Indian stock indices, Sensex and Nifty, remained lower in early afternoon trading amid a surge in wholesale inflation and weak trends from other Asian markets. India's Wholesale Price Index (WPI) inflation rose to 2.36% in October 2024, up from 1.84% in September, driven by higher costs in food items, crude oil, natural gas, and electricity. Concerns were further fueled by a WTO report indicating an increase in trade restrictions among G20 countries between October 2023 and October 2024, with 91 new trade-restrictive and 141 trade-facilitating measures implemented, mainly on imports.

Globally, Asian markets traded predominantly in red, echoing Wall Street’s mixed performance. In India, shares of companies in mining and minerals drew attention as CareEdge advised securing long-term mineral supplies and recycling due to India's limited domestic reserves of lithium, cobalt, nickel, and other essential minerals. This, according to the report, could reduce import-related risks and provide environmental benefits.

Currently, the BSE Sensex trades at 77,508.01, down by 182.94 points or 0.24%, with 6 stocks advancing and 24 declining. Broader indices were positive; the BSE Midcap index rose 0.60%, while the Smallcap index climbed 1.09%. Leading sectoral gains were seen in Realty, Consumer Discretionary, Auto, and Metal, while FMCG, PSU, Oil & Gas, and Consumer Durables indices witnessed declines.

Top Sensex gainers included HDFC Bank, Reliance Industries, and Kotak Mahindra Bank, while Hindustan Unilever, ITC, and Adani Ports & SEZ were among the top losers. On the Nifty, Eicher Motors, Hero MotoCorp, and HDFC Life Insurance led the gains, while BPCL, Hindustan Unilever, and Tata Consumer Products were the major laggards.

Meanwhile, CareEdge’s report highlighted India’s growing need for advanced batteries, particularly lithium-ion (Li-ion) batteries, to support the country's renewable energy and electric vehicle targets by 2030. Demand for Li-ion batteries is projected to reach 54 GWh by FY27 and 127 GWh by FY30, primarily driven by electric vehicles and energy storage needs. Consequently, import dependency for Li-ion batteries is expected to reduce to around 20% by FY27 as domestic production scales up.

Across Asia, markets saw mixed results: Hong Kong’s Hang Seng fell 427.93 points, Jakarta Composite dropped 43.94 points, Shanghai Composite was down 62.7 points, while Japan's Nikkei slipped by 185.96 points. In contrast, Straits Times and KOSPI managed slight gains.