Bourses remain in red in late afternoon session

Indian equity markets continued to trade lower in late afternoon session ahead of key macroeconomic data i.e. inflation and Index of Industrial Production (IIP) data. Traders took note of report that Information and Broadcasting Minister Ashwini Vaishnaw has said that India will continue to grow at 6-8 per cent for the next five years due to the transformative changes ushered in by Prime Minister Narendra Modi in the face of global turmoil and geopolitical tensions. He said India's growth story was based on four pillars of massive public investments, focus on manufacturing and innovation, inclusive growth and simplification of laws.

On the global front, Asian markets were trading mixed as Chinese inflation data signaled continued demand weakness and political turmoil continued in South Korea after President Yoon survived impeachment. European markets were trading higher amid The European Central Bank (ECB) is expected to cut interest rates again this week. 

The BSE Sensex is currently trading at 81463.12, down by 246.00 points or 0.30% after trading in a range of 81411.55 and 81783.28. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.11%, while Small cap index was up by 0.29%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.95%, Industrials up by 0.87%, Consumer Durables up by 0.40%, Telecom up by 0.34% and Realty was up by 0.12%, while FMCG down by 2.11%, Energy down by 0.72%, Auto down by 0.59%, Oil & Gas down by 0.42% and Healthcare was down by 0.42% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.13%, Kotak Mahindra Bank up by 0.97%, HDFC Bank up by 0.75%, Tata Steel up by 0.64% and JSW Steel up by 0.43%. On the flip side, Hindustan Unilever down by 3.31%, Tata Motors down by 1.84%, Nestle down by 1.82%, Axis Bank down by 1.78% and ITC down by 1.50% were the top losers.

Meanwhile, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has said that India will soon emerge as the world leader in the maritime sector as it multiplies its cargo handling capacity in ports and builds a robust shipping building and repairs ecosystem.

While addressing at the silver jubilee celebrations of the Kamarajar Port trust in Chennai, Minister said by 2047, India will be among the top ten maritime nations in the world. He said the port marked a significant step in decongesting Chennai Port by fostering efficient coal handling with possibilities of future expansion. 

Besides, Sonowal pointed out that the timely implementation of infrastructural projects taken up by the Shipping Ministry has led to faster completion of flagship programmes, and noted that quality has also been a focus area when development projects are rolled out. 

The CNX Nifty is currently trading at 24600.30, down by 77.50 points or 0.31% after trading in a range of 24580.05 and 24705.00. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 2.09%, SBI Life up by 1.38%, Kotak Mahindra Bank up by 0.92%, HDFC Bank up by 0.79% and HDFC Life Insurance up by 0.75%. On the flip side, Tata Consumer down by 4.21%, Hindustan Unilever down by 3.31%, Nestle down by 1.89%, Tata Motors down by 1.86% and Britannia down by 1.73% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 548.24 points or 2.69% to 20,414.09, Taiwan Weighted added 79.98 points or 0.34% to 23,273.25, Nikkei 225 surged 69.33 points or 0.18% to 39,160.50 and Jakarta Composite was up by 52.15 points or 0.7% to 7,434.94. On the flip side, Straits Times fell 1.14 points or 0.03% to 3,795.02, Shanghai Composite weakened 1.55 points or 0.05% to 3,402.53 and KOSPI was down by 67.58 points or 2.86% to 2,360.58.

European markets were trading higher; UK’s FTSE 100 increased 24.74 points or 0.3% to 8,333.35, France’s CAC rose 58.21 points or 0.78% to 7,485.09 and Germany’s DAX was up by 21.84 points or 0.11% to 20,406.45.