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Indian equity benchmarks trimmed losses but continued their weak trade in the afternoon session as investors booked profits after three days of gains. Sentiments were under pressure as Federation of Indian Export Organisations (FIEO) said India’s exports growth may slow to 15-17.5% in FY23 but containment of Covid-19 through massive vaccination across the globe and creation of required capacity will be the decisive factors. However, markets trimmed some of its losses as India and Australia have decided to expedite the pace of negotiations to clinch an interim trade deal, which will be followed up with a broader free trade agreement (FTA).

On the global front, Asian markets were trading mostly higher as fears over the Omicron coronavirus variant faded and further positive economic data from the United States cheered investors. Back home, counters, which featured in the list of worst performers, include PSU, utilities and power. The broader indices too were reeling under pressure, while the market breadth on the BSE was negative; there were 1381 shares on the gaining side against 1833 shares on the losing side while 104 shares remain unchanged. Meanwhile, Data Patterns (India) shares began trading on the stock exchanges at a premium amid volatile market momentum. Data Patterns (India) has debuted at Rs 864.00 on the BSE, up by 279 points or 47.69% from its issue price of Rs 585.

The BSE Sensex is currently trading at 57048.87, down by 266.41 points or 0.46% after trading in a range of 56813.42 and 57623.69. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.94%, while Small cap index was down by 0.47%.

The few gaining sectoral indices on the BSE were IT up by 0.55%, TECK up by 0.39% and FMCG was up by 0.30%, while PSU down by 1.58%, Utilities down by 1.51%, Power down by 1.39%, Oil & Gas down by 1.37% and Bankex was down by 1.27% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 2.71%, Tech Mahindra up by 1.26%, ITC up by 0.78%, Asian Paints up by 0.64% and Nestle was up by 0.47%. On the flip side, NTPC down by 2.49%, Kotak Mahindra Bank down by 2.31%, Mahindra & Mahindra down by 1.82%, Bajaj Finserv down by 1.71% and Indusind Bank was down by 1.66% were the top losers.

Meanwhile, road transport and highways minister Nitin Gadkari said the government has issued an advisory to carmakers to introduce flexible-fuel engines in vehicles. Gadkari also said the government is working to encourage the use of green and alternative fuels.

He said ‘I signed a file on flex-fuel engines (to advise carmakers to manufacture flex-fuel engines). We have given them (carmakers) six months (to introduce flex-fuel engines in vehicles that can run on more than one fuel).’ Flex-fuel, or flexible fuel, is an alternative fuel made of a combination of gasoline and methanol or ethanol.

Further, he stated companies like TVS Motors and Bajaj Auto have already started producing flex-fuel engines for their two- and three-wheelers. Moreover, he said ‘Soon, four-wheeler vehicles will run on 100 per cent ethanol. So, we won't need petrol... And, the use of green fuel will save our money.’

The CNX Nifty is currently trading at 16985.55, down by 87.05 points or 0.51% after trading in a range of 16909.60 and 17155.60. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were HCL Tech up by 2.72%, SBI Life Insurance up by 2.12%, Tech Mahindra up by 1.24%, ITC up by 0.78% and Asian Paints was up by 0.54%. On the flip side, Grasim Industries down by 3.31%, NTPC down by 2.49%, Kotak Mahindra Bank down by 2.31%, ONGC down by 2.06% and Bajaj Finserv was down by 1.79% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite soared 19.32 points or 0.29% to 6,574.87, Hang Seng increased 30.12 points or 0.13% to 23,223.76, Taiwan Weighted strengthened 14.98 points or 0.08% to 17,961.64, KOSPI rose 14.26 points or 0.48% to 3,012.43 and Straits Times was up by 11.47 points or 0.37% to 3,108.28.

On the flip side, Shanghai Composite declined 28.26 points or 0.78% to 3,615.08 and Nikkei 225 was down by 15.78 points or 0.05% to 28,782.59.

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