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Indian equity benchmarks remained near their neutral lines in early afternoon deals, amid negative cues from other Asian markets along with selling at Consumer Durables and TECK counters. Traders were cautious, amid a private report stating that foreign portfolio investors (FPIs) turned sellers in the last four trading sessions and pulled out Rs 3,300 crore as they are adopting a cautious stance ahead of the US Federal Reserve's decision on the interest rate. Besides, the data provided by commerce and industry minister Piyush Goyal showed that the trade deficit, difference between import and exports, between India and China has touched $51.5 billion during April-October this fiscal.

However, losses were limited, after the Minister of State for Commerce and Industry, Som Parkash has said that the growth of manufacturing sector was adversely affected due to COVID-19 pandemic, which has shown positive growth in double digits in the Financial Year 2021-2022. The Minister said that the annual growth rate of Manufacturing Sector as per Index of Industrial production (IIP), with base year 2011-12, was 11.8% during 2021-22 as against a contraction of 9.6% in 2020-21.

On the global front, Asian markets were trading lower, as Japan large manufacturers' sentiment deteriorated notably in the fourth quarter. At -3.6, the business survey index of large manufacturers turned negative in the fourth quarter, down from +1.7 in the third quarter. The index is forecast to rise to +1.4 in the next quarter. Meanwhile, for large non-manufacturers, the business survey index rose to 2.7 from -0.2 in the third quarter. But the score is forecast to weaken to 1.9 in the first quarter of 2023.

The BSE Sensex is currently trading at 62157.19, down by 24.48 points or 0.04% after trading in a range of 61676.15 and 62239.42. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.11%, while Small cap index was up by 0.25%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 0.92%, Energy up by 0.82%, Realty up by 0.57%, Metal up by 0.53% and Industrials up by 0.39%, while Consumer Durables down by 0.85%, TECK down by 0.66%, IT down by 0.61%, Healthcare down by 0.18% and Telecom down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.26%, Tata Steel up by 0.95%, Nestle up by 0.92%, HDFC Bank up by 0.90% and Dr Reddy's Laboratories up by 0.84%. On the flip side, Asian Paints down by 2.15%, Infosys down by 1.67%, Titan Company down by 0.93%, Sun Pharma down by 0.86% and Hindustan Unilever down by 0.70% were the top losers.

Meanwhile, the Finance Ministry has said that the direct tax collection net of refund stands at Rs 8.77 lakh crore in the April-November of the current fiscal (FY23), which is 24.26 per cent higher than the net collection for the corresponding period last year. This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March).

The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Tax collection is an indicator of economic activity in any country.

The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year. 

The CNX Nifty is currently trading at 18494.90, down by 1.70 points or 0.01% after trading in a range of 18345.70 and 18521.55. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Divi's Laboratories up by 1.86%, Coal India up by 1.66%, Indusind Bank up by 1.26%, Tata Steel up by 1.13% and Nestle up by 1.02%. On the flip side, Asian Paints down by 2.00%, Infosys down by 1.70%, Eicher Motors down by 1.29%, Cipla down by 1.02% and Titan Co down by 0.91% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 58.68 points or 0.21% to 27,842.33, Taiwan Weighted dropped 92.84 points or 0.63% to 14,612.59, Jakarta Composite lost 10.01 points or 0.15% to 6,705.11, KOSPI fell 16.02 points or 0.67% to 2,373.02, Shanghai Composite declined 29.00 points or 0.9% to 3,177.95, Straits Times trembled 2.15 points or 0.07% to 3,243.82 and Hang Seng decreased 417.08 points or 2.1% to 19,483.79

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