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 profit booking by fund and retail investors in the select stocks amid weak cues from the Asian markets. Further, cautiousness ahead of the fourth quarter results to be slated by some of the key largecap players too dented sentiment. However, losses remained capped with Niti Aayog Chief Executive Officer Amitabh Kant expressing confidence in the Indian economy said that the India will become $10 trillion economy by 2032 .He further added that 'If we achieve a $10 trillion economy target by 2032 by a 10% growth rate year-on-year, the compounding effect would be such that ours could be a $20-trillion economy in the next 6-7 years after 2032.

On the global front, Asian markets were trading mostly in red, as disappointing earnings from US blue-chip companies poured cold water on the rally that took off in March. Back home, broader markets are outperforming the benchmark indices. BSE Midcap and Smallcap indices were trading higher, up by 0.34% and 0.21% respectively. In scrip specific development, share of Sanghi Industries rallied over 7% after Piramal Enterprises invested Rs 256.5 crore in the company by subscribing to the cement maker’s non-convertible debentures. 

The BSE Sensex is currently trading at 25859.02, down by 21.36 points or 0.08% after trading in a range of 25771.88 and 25922.02. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.34%, while Small cap index up by 0.21%.

The top gaining sectoral indices on the BSE were Auto up by 0.85%, PSU up by 0.66%, Power up by 0.46%, Metal up by 0.41% and Bankex up by 0.32%, while Consumer Durables down by 0.89%, IT down by 0.29%, FMCG down by 0.19% and TECK down by 0.12% were the losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.88%, Maruti Suzuki up by 1.85%, SBI up by 1.80%, Tata Steel up by 1.72% and ONGC up by 1.62%. On the flip side, HDFC down by 1.92%, Asian Paints down by 1.54%, Hindustan Unilever down by 1.26%, Sun Pharma Inds. down by 1.17% and BHEL down by 0.66% were the top losers.

Meanwhile, expressing confidence in the Indian economy, Niti Aayog Chief Executive Officer Amitabh Kant has said that the India will become $10 trillion economy by 2032. He added that 'If we achieve a $10 trillion economy target by 2032 by a 10% growth rate year-on-year, the compounding effect would be such that ours could be a $20-trillion economy in the next 6-7 years after 2032. The 10% y-o-y growth is the biggest challenge.'

Kant presented to Prime Minister Narendra Modi an eight-point action plan that would help the country grow at 10 per cent per annum against its projected growth rate of 7.4 percent to achieve a $10 trillion economy by 2032. In his presentation Kant has projected creation of 175 million jobs and achieving zero per cent of Below Poverty Line (BPL) population by 2032.  But giving another scenario of a 7 per cent growth per annum, he said, this will make India a $6 trillion economy by the same year, create 115 million jobs. India presently is a $1.7 trillion economy.

The presentation was made on the status of implementation of reports of ‘Group of Secretaries’ formed by the Modi government. A total of eight Group of Secretaries were formed in December last year on focus areas. These eight groups had officers from different ministries. Further, there were 16 groups of Joint Secretaries who simultaneously worked on their focus area.

The CNX Nifty is currently trading at 7910.40, down by 1.65 points or 0.02% after trading in a range of 7873.35 and 7920.65. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bank of Baroda up by 2.25%, Aurobindo Pharma up by 1.98%, NTPC up by 1.88%, Tech Mahindra up by 1.86% and Maruti Suzuki up by 1.72%. On the flip side, HDFC down by 1.95%, Asian Paints down by 1.70%, Hindustan Unilever down by 1.40%, Sun Pharma Inds. down by 0.95% and Kotak Mahindra Bank down by 0.93% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 185.66 points or 0.86% to 21,436.59, Taiwan Weighted decreased 32.9 points or 0.38% to 8,535.75, KOSPI Index decreased 6.61 points or 0.33% to 2,015.49, FTSE Bursa Malaysia KLCI decreased 4.32 points or 0.25% to 1,717.15, Jakarta Composite decreased 2.71 points or 0.06% to 4,900.38 and Shanghai Composite decreased 0.66 points or 0.02% to 2,952.23, while Nikkei 225 increased 208.87 points or 1.2% to 17,572.49.