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Indian equity markets continued to languish in red in afternoon trade following weak Asian peers. The 30 scrip sensitive index, Sensex, which currently is hurling below 59400 psychological level. While the widely followed index, Nifty, too trading below 17750 level. Traders were cautious as India reported its first case of coronavirus XE variant in Mumbai. The World Health Organization had flagged the emergence of a new coronavirus variant XE -- a hybrid of the BA.1 and BA.2 variations of Omicron. Sentiments were also fragile with private report stating that the yield on the 10-year government bond inched up to nearly 7 per cent ahead of the Reserve Bank of India’s (RBI) monetary policy review scheduled for Friday on fears that the central bank may raise the inflation forecast. However, downfall remain capped as government data showed exports of agricultural products from India crossed the $50 billion mark for the first time during the financial year 2021-22 on the back of healthy growth in the exports of sugar, rice, wheat and other cereals.

On the global front, Asian markets were trading mostly lower as traders were spooked by more aggressive noises from US policymakers about the need for tighter monetary policy, which also kept the dollar near a two-year peak. Back home, in scrip specific developments, YES Bank hits 52-week high as CARE Ratings upgrade outlook to 'positive' and Uma Exports clocks robust debut, lists at 18% premium against issue price.

The BSE Sensex is currently trading at 59376.07, down by 234.34 points or 0.39% after trading in a range of 59120.06 and 59466.24. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.60%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were Power up by 1.98%, Utilities up by 1.97%, Realty up by 1.43%, Bankex up by 0.85% and PSU was up by 0.68%, while Consumer Durables down by 0.89%, TECK down by 0.62%, Metal down by 0.49%, IT down by 0.48% and Capital Goods was down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 2.46%, ICICI Bank up by 1.82%, NTPC up by 1.70%, Indusind Bank up by 1.63% and Dr. Reddy's Lab was up by 1.00%. On the flip side, Titan Company down by 2.26%, HDFC down by 2.05%, Wipro down by 1.57%, HDFC Bank down by 1.38% and Reliance Industries was down by 1.35% were the top losers.

Meanwhile, Union Road Transport and Highways Secretary Giridhar Aramane has said that India's national highway construction slowed to 28.64 km a day in 2021-22. The pace of national highway (NH) construction in the country had touched a record 37 km per day in 2020-21.

Talking about the reasons for the slowing of the pace of highway construction, he said because of pandemic related disruptions and a longer-than-usual monsoon season in some part of the country, the pace of highway construction slowed down.

The Ministry of Road Transport and Highways (MoRTH) through its various implementing agencies has constructed 10,457 km of highways during the last financial year (2021-22), while highway projects of 12,731 km were awarded in the last financial year. The ministry has constructed 10,237 km in 2019-20, and 13,327 km in 2020-21. The National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation (NHIDCL) are primarily responsible for the construction of national highways and expressways across the country.

The CNX Nifty is currently trading at 17743.60, down by 64.05 points or 0.36% after trading in a range of 17672.30 and 17772.40. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 2.41%, Eicher Motors up by 1.70%, NTPC up by 1.70%, ICICI Bank up by 1.66% and Indusind Bank was up by 1.39%. On the flip side, Titan Company down by 2.37%, HDFC down by 2.11%, Wipro down by 1.63%, Hindalco down by 1.50% and Larsen & Toubro was down by 1.44% were the top losers.

Asian markets were trading mostly lower; Hang Seng decreased 236.15 points or 1.07% to 21,844.37, Shanghai Composite declined 33.40 points or 1.02% to 3,250.03, Nikkei 225 slipped 461.73 points or 1.69% to 26,888.57, KOSPI fell 35.41 points or 1.29% to 2,699.62, Straits Times trembled 19.83 points or 0.58% to 3,403.12 and Taiwan Weighted was down by 343.87 points or 1.96% to 17,178.63. On the flip side, Jakarta Composite was up by 17.86 points or 0.25% to 7,122.08.

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