Benchmarks continue to trade flat in morning deals

Indian equity benchmarks continued to trade flat in morning deals as investors remain cautious ahead of the US Federal Reserve’s expected interest rate cut a day later. Some concern also came with Reserve Bank of India Governor Shaktikanta Das’ statement that the benchmark interest rate in the country will hinge on the future trajectory of inflation. Besides, foreign fund outflows and higher crude oil prices dampened sentiments in the markets. As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 1,634.98 crore. Oil prices were trading higher as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico offset persistent Chinese demand concerns ahead of this week's U.S. Federal Reserve interest rate cut decision. However, traders took some support with Prime Minister Narendra Modi’s statement that India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of the country’s economic growth. He added innovation and collaboration are India’s greatest strengths on its development journey. 

The BSE Sensex is currently trading at 82959.20, down by 29.58 points or 0.04% after trading in a range of 82866.68 and 83128.78. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.21%, while Small cap index was down by 0.51%.

The top gaining sectoral indices on the BSE were FMCG up by 0.12%, Bankex up by 0.10% and TECK up by 0.05%, while PSU down by 0.70%, Auto down by 0.67%, Metal down by 0.57%, Basic Materials down by 0.53% and Industrials down by 0.51% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 0.90%, Kotak Mahindra Bank up by 0.64%, Nestle up by 0.59%, Bharti Airtel up by 0.54% and ICICI Bank up by 0.37%. On the flip side, Tata Motors down by 2.26%, Adani Ports &SEZ down by 0.98%, Tata Steel down by 0.88%, Power Grid Corporation down by 0.86% and JSW Steel down by 0.78% were the top losers.

Meanwhile, the government has launched the Bharat Startup Knowledge Access Registry or BHASKAR digital platform for all the stakeholders of the startup ecosystem to connect and collaborate within the landscape. The platform is designed to centralise, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies.

Part of the Startup India program, the BHASKAR initiative is a platform meant to help key players in the entrepreneurial ecosystem-startups, investors, mentors, service providers, and government agencies-centralise, simplify, and improve their collaboration. The platform offers a one-stop digital platform that tackles the issues faced by investors and entrepreneurs alike in an effort to fully utilise this potential.

By serving as a centralised registry, BHASKAR will enable seamless access to a wide array of resources, tools, and knowledge that will help fuel the entrepreneurial journey from ideation to execution. The platform will provide startups with immediate access to critical tools and knowledge, enabling faster decision-making and more efficient scaling. 
Besides, the platform will issue a unique BHASKAR ID to ensure personalised interactions with the stakeholders. It will also be able to locate relevant resources, collaborators, and opportunities, ensuring faster decision-making and action using the search feature of the platform.

The CNX Nifty is currently trading at 25381.20, down by 2.55 points or 0.01% after trading in a range of 25352.25 and 25416.90. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 1.12%, Shriram Finance up by 1.11%, Divi's Lab up by 1.07%, Kotak Mahindra Bank up by 0.96% and Britannia Industries up by 0.91%. On the flip side, Tata Motors down by 2.09%, BPCL down by 1.32%, Adani Ports &SEZ down by 1.12%, Coal India down by 0.95% and Power Grid Corporation down by 0.92% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 250.79 points or 1.42% to 17,672.91, Jakarta Composite gained 3.05 points or 0.04% to 7,815.18 and Straits Times rose 21.93 points or 0.61% to 3,592.36.

On the flip side, Nikkei 225 slipped 638.49 points or 1.75% to 35,943.27.