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Indian bourses extended their losses in afternoon session with Sensex and Nifty trading down by 290 and 85 points respectively. Investors were concerned with private report stating that the India's retail inflation likely to accelerate to seven-month high in June on rising food and fuel prices, staying above the Reserve Bank of India's comfort zone for a second straight month. While many of India's states have eased restrictions imposed to contain the coronavirus, supply-side disruptions remain and higher taxes on petroleum products continue to exert upward pressure on inflation. Some anxiety also came as Fitch Ratings cut India's growth forecast to 10 per cent for the current financial year (FY22), from 12.8 per cent estimated earlier, due to slowing recovery post-second wave of COVID-19. Stocks from Utilities, Power and Consumer Durables counters were trading lower, while Metal, Auto and Energy counters were supporting the markets.

On the global front, Asian markets were trading mostly lower as investors sold shares caught in a widening Chinese tech crackdown, while a surprising hint at monetary easing in China raised questions about the strength of the global pandemic recovery. Back home, in scrip specific developments shares of Tata Consultancy Services (TCS) and Shyam Metalics and Energy will be in lime light as these companies are going to release their June quarter earnings (Q1) today.

The BSE Sensex is currently trading at 52764.19, down by 290.57 points or 0.55% after trading in a range of 52738.83 and 53103.03. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.11%, while Small cap index was up by 0.27%.

The top gaining sectoral indices on the BSE were Utilities up by 0.86%, Power up by 0.46%, Consumer Durables up by 0.34%, Realty up by 0.16% and Telecom was up by 0.15%, while Metal down by 0.93%, Auto down by 0.71%, Energy down by 0.61%, Oil & Gas down by 0.57% and Bankex was down by 0.57% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 0.92%, NTPC up by 0.60%, Titan Company up by 0.37%, HDFC up by 0.31% and Ultratech Cement was up by 0.18%. On the flip side, Bajaj Auto down by 2.39%, Sun Pharma down by 1.46%, Hindustan Unilever down by 1.06%, ICICI Bank down by 1.02% and Infosys was down by 0.87% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has called for a services trade agreement among friendly nations of the Indo-Pacific region as it can help liberalise domestic regulations and build capacity in sectors like e-commerce and IT. He also said India's trade with select Indo-Pacific economies increased to $262 billion in 2020 from $33 billion in 2001. However, he said, non-tariff measures act as major trade barriers in the region.

Goyal has stated that trade facilitation can ease the cross-border movement of goods. India's key exports to the region include petroleum, diamonds, medicines and light vessels. Its imports comprise coal, petroleum, palm oil, and telecom equipment. He also said India has taken several measures, resulting in the simplification and rationalisation of many existing rules and regulations.

Further, the minister said the supply chain resilience initiative launched in September 2020 by trade ministers from India, Australia and Japan is a firm step towards building resilient supply chains. He said ‘we hope to be able to invite other countries to join us in this very important initiative. Our economic future in the Indo-Pacific region will largely be defined by our capacity to build on blue economy potential, regional economic integration and improving connectivity to promote regional trade.'

The CNX Nifty is currently trading at 15794.15, down by 85.50 points or 0.54% after trading in a range of 15778.85 and 15885.75. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Shree Cement up by 1.12%, Indusind Bank up by 0.78%, NTPC up by 0.68%, Titan Company up by 0.29% and HDFC was up by 0.28%. On the flip side, Bajaj Auto down by 2.36%, Tata Motors down by 1.78%, JSW Steel down by 1.49%, Hindalco down by 1.44% and ONGC was down by 1.38% were the top losers.

Asian markets were trading mostly red, KOSPI fell 32.66 points or 0.99% to 3,252.68, Straits Times trembled 18.85 points or 0.6% to 3,122.75, Nikkei 225 slipped 248.92 points or 0.88% to 28,118.03, Hang Seng decreased 705.31 points or 2.52% to 27,255.31, Shanghai Composite declined 25.25 points or 0.71% to 3,528.47.

On the flip side, Jakarta Composite soared 8.63 points or 0.14% to 6,052.67 and Taiwan Weighted was up by 15.40 points or 0.09% to 17,866.09.

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