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Bourses wipe out gains in early afternoon session
Dec-01-2025

Indian markets wiped out all their gains and turned red in early afternoon session even after positive GDP data. Traders were cautious ahead of Reserve Bank of India (RBI) interest rates decision this week. The Reserve Bank of India (RBI) is likely to keep key policy interest rates unchanged in its monetary policy review this week. Traders took note of report that Global Trade Research Initiative (GTRI) has said that India's exports to its largest foreign market, the US, have suffered a sharp reversal due to aggressive tariff hikes. It said between May and October 2025, shipments fell 28.5 per cent, from $8.83 billion to $6.31 billion. On the global front, Asian markets were trading mixed as China's manufacturing activity shrank slightly in November as production growth came to a halt amid stagnating new orders. The RatingDog manufacturing Purchasing Managers' Index fell to 49.9 in November from 50.6 in October. A score below 50.0 indicates contraction in the sector.

The BSE Sensex is currently trading at 85649.23, down by 57.44 points or 0.07% after trading in a range of 85585.21 and 86159.02. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.19%, while Small cap index was up by 0.15%.

The top gaining sectoral indices on the BSE were Auto up by 0.58%, Metal up by 0.49%, Energy up by 0.25%, IT up by 0.20% and Oil & Gas was up by 0.11%, while Realty down by 0.89%, Consumer Durables down by 0.75%, Healthcare down by 0.36%, Utilities down by 0.28% and Power was down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.22%, Adani Ports up by 1.13%, Tata Motors Passenger up by 1.09%, Bharat Electronics up by 0.75% and Hindustan Unilever up by 0.72%. On the flip side, Bajaj Finance down by 1.32%, Sun Pharma down by 0.88%, Titan Company down by 0.84%, Bajaj Finserv down by 0.77% and Axis Bank down by 0.74% were the top losers.

Meanwhile, Commerce Secretary Rajesh Agrawal has said that India is hopeful of reaching a framework trade deal with the US this year itself that should address the tariff issue to the benefit of Indian exporters. He said both countries have been in negotiations for a long time, and the first tranche of a bilateral trade deal was expected by the fall of 2025, but the Trump administration's imposition of tariffs on Indian exports has created hurdles. While noting that the Bilateral Trade Agreement (BTA) will take time, he said India is engaged in protracted negotiations with the US on a framework trade deal that will address the reciprocal tariff challenge faced by Indian exporters today. 

He said India and the US are having two parallel negotiations -- one on a framework trade deal to address tariffs and another on a comprehensive trade deal. He also said the trade deal will be beneficial for Indian exports only when both the 25 per cent tariffs are addressed. He was referring to the 25 per cent tariff imposed on India for not having a trade deal with the US and another 25 per cent tariff slapped on the country for buying Russian oil. He said ‘things have changed and moved a lot from February 13 onwards. When we got into the BTA negotiations, we were on the path to a good, aspirational first tranche by the fall of 2025, but in between, we have seen a lot of changes in the global trade landscape.’ 

Amid persisting differences in India-US trade talks, he stressed that the country has always stood for its sensitivities and uniqueness. He said ‘so, there are areas which are non-negotiables from our perspective, and I think countries that have negotiated deals with us are very clear about what the things are that India is not open to negotiating.’ He said that India stresses Foreign Direct Investment (FDI) in trade deals as trade and investments are two sides of the same coin. In this context, the secretary said that India-EFTA trade envisages foreign investment worth $100 billion over time.

The CNX Nifty is currently trading at 26188.55, down by 14.40 points or 0.05% after trading in a range of 26160.25 and 26325.80. There were 24 stocks advancing against 25 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Kotak Mahindra Bank up by 1.22%, Tata Motors Passenger up by 1.08%, Adani Ports up by 1.02%, HCL Tech up by 0.96% and Eicher Motors up by 0.95%. On the flip side, Interglobe Aviation down by 1.72%, Bajaj Finance down by 1.30%, Sun Pharma down by 0.98%, Titan Company down by 0.76% and Max Healthcare Inst down by 0.71% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 167.11 points or 0.65% to 26,026.00, Shanghai Composite strengthened 25.41 points or 0.65% to 3,914.01, Straits Times rose 8.24 points or 0.18% to 4,532.20 and Jakarta Composite was up by 6.6 points or 0.08% to 8,515.31. On the flip side, KOSPI dropped 6.22 points or 0.16% to 3,920.37, Taiwan Weighted lost 283.95 points or 1.04% to 27,342.53 and Nikkei 225 was down by 966.91 points or 1.96% to 49,287.00.
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