Markets trade marginally in red in early noon session

Indian equity benchmarks continued to trade marginally in red in early noon session, on account of selling by fund and retail investors in some select stocks amid weak cues from the global market. Sentiment was dampened as investors await release of the macroeconomic data --IIP and CPI due tomorrow and the fourth quarter earnings kickstarting from Friday with IT giant Infosys. Further, sustained capital outflows by foreign funds and volatility in the oil and commodity segments, too dented sentiment. However, the broader market is outperforming with Midcap and Smallcap indices trading up by 0.46% and 0.44% respectively.

On the global front, Asian markets were trading mostly in red as consumer prices of china were steady but wholesale prices fell in March. Back home, market breadth was strong with 1199 gainers and 1034 losers. In scrip specific development, share of Rupa & Company zoomed 20% after the company’s subsidiary Oban Fashions has acquired the exclusive licence from French Connection to manufacture and market innerwear and related products with the brand name 'FCUK' in India.

The BSE Sensex is currently trading at 24645.22, down by 28.62 points or 0.12% after trading in a range of 24600.65 and 24791.36. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.46%, while Small cap index up by 0.44%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.22%, Realty up by 1.27%, Power up by 1.15%, Metal up by 0.59% and Oil & Gas up by 0.57%, while FMCG down by 0.81%, IT down by 0.36% and Bankex down by 0.19% were the losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.90%, Adani Ports &Special up by 2.67%, BHEL up by 2.08%, Tata Motors up by 1.26% and NTPC up by 1.25%. On the flip side, Lupin down by 1.91%, Cipla down by 1.25%, Mahindra & Mahindra down by 1.13%, Dr. Reddys Lab down by 1.13% and HDFC Bank down by 1.01% were the top losers.

Meanwhile, Road Transport, Highways and Shipping Minister Nitin Gadkari has said that at least one crore jobs will be created in shipping and port sector in the next four to five years under government's ambitious Sagarmala project. The jobs will include 40 lakh direct and 60 lakh indirect employment.

Sagarmala project aims to promote port-led development in the country by harnessing India's 7,500-km long coastline, 14,500-km of potentially navigable waterways and strategic location on key international maritime trade routes. Gadkari said that the government has identified over 150 projects under its ambitious 'Sagarmala' initiative.

The minister further said “Maritime India Summit is being organised in Mumbai from April 14 to 16 to harness India's immense opportunities in the maritime sector. In line with Prime Minister Narendra Modi's announcements that port sector can propel our economic growth, we are making all efforts to exploit its immense potential”.

The CNX Nifty is currently trading at 7549.65, down by 5.55 points or 0.07% after trading in a range of 7534.95 and 7580.80. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.74%, Idea Cellular up by 2.89%, Adani Ports &Special up by 2.53%, Hindalco up by 2.17% and BHEL up by 1.91%. On the flip side, Lupin down by 2.06%, Dr. Reddys Lab down by 1.28%, Grasim Industries down by 1.26%, Cipla down by 1.18% and HDFC Bank down by 1.04% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 decreased 66.19 points or 0.42% to 15,755.33, Jakarta Composite decreased 48.14 points or 0.99% to 4,798.56, FTSE Bursa Malaysia KLCI decreased 4.72 points or 0.27% to 1,713.68 and KOSPI Index decreased 1.68 points or 0.09% to 1,970.37, while Taiwan Weighted increased 21.09 points or 0.25% to 8,562.59, Hang Seng increased 25.81 points or 0.13% to 20,396.21 and Shanghai Composite increased 58.77 points or 1.97% to 3,043.73.