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In line with Asian peers, the Indian equity benchmarks continued to show a sluggish trend in afternoon session, with Sensex and Nifty trading below their psychological levels of 49,500 and 14,650 respectively. Sentiments were under pressure amid fears that authorities may tighten restrictions further as covid-19 cases continue to surge. According to reports, Maharashtra chief minister Uddhav Thackeray has called a cabinet meeting later today to discuss the covid-19 situation in the state. However, markets trimmed some losses as Minister of State for Finance and Corporate Affairs Anurag Thakur states that increased economic activities have resulted in higher GST collection which stood above Rs 1 lakh crore for five months in a row since October 2020. On the sectoral front, banking stocks were trading lower as Supreme Court refused to grant interest waivers and extend the moratorium period.

On the global front, Asian markets were trading lower after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery. Back on street, metal index emerging as the top loser, down by over 2% followed by banking and PSU indices among others. Besides, broader indices were also trading in red, dragging their larger peers lower during the trade.

The BSE Sensex is currently trading at 49474.29, down by 577.15 points or 1.15% after trading in a range of 49253.36 and 49854.58. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.64%, while Small cap index was down by 0.50%.

The few gaining sectoral indices on the BSE were Healthcare up by 0.66%, Utilities up by 0.25% and Power was up by 0.11%, while Metal down by 2.03%, Bankex down by 1.79%, PSU down by 1.50%, Realty down by 1.49% and Auto was down by 1.47% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 1.73%, Sun Pharma up by 1.23%, Power Grid up by 1.23%, Dr. Reddys Lab up by 1.01% and Titan Company was up by 0.24%. On the flip side, ONGC down by 3.69%, SBI down by 2.48%, Mahindra & Mahindra down by 2.41%, ICICI Bank down by 2.37% and Axis Bank was down by 2.35% were the top losers.

Meanwhile, amidst outcry over high taxes on motor fuel, Finance Minister Nirmala Sitharaman has said that she would be glad to discuss the suggestion of bringing petrol and diesel under the ambit of the Goods and Services Tax (GST) at the next meeting of the GST Council.

Sitharaman has stated that state levies and central excise duty account for more than half of the retail selling prices of petrol and diesel. For instance, taxes make up for 60 per cent of the present retail price of petrol of Rs 91.17 a litre in Delhi. Excise duty constitutes 36 per cent of the retail price. Over 53 per cent of the retail selling price of Rs 81.47 a litre for diesel in Delhi is made up of taxes. As much as 39 per cent of the retail price comprises central excise.

The minister said both the centre as well as state governments levy taxes on petrol and diesel. However, the Centre shares its collection on the fuel with states. The GST Council, headed by Union Finance Minister and comprising state finance ministers, is the highest decision making body regarding GST.

The CNX Nifty is currently trading at 14645.35, down by 169.40 points or 1.14% after trading in a range of 14579.05 and 14752.35. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Cipla up by 1.91%, Asian Paints up by 1.71%, Power Grid up by 1.44%, Sun Pharma up by 1.20% and Dr. Reddys Lab was up by 0.92%. On the flip side, Hindalco down by 3.59%, ONGC down by 3.59%, Tata Steel down by 3.59%, SBI down by 2.44% and Axis Bank was down by 2.42% were the top losers.

Asian markets were trading lower; Taiwan Weighted dropped 145.47 points or 0.9% to 16,032.12, Hang Seng decreased 626.06 points or 2.2% to 27,871.32, Shanghai Composite declined 41.56 points or 1.22% to 3,369.95, Jakarta Composite lost 76.53 points or 1.22% to 6,176.18, KOSPI fell 8.39 points or 0.28% to 2,996.35, Nikkei 225 slipped 590.40 points or 2.04% to 28,405.52 and Straits Times was down by 7.46 points or 0.24% to 3,124.28.