Domestic equity indices were trading slightly in red in late morning deals on account of selling in Trent, Tata Steel, Maruti Suzuki, Tech Mahindra and Titan companies’ stocks. Weak cues from other Asian markets weighed on the domestic sentiments. Foreign fund outflows also dented domestic sentiments. On NSE, the exchange data showed foreign institutional investors (FIIs) offloaded equities worth Rs 1,771.25 crore on a net basis on Thursday. Further, some cautiousness prevailed in the markets as the think tank Global Trade Research Initiative has raised concerns over China's export curbs on critical minerals which are crucial for India's electronics sectors and emphasize the need for urgent measures like reverse-engineering of low- to mid-tech imports to cut overreliance on Beijing. On the BSE sectoral front, traders were seen pilling up positions in Oil & Gas, Healthcare, Realty, Energy and Capital Goods, while selling was witnessed in Metal, Auto, Consumer Disc, Basic Materials and Telecom.

On the global front, Asian markets were trading mostly in red as investors awaited details on the U.S.′ trade deals ahead of U.S. President Donald Trump’s deadline for higher tariffs next week. Back home, in the stock specific development, Bajaj Finance rose after company reported growth across key operational metrics in the first quarter, including new loans and assets under management. 

The BSE Sensex is currently trading at 83217.07, down by 22.40 points or 0.03% after trading in a range of 83102.55 and 83441.95. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.32%, while Small cap index up by 0.32%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 0.81%, Healthcare up by 0.63%, Realty up by 0.62%, Energy up by 0.62% and Capital Goods up by 0.57%, while Metal down by 0.30%, Auto down by 0.22%, Consumer Disc down by 0.17%, Basic Materials down by 0.08% and Telecom down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.06%, Eternal up by 0.94%, Bajaj Finserv up by 0.94%, Bharat Electronics up by 0.88% and Hindustan Unilever up by 0.58%. On the flip side, Trent down by 8.23%, Tata Steel down by 1.12%, Maruti Suzuki down by 1.07%, Tech Mahindra down by 1.03% and Titan down by 0.75% were the top losers.

Meanwhile, the commerce ministry's arm the Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping probe into the import of multi-layer paperboard from Indonesia following a complaint by domestic players. The Indian Paper Manufacturer Association has filed the application on behalf of the domestic industry before the DGTR for the initiation of an anti-dumping investigation concerning imports of ‘Virgin Multi-layer Paperboard’ originating in or exported from Indonesia. The applicant has alleged that the industry is impacted due to the dumped imports. The product is used in the packaging of pharmaceuticals, FMCG products, food and beverages, electronics, high-end cosmetics, liquor, book covers, and publishing.

According to the DGTR's notification, the applicant has provided prima facie evidence with respect to the injury suffered by the domestic industry due to the dumped imports. It said the authority hereby initiates an anti-dumping investigation to determine the existence, degree and effect of the dumping. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of the levy on imports. The finance ministry takes the final decision to impose duties.

Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these duties under the multilateral regime of the Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level playing field for domestic producers vis-a-vis foreign producers and exporters. India and Indonesia are members of the WTO, which is a 166-member multilateral trade body. India has already imposed anti-dumping duties on several products to tackle cheap imports from various countries, including China.

The CNX Nifty is currently trading at 25398.60, down by 6.70 points or 0.03% after trading in a range of 25370.55 and 25458.65. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 2.04%, Hero MotoCorp up by 1.29%, Bajaj Finserv up by 0.96%, Bharat Electronics up by 0.88% and Eternal up by 0.86%. On the flip side, Trent down by 8.55%, Tata Steel down by 1.16%, Eicher Motors down by 1.09%, Tech Mahindra down by 1.02% and SBI Life down by 0.93% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 98.83 points or 0.41% to 23,971.11, Jakarta Composite plunged 14.19 points or 0.21% to 6,863.86, Straits Times fell 9.84 points or 0.25% to 4,009.73, KOSPI dropped 60.19 points or 1.97% to 3,056.08 and Taiwan Weighted lost 165.47 points or 0.73% to 22,547.50. However, Shanghai Composite strengthened 23.15 points or 0.66% to 3,484.30 and Nikkei 225 surged 26.33 points or 0.07% to 39,812.23.