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Benchmarks continue to trade in negative zone

Indian equity benchmarks continued to show a sluggish trend in afternoon session, with Sensex and Nifty trading below their psychological levels of 51300 and 15100, respectively. Traders failed to get any sense of relief with Agriculture Minister Narendra Singh Tomar’s statement that the government has been pursuing the target of doubling farmers' income by 2022 and several interventions taken are showing a ‘positive impact’. He also said the government has adopted several developmental programmes, schemes, reforms and policies that focus on higher incomes for the farmers. On the global front, Asian markets were trading mostly higher amid upbeat earnings, hopes of a large fiscal stimulus programme in the United States and progress in vaccinations fanned optimism about a global recovery from the coronavirus pandemic. Traders were seen in selling position for telecom, capital goods and energy stocks, while buying was witnessed in realty, basic materials and metal stocks.

The BSE Sensex is currently trading at 51236.12, down by 92.96 points or 0.18% after trading in a range of 50965.22 and 51512.86. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.51%, while Small cap index was up by 0.32%.

The top gaining sectoral indices on the BSE were Realty up by 1.49%, Basic Materials up by 0.50%, Metal up by 0.50%, Utilities up by 0.48% and Consumer Discretionary up by 0.36%, while Telecom down by 1.42%, Capital Goods down by 0.70%, Energy down by 0.57%, Industrials down by 0.45%, Bankex down by 0.45% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.66%, Mahindra & Mahindra up by 1.22%, HDFC up by 0.97%, Bajaj Finance up by 0.93% and TCS was up by 0.87%. On the flip side, Titan Company down by 1.37%, Bharti Airtel down by 1.30%, Axis Bank down by 1.27%, Larsen & Toubro down by 1.17% and Indusind Bank was down by 1.07% were the top losers.

Meanwhile, automobile dealers' body the Federation of Automobile Dealers Associations (FADA) has said that passenger vehicle (PV) retail sales witnessed a year-on-year decline of 4.46 percent to 2,81,666 units in January 2021, as semiconductor shortage impacted the segment. PV sales stood at 2,94,817 units in January 2020.

Two-wheeler sales declined 8.78 percent to 11,63,322 units in January 2021, as compared to 12,75,308 units in January 2020. Commercial vehicle sales also slipped 24.99 percent to 55,835 units, as against 74,439 units a year ago. Similarly, three-wheeler sales fell 51.31 percent to 31,059 units last month, from 63,785 units in the year-ago period.

However, tractor sales grew by 11.14 percent to 60,754 units last month, against 54,662 units in the same month the previous year. Total sales across categories declined 9.66 percent to 15,92,636 units last month compared to 17,63,011 units in the year-ago period.

The CNX Nifty is currently trading at 15082.20, down by 27.10 points or 0.18% after trading in a range of 15006.10 and 15168.25. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 3.46%, HDFC Life Insurance up by 2.31%, SBI Life Insurance up by 2.19%, Grasim Industries up by 2.03% and GAIL India was up by 1.95%. On the flip side, Adani Ports down by 3.23%, Bharti Airtel down by 1.54%, Axis Bank down by 1.45%, Titan Company down by 1.34% and Dr. Reddys Lab was down by 1.22% were the top losers.

Asian markets were trading mostly higher; Nikkei 225 surged 57.00 points or 0.19% to 29,562.93, Hang Seng increased 504.65 points or 1.71% to 29,980.84, Shanghai Composite gained 50.08 points or 1.39% to 3,653.57, Jakarta Composite soared 8.91 points or 0.14% to 6,190.58 and KOSPI was up by 15.91 points or 0.52% to 3,100.58. On the flip side, Straits Times trembled 6.62 points or 0.23% to 2,928.65.

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