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Key Indian benchmarks continue to trade flat in negative terrain in noon session, with the Sensex losing over 21 points and Nifty falling below the 15750 level. Traders were worried as foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 4,502.25 crore on June 14, data available with NSE suggested. However, downside remained capped as Chief Economic Adviser (CEA) V Anantha Nageswaran said India would become a $5 trillion economy by 2026-27 and $10 trillion by 2033-34. Nageswaran said India is relatively better placed than other emerging economies. On the sectoral front, telecom will be in focus government cleared the auction for 5G airwaves paving the way for auction and commercial launch of next generation telecom services this year. On the global front, Asian markets were trading mixed ahead of the Federal Reserve’s decision of how severely it will hike interest rates to curb inflation in the United States.

The BSE Sensex is currently trading at 52672.36, down by 21.21 points or 0.04% after trading in a range of 52538.51 and 52819.79. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.56%, while Small cap index was up by 0.67%.

The top gaining sectoral indices on the BSE were Auto up by 1.17%, Consumer Discretionary up by 0.78%, Industrials up by 0.74%, Consumer Durables up by 0.56% and Capital Goods was up by 0.52%, while Energy down by 0.35%, Metal down by 0.31%, FMCG down by 0.26%, TECK down by 0.24%, Oil & Gas down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.40%, Bajaj Finance up by 1.43%, SBI up by 1.43%, Mahindra & Mahindra up by 1.15% and Titan Company was up by 0.99%. On the flip side, Tata Steel down by 3.34%, Hindustan Unilever down by 1.48%, NTPC down by 0.99%, HDFC down by 0.76% and Tech Mahindra was down by 0.75% were the top losers.

Meanwhile, S&P Global Commodity Insights in a note has said that India's fuel consumption was up 860,000 barrels per day or 22 per cent year-on-year in May 2022 from a low base in 2021. It said the demand for May was some 80,000 barrel higher than its growth forecast, partly due to stronger-than-expected demand for transportation and the government's announcement of a cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre, which provided some support for demand.

The note stated that on a year-on-year basis, demand growth was driven by diesel, petrol and other minor products, which were up 416,000 barrels per day, 282,000 barrels per day and 161,000 barrels per day, respectively. Kerosene/jet fuel and fuel oil also posted positive growth, rising 67,000 barrels and 25,000 barrels, respectively. But growth was partially offset by naphtha, which fell 95,000 barrels per day, with LPG demand remaining steady.

It further said the new tax regime on petrol and diesel could result in a loss of about Rs 1 trillion to the government in annual revenue due to the lower collection. The more immediate problem is sky-high inflation and the pressure being put on the Reserve Bank of India (RBI) to raise its policy interest rate and tighten monetary conditions.

The CNX Nifty is currently trading at 15727.25, down by 4.85 points or 0.03% after trading in a range of 15683.30 and 15780.15. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 3.24%, Tata Motors up by 2.05%, Hero MotoCorp up by 1.94%, Grasim Industries up by 1.64% and Bajaj Finance was up by 1.41%. On the flip side, Tata Steel down by 3.39%, Hindustan Unilever down by 1.44%, ONGC down by 1.44%, NTPC down by 1.19% and Coal India was down by 1.12% were the top losers.

Asian markets were trading mixed; Taiwan Weighted dropped 48.12 points or 0.3% to 15,999.25, KOSPI fell 45.61 points or 1.83% to 2,447.36, Nikkei 225 slipped 303.70 points or 1.14% to 26,326.16 and Jakarta Composite was down by 72.92 points or 1.03% to 6,976.96. On the other side, Straits Times advanced 15.06 points or 0.48% to 3,123.95, Hang Seng increased 315.11 points or 1.5% to 21,383.10 and Shanghai Composite was up by 50.03 points or 1.52% to 3,338.94.

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