Markets remain subdued in afternoon trade
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Markets remain subdued in afternoon trade
Indian bourses extended their losses and were trading with cut of over half a percent each in afternoon session as selling appeared in banking, auto and capital goods stocks with Sensex and Nifty tumbling by 315 and 87 points respectively. Sentiments were fragile despite S&P Global Ratings’ latest report stating that that India will be one of the fastest growing emerging market economies with a 10 percent growth in FY22, and future sovereign rating action would hinge on lowering fiscal deficit and sustaining debt burden. On the sectoral front, aviation stocks were in focus as the month of February has brought good news for Indian civil aviation as daily air passenger traffic has crossed the 300,000-mark for three consecutive days. On the global front, Asian markets were trading mixed as investors locked in profits on sectors that have outperformed recently in a sign of growing caution about the recent rally in global equities.
Back on street, in scrip specific developments, Indiamart Intermesh jumped after launch of QIP issue and Hatsun Agro Product gained on inaugurating 2500th HAP Daily Outlet. The BSE Sensex is currently trading at 51388.37, down by 315.46 points or 0.61% after trading in a range of 51369.30 and 51903.96. There were 11 stocks advancing against 19 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 0.66%, while Small cap index was up by 0.83%.
The top gaining sectoral indices on the BSE were Oil & Gas up by 4.52%, PSU up by 3.38%, Utilities up by 3.26%, Power up by 1.44% and Metal was up by 1.33%, while Bankex down by 1.17%, Auto down by 0.86%, Capital Goods down by 0.67%, Healthcare down by 0.66% and Telecom was down by 0.43% were the top losing indices on BSE.
The top gainers on the Sensex were ONGC up by 7.83%, Asian Paints up by 3.01%, NTPC up by 2.57%, Power Grid up by 2.00% and Indusind Bank was up by 1.45%. On the flip side, ICICI Bank down by 2.45%, Kotak Mahindra Bank down by 2.21%, HDFC down by 2.01%, Bajaj Finance down by 1.94% and Larsen & Toubro was down by 1.57% were the top losers.
Meanwhile, Commerce and Industry Minister Piyush Goyal has said that India will engage with the new United States Trade Representative (USTR) for a fresh trade package as both the countries would have to look afresh at different ideas. He said India and the US will have to see how their engagement in the future can address some of the problems they have seen in the past and prepare both the countries to meet the needs of their people. The remarks assume significance as both the countries were negotiating a mini-trade deal.
Goyal has stated that India is looking forward to work ‘very’ closely with the new US administration to strengthen economic ties. However, he said ‘we need to further our trade and economic engagement with greater degree of flexibility on both sides and with an open mind and open heart, understanding each others' imperatives, sensitivities’. He pointed out that trade between India and the US has grown exponentially, but still there is a lot to be desired and both sides would continue to engage to achieve $500 billion trade target.
Talking on reform measures announced in India, the minister said one specific ask of the US to increase the foreign direct investment FDI limit in insurance has been accepted. He said ‘we shall now have 74 per cent FDI permitted through the automatic route in insurance. I do hope we will see some fresh capital coming in and not people just selling old stakes and upping the foreign investor stakes. Because the purpose of increasing the cap was to help the insurance companies grow in India’.
The CNX Nifty is currently trading at 15121.25, down by 87.65 points or 0.58% after trading in a range of 15116.25 and 15250.75. There were 20 stocks advancing against 30 stocks declining on the index.
The top gainers on Nifty were GAIL India up by 7.63%, ONGC up by 7.48%, Indian Oil Corporation up by 4.16%, Coal India up by 2.81% and Asian Paints was up by 2.76%. On the flip side, ICICI Bank down by 2.73%, Shree Cement down by 2.26%, Eicher Motors down by 2.21%, Kotak Mahindra Bank down by 2.20% and Bajaj Finance was down by 2.09% were the top losers.
Asian markets were trading mixed; Straits Times trembled 12.47 points or 0.43% to 2,907.96, KOSPI fell 47.07 points or 1.50 % to 3,086.66, Nikkei 225 slipped 56.10 points or 0.19% to 30,236.09 and Hang Seng was down by 414.47 points or 1.33% to 30,670.47. On the flip side, Taiwan Weighted strengthened 62.22 points or 0.38% to 16,424.51, Jakarta Composite soared 25.71 points or 0.41% to 6,253.44 and Shanghai Composite was up by 14.35 points or 0.39% to 3,669.44.
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