Bourses trade mix in late afternoon session

Indian equity markets traded mixed in late afternoon session amid monthly F&O expiry due on tomorrow. Sensex traded in green, while Nifty traded slightly in red. The broader indices, the BSE Mid cap index and Small cap index witnessed selling pressure. Investors took note of report that Asian Development Bank (ADB) has retained India's Gross domestic product (GDP) growth forecast for the current fiscal (FY25) at 7 per cent and said that the economy is expected to accelerate in the coming quarters on improved farm output, and higher Government spending.

On the global front, Asian markets were trading mixed even as Chinese and Hong Kong markets posted strong gains to extend the previous session's rally after China's central bank slashed its medium-term lending facility from 2.3 percent to 2.0 percent, marking the largest reduction of interest rates for one-year loans to financial institutions in history. European markets were trading mostly in red after posting strong gains in the previous session on China's announcement of aggressive stimulus.

The BSE Sensex is currently trading at 84967.77, up by 53.73 points or 0.06% after trading in a range of 84743.04 and 85019.47. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.73%, while Small cap index was down by 0.40%.

The gaining sectoral indices on the BSE were Utilities up by 0.54%, Power up by 0.52%, Realty up by 0.47%, Metal up by 0.32% and Bankex was up by 0.24%, while Consumer Durables down by 1.12%, IT down by 0.90%, FMCG down by 0.65%, Auto down by 0.63%, TECK down by 0.61% were the losing indices on BSE.

The top gainers on the Sensex were Power Grid Corp up by 3.61%, NTPC up by 1.61%, Axis Bank up by 1.55%, ICICI Bank up by 0.60% and Bajaj Finance up by 0.58%. On the flip side, Tech Mahindra down by 2.82%, Titan Co down by 1.70%, Tata Motors down by 1.49%, JSW Steel down by 0.89% and Kotak Mahindra Bank down by 0.82% were the top losers.

Meanwhile, in a major shift, India surpassed Japan to become the third-largest power in the Asia Power Index, reflecting its increasing geopolitical stature. This achievement is driven by India's dynamic growth, youthful population, and expanding economy, solidifying its position as a leading force in the region. One of the most significant findings in the 2024 Asia Power Index is India’s steady rise in the regional power rankings. Witnessing a gradual rise, India is looking to achieve its full potential and exercise its influence in the region. 

The 2024 Asia Power Index shows India as a power to reckon with in Asia. The country’s substantial resource base gives it immense potential for future growth. The outlook for India is optimistic. With continued economic growth and a burgeoning workforce, India is well-positioned to expand its influence in the years ahead. In particular, India's rising Diplomatic Influence and its strategic autonomy make it a key player in the Indo-Pacific Region.

Meanwhile, the Asia Power Index, launched by the Lowy Institute in 2018, is an annual measure of power dynamics in the Asia-Pacific region. It evaluates 27 countries across the Asia-Pacific, examining their ability to shape and respond to the external environment. The 2024 edition offers one of the most comprehensive assessments of power distribution in the region to date. Timor-Leste has been included for the first time, reflecting its growing importance in Southeast Asia. The Index focuses on both the material capabilities of states and the influence they exert on the international stage.

The CNX Nifty is currently trading at 25931.10, down by 9.30 points or 0.04% after trading in a range of 25871.35 and 25954.15. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 3.84%, Axis Bank up by 1.73%, NTPC up by 1.58%, Grasim Industries up by 0.94% and Bajaj Finance up by 0.57%. On the flip side, LTIMindtree down by 3.80%, Tech Mahindra down by 2.57%, Tata Consumer down by 2.20%, Titan Company down by 1.82% and Tata Motors down by 1.61% were the top losers.

Asian markets were trading mixed; Jakarta Composite plunged 90.83 points or 1.18% to 7,687.66, Nikkei 225 slipped 70.33 points or 0.19% to 37,870.26, Straits Times fell 41.95 points or 1.16% to 3,580.79 and KOSPI was down by 35.36 points or 1.36% to 2,596.32. On the flip side, Shanghai Composite strengthened 33.18 points or 1.15% to 2,896.31, Hang Seng advanced 128.54 points or 0.67% to 19,129.10 and Taiwan Weighted was up by 329.82 points or 1.45% to 22,761.60.

European markets were trading mostly in red; France’s CAC fell 37.04 points or 0.49% to 7,566.97 and Germany’s DAX was down by 95.59 points or 0.51% to 18,901.04. On the flip side, UK’s FTSE 100 was up by 6.83 points or 0.08% to 8,289.59.