down by 211.48 points or 0.34% after trading in a range of 62295.15 and 62735.42. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.09%, while Small cap index was down by 0.13%.

The top gaining sectoral indices on the BSE were FMCG up by 0.66%, Healthcare up by 0.46%, Capital Goods up by 0.46%, PSU up by 0.45% and Telecom up by 0.43%, while IT down by 2.62%, TECK down by 2.28%, Realty down by 0.58%, Utilities down by 0.37% and Power down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.49%, Sun Pharma up by 1.40%, Nestle up by 1.24%, Hindustan Unilever up by 0.91% and Larsen & Toubro up by 0.86%. On the flip side, HCL Tech down by 6.79%, Infosys down by 3.15%, Tech Mahindra down by 3.06%, Wipro down by 1.86% and TCS down by 1.44% were the top losers.

Meanwhile, Power Minister R K Singh has said that power deficit or gap between electricity required and supplied has fallen from 2 per cent to 0.1 per cent between April and October, 2022, primarily on account of various steps taken by the government. The data showed that the deficit was 2,752 million units (units) in April this year which came down to 124 MU in October, 2022. The power deficit was 609 MU (0.4 per cent) in May, 796 MU (0.6 per cent) in June, 434 MU (0.3 per cent) in July, 465 MU (0.4 per cent) in August and 312 MU (0.2 per cent) in September.

The minister stated that as on March 31, 2022, the coal stock position was 25.6 Million Tonnes (MT), or 9 days of stock, and it increased to 26.1 MT on September 30, 2022 and further increased to 30.9 MT, or 11 days of stock, as on November 30, 2022. The coal stock available at coal-based thermal power plants of the country is monitored by the Central Electricity Authority (CEA) on a daily basis. He also noted that as on November 30, 2022, there are 75 plants (56 per cent) out of 180 plants are having coal stock of less than 8 days as per their consumption pattern.

Singh said according to the draft National Electricity Plan published in 2022 by CEA, the projected new coal capacity addition requirement during the period 2022-32 is 35,014 MW, which includes under-construction coal-based capacity totalling to 25,580 MW. He also stated that the CAGR (Compound Annual Growth Rate) from 2021-22 to 2026-27 for electrical energy requirement is 6.67 per cent and for peak electricity demand is 6.42 per cent.

The CNX Nifty is currently trading at 18560.30, down by 49.05 points or 0.26% after trading in a range of 18537.45 and 18664.70. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 1.52%, Sun Pharma up by 1.47%, Nestle up by 1.29%, Adani Ports &Special up by 1.02% and Larsen & Toubro up by 0.98%. On the flip side, HCL Tech down by 6.69%, Infosys down by 3.10%, Tech Mahindra down by 2.99%, Wipro down by 1.92% and TCS down by 1.40% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 326.58 points or 1.18% to 27,901.01, Taiwan Weighted strengthened 152.39 points or 1.05% to 14,705.43, Straits Times advanced 0.86 points or 0.03% to 3,236.94, Shanghai Composite gained 4.28 points or 0.13% to 3,201.63, KOSPI rose 16.87 points or 0.71% to 2,387.95 and Hang Seng increased 407.91 points or 2.1% to 19,858.14. However, Jakarta Composite lost 94.18 points or 1.38% to 6,710.05.

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