Benchmarks trade at intraday lows in noon deals; Nifty breaches 7,900 mark

Indian equity benchmarks have extended their losses in noon deals to trade at intraday low levels with frontline gauges breaching their crucial 7,900 (Nifty) and 25,800 (Sensex) levels amid losses in the Asian peers after Bank of Japan left its main policies unchanged failing to enthuse the investors. Caution continues to envelop the D-Street ahead of the April F&O expiry due today. Traders shrugged off report that foreign direct investment (FDI) into the country has increased 37 percent after the launch of 'Make in India' programme till February this year. The overseas inflows grew 29 percent during the period compared to the 15-month period prior to the launch.

On the sectoral front, buying was seen in realty space on report suggesting that the BrihanMumbai Municipal Corporation (BMC) has recommended an increase in permissible floor space index (FSI) in Greater Mumbai. However, sugar stocks too remained under pressure after the government decided to allow states to impose and enforce stock limits to check the price rise in sugar. The broader indices too were reeling under pressure, while the market breadth on the BSE was negative; there were 862 shares on the gaining side against 1,388 shares on the losing side while 147 shares remain unchanged.

The BSE Sensex is currently trading at 25794.88, down by 269.24 points or 1.03% after trading in a range of 25794.64 and 26100.54. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.24%, while Small cap index down by 0.44%.

The only gaining sectoral indices on the BSE were Realty up by 2.24% and Telecom up by 0.09%, while FMCG down by 1.28%, Auto down by 1.15%, IT down by 1.07%, Oil & Gas down by 0.88% and TECK down by 0.87% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 0.64%, Lupin up by 0.46%, Bharti Airtel up by 0.44%, Cipla up by 0.02% and Coal India up by 0.00%. On the flip side, BHEL down by 2.74%, Mahindra & Mahindra down by 2.39%, ITC down by 1.83%, GAIL India down by 1.74% and HDFC down by 1.69% were the top losers.

Meanwhile, with an aim to boost rural economy and create a large number of jobs, Road Transport and Highways Minister Nitin Gadkari has said that the government plans to provide 'green canopy' on national highways at an estimated cost of Rs 5,000 crore and may link that with National Rural Employment Guarantee Act (NREGA).

Addressing a workshop on Greening of Highways, jointly organised by National Highways Authority of India (NHAI), along with The Energy and Resources Institute (TERI), Gadkari invited interested investors to take up experimental projects in the area of transplantation along national highways and said that if needed, the government will provide technology and financial support as well to the selected agency. The minister pointed out that the projects will be monitored through satellite technology with payments to be made only after the successful implementation.

Furthermore, Gadkari urged TERI to share their inputs on the transplantation techniques. NHAI on its part said that it has set aside one percent of its project cost for transplantation, plantation, beautification and maintenance of national highways. Talking about environmental benefits that will accrue from greening of highways, the minister urged the use of biofuels in machines to be employed in the project and organic fertilisers for transplanted trees.

So far, Gadkari said road contracts worth Rs 1.5 lakh crore have been awarded and the number would swell to Rs 2 lakh crore by next month. In total the government is going to award at least Rs 5 lakh crore worth of highways projects and Rs 5,000 crore would exclusively be meant for greening of highways and transplantation of trees.

The CNX Nifty is currently trading at 7,897.00, down by 82.90 points or 1.04% after trading in a range of 7907.70 and 7992.00. There were 7 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 2.68%, Idea Cellular up by 1.20%, Lupin up by 0.45%, TCS up by 0.43% and Bharti Airtel up by 0.19%. On the flip side, HCL Tech down by 3.56%, BHEL down by 2.62%, Mahindra & Mahindra down by 2.58%, Hindalco down by 2.21% and Tech Mahindra down by 2.03% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 tumbled 624.44 points or 3.61% to 16,666.05, Taiwan Weighted declined 89.18 points or 1.04% to 8,473.87, FTSE Bursa Malaysia KLCI decreased 16.04 points or 0.95% to 1,676.30, Shanghai Composite shed 15.11 points or 0.51% to 2,938.56, KOSPI Index dropped 14.47 points or 0.72% to 2,000.93 and Jakarta Composite was up by 6.19 points or 0.13% to 4,839.47. On the other hand, Hang Seng was up by 76.69 points or 0.36% to 21,438.29.