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Indian equity benchmarks trimmed some of their losses in afternoon session, but continue to trade below the neutral lines with Sensex and Nifty trading below 48,600 and 14,650 levels, respectively. Traders were worried as COVID data continues to be grim and the consequent extensions of lockdowns in many states mean growth. Reports that earnings in Q1 FY22 will be lower than initial estimates, also weigh down sentiments. However, downfall remain capped as a private report stated that the value of foreign portfolio investors' (FPI) holdings in domestic equities reached $552 billion in three months to March 2021, a surge of 7 per cent from the preceding quarter. This was largely on the back of robust net inflows from FPIs, coupled with a strong performance of the Indian equity markets.

On the global front, Asian markets were trading mostly higher with the firmer US stock markets overnight followed by the better-than-expected weekly labor market data. Back home, the market breadth remained pessimistic, as there were 1714 shares on the losing side against 1206 shares on the gaining side, while 153 shares remained unchanged.

The BSE Sensex is currently trading at 48595.52, down by 95.28 points or 0.20% after trading in a range of 48473.43 and 48898.93. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 1.16%, while Small cap index was down by 1.25%.

The only gaining sectoral indices on the BSE were FMCG was up by 1.54%, while Metal down by 4.86%, Realty down by 2.89%, Basic Materials down by 2.44%, Utilities down by 2.23% and PSU was down by 2.13% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 8.49%, ITC up by 3.66%, Nestle up by 1.94%, Hindustan Unilever up by 1.59% and Dr. Reddys Lab was up by 0.93%. On the flip side, Mahindra & Mahindra down by 2.29%, ONGC down by 2.00%, NTPC down by 1.81%, Tech Mahindra down by 1.74% and Indusind Bank was down by 1.72% were the top losers.

Meanwhile, in order to guard domestic manufacturers from cheap inbound shipments, the commerce ministry recommended imposition of anti-dumping duty on a certain type of rubber imported from China, European Union, Japan, and Russia. Directorate General of Trade Remedies (DGTR) has recommended the duty after concluding in its probe that 'Acrylonitrile Butadiene Rubber' from these regions has been exported at dumped prices into India, which impacted the domestic industry.

DGTR has said ‘The authority recommends imposition of definitive anti-dumping duties on import of subject goods originating in or exported from subject countries’. The recommended duty is the difference between the landed value of the product and $2,086 per tonne. Apcotex Industries had filed an application before the directorate for imposition of anti-dumping duty on the imports. It had alleged that dumping of the product from these countries are impacting the domestic industry.

The product is used in the manufacture of various rubber articles where resistance to oil, abrasion and heat applications are involved, such as oil seals, hoses, automotive products, gaskets, rice dehusking rolls, printers, and fabrics. In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market. Dumping impacts the price of that product in the importing country, hitting margins and profits of manufacturing firms.

The CNX Nifty is currently trading at 14637.70, down by 58.80 points or 0.40% after trading in a range of 14591.90 and 14749.65. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 8.36%, UPL up by 7.71%, ITC up by 3.54%, Britannia Inds up by 1.96% and Nestle was up by 1.90%. On the flip side, Hindalco down by 6.96%, Tata Steel down by 4.38%, Coal India down by 4.36%, Grasim Industries down by 3.29% and Tata Motors was down by 3.25% were the top losers.

Asian markets were trading mostly higher; Taiwan Weighted strengthened 156.99 points or 1% to 15,827.09, Nikkei 225 surged 636.46 points or 2.32% to 28,084.47, KOSPI rose 31.21 points or 1% to 3,153.32, Hang Seng increased 251.82 points or 0.91% to 27,970.49 and Shanghai Composite was up by 55.30 points or 1.61% to 3,484.84. On the other hand, Straits Times was down by 90.88 points or 2.91% to 3,032.38.

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