Key gauges trade marginally in red in morning deals

Indian equity benchmarks continued to trade marginally in red in morning deals, amid the weekly Nifty options expiry and anxiety ahead of the RBI policy meeting tomorrow.  Some concern also came after World Bank International Debt Report noted that India's total external debt has increased by $31 billion to $ 646.79 billion in 2023. The report further said that interest payment increased from $15.08 billion in 2022 to $ 22.54 billion in 2023. However, losses remain capped as traders took some support with the Organisation for Economic Co-operation and Development (OECD) stating that India will continue to grow at near 7 percent growth rates over the next two years, as strong investment and recovery in farm output help sustain the momentum. OECD in a report said strong investment is the main driver of this robust performance, with accelerating public infrastructure outlays. On the global front, Asian markets are trading mostly in green amid optimism about the outlook for interest rates following the release of some weaker than expected U.S. private sector employment data. 

The BSE Sensex is currently trading at 80855.74, down by 100.59 points or 0.12% after trading in a range of 80700.11 and 81198.87. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.07%, while Small cap index was up by 0.13%.

The top gaining sectoral indices on the BSE were Telecom up by 0.72%, TECK up by 0.62%, IT up by 0.58% and Consumer discretionary up by 0.09%, while Utilities down by 0.73%, Power down by 0.58%, Metal down by 0.37%, Realty down by 0.34% and Oil & Gas down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.01%, TCS up by 0.65%, SBI up by 0.51%, Tech Mahindra up by 0.38% and Ultratech Cement up by 0.32%. On the flip side, NTPC down by 1.53%, Power Grid Corporation down by 1.46%, JSW Steel down by 1.28%, Nestle down by 1.15% and Asian Paints down by 1.12% were the top losers.

Meanwhile, the Ministry of Consumer Affairs, Food and Public Distribution has said that the government is developing the National Legal Metrology Portal (eMaap) to ensure fair trade and consumer protection by streamlining processes for issuing licenses, conducting verifications and managing enforcement and compliance.

The eMaap will integrate State Legal Metrology Departments and their portals into a Unified National System for better enforcement and compliance. By creating a centralized database, eMaap eliminates the need for stakeholders to register on multiple State Portals, fostering ease of doing business and transparency in trade practices.

Presently, State Governments are using their own portals for the registration of packaged commodities, issuing licenses and verification/stamping of weighing & measuring instruments. However, the enforcement activities and compounding of offences, etc. are not online. Therefore, the Department of Consumer Affairs is integrating all the state portals into one as the National Legal Metrology Portal ‘eMaap’ which will include all functions of Legal Metrology including enforcement and help to get a unified database.

The CNX Nifty is currently trading at 24425.85, down by 41.60 points or 0.17% after trading in a range of 24368.40 and 24539.95. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 0.96%, TCS up by 0.65%, SBI up by 0.63%, Infosys up by 0.44% and Ultratech Cement up by 0.44%. On the flip side, Bajaj Auto down by 1.81%, NTPC down by 1.50%, SBI Life Insurance down by 1.42%, Power Grid Corporation down by 1.32% and Cipla down by 1.31% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 169.28 points or 0.43% to 39,445.67, Taiwan Weighted added 30.93 points or 0.13% to 23,286.26, Straits Times rose 41.72 points or 1.1% to 3,841.66 and Shanghai Composite strengthened 5.53 points or 0.16% to 3,370.18.

On the flip side, Hang Seng declined 195.45 points or 1% to 19,547.01, KOSPI dropped 10.17 points or 0.41% to 2,453.83 and Jakarta Composite plunged 27.87 points or 0.38% to 7,298.89.