CAUTIOUS

The Indian equity benchmarks extended early losses amid alternate bouts of buying and selling in blue chip stocks despite positive global cues and a slightly positive start. Investors were treading cautiously ahead of reporting season. Meanwhile in the currency market, the rupee strengthened by 10 paise against dollar on the back of gains in euro and other currencies against the US currency. On sectoral front, investors went on a buying spree in banking and automobile stocks on hopes of a rate cut on Tuesday but most of these stocks have drifted lower now after an optimistic start. In fact, automobile stocks are mostly trading with notable losses at present. PSU stocks are trading firm. Select capital goods, power and metal stocks are also holding on in positive territory with smart gains. On global front Asian stocks were trading firm as European economic data boosted global shares and commodities and hopes for improved growth outlook increased in spite of worries over the euro zone debt crisis.
The BSE Sensex is currently trading at 15,884.59, down by 54.77 points or 0.34%. The index has a touched a high and low of 15,992.16 and 15,879.41respectively. There were 10 stocks advancing against 20 declines on the index.
The broader indices were trading in green; the BSE Mid cap and Small cap indices jumped 0.45% and 0.52% respectively.
The top gainers on the index were PSU up 1.51%, Capital Goods up 0.91%, Metal up 0.45%, Power up 0.27% and Health Care up 0.22% while Auto down 1.56%, Consumer Durables down 0.78%, TECk down 0.52%, Realty down 0.31% and FMCG down 0.30% were the only losers on the index.
The top gainers on the Sensex were ICICI Bank up by 1.74%, BHEL up by 1.67%, Tata Motors up 1.32%, ONGC up by 1.14% and Wipro up by 0.90%.
On the flip side, Bajaj Auto down by 4.79%, Hero MotoCorp down 3.42%, M&M down 3.30%, Bharti Airtel down 2.63% and HUL down 2.33% were the top losers on the Sensex.
Meanwhile, exports in November grew at the slowest pace in 24-months mainly on the back of feeble demand in the traditional markets such as the European Union and the US. As per the data released by the Commerce and Industry Ministry, India's exports during November 2011 were valued at $22.32 billion which was 3.87% higher than the level of $21.49 billion during November 2010. Cumulative value of exports for the period April-November 2011-12 was $192.69 billion as against $144.66 billion registering a growth of 33.21% over the same period last year.
Imports, on the other hand were valued at $35.92 billion representing a growth of 24.55% in over the level of imports at $28.84 billion in November 2010. Cumulative value of imports for the period April-November, 2011-12 was $309.53 billion as against $237.66 billion registering a growth of 30.24% over the same period last year.
Oil imports during November were at $10.31 billion, which was 32.28% higher than oil imports valued at $7.79 billion in the corresponding period last year.  Oil imports during April-November 2011-12 were valued at $94.12 billion which was 42.67% higher than the oil imports of $65.97 billion in the corresponding period last year.

Non-oil imports during November were estimated at $25.61 billion which was 21.69% higher than non-oil imports of $21.05 billion in November, 2010.  Non-oil imports during April-November 2011-12 were valued at $215.41 billion which was 25.46% higher than the level of such imports valued at $171.70 billion in April-November 2010-11.

Fall in exports and rising imports retained trade deficit at a high of $13.6 billion in November 2011, though slightly moderate compared to $19.6 billion a month ago, whereas on y-o-y basis, the deficit stood nearly double, compared to $7.3 billion a year ago. On a cumulative basis the trade deficit widened by about 25% to $116.8 billion during April-November 2011 from $93 billion during the same period a year ago.
The S&P CNX Nifty is currently trading at 4,746.55, lower by 18.75 points or 0.39%. The index has touched a high and low of 4,780.55 and 4,740.80 respectively. There were 18 stocks advancing against 32 declines on the index.
The top gainers of the Nifty were HCL Tech up by 4.80%, SAIL up by 2.27%, Ranbaxy up by 1.82%, BHEL up by 1.71% and ICICI Bank up by 1.68%.
On the flip side, Bajaj Auto down by 4.34%, ACC down by 2.95%, Hero MotoCorp down 2.85%, M&M down 2.83% and Ambuja Cement down by 2.74% remained the top losers on the index.
Most of the Asian markets were trading in the green; Jakarta Composite was up 1.44%, Nikkei 225 was up 1.22%, Straits Times was up 0.54%, and Taiwan Weighted was up 0.42%.
On the flip side, Seoul Composite was down 0.41%, Shanghai Composite was down 0.56% and Hang Seng was down by 0.41%.