Benchmarks add losses to remain in red

Indian equity benchmarks continued to show a sluggish trend in late afternoon session, with losses of over one percent each. The broader indices, BSE mid cap and small cap indices are also trading in red. Bajaj Finance, Titan Company and Mahindra & Mahindra were the top losers on the Sensex. Traders were concerned, as World Bank said India is likely to record its worst growth performance since the 1991 liberalisation this fiscal year as the coronavirus outbreak severely disrupts the economy. Adding some worries on the street, RBI data showed that the country's foreign exchange reserves declined by $902 million to $ 474.66 billion in the week to April 3 due to a fall in foreign currency assets. Sector wise, banking stocks remained in focus, as RBI data showed that bank credit growth decelerated to an over five-decade low of 6.14 percent in the fiscal ended March 31, 2020, amid a faltering economy, lower demand and risk aversion among banks.

On the global front, European markets closed on the account of Easter hoilday. Back home, traders were cautious with rising coronavirus cases in India. According to the Worldometer, in the country, the confirmed coronavirus cases jumped to 9,205 and the death toll mounted to 331 so far.

The BSE Sensex is currently trading at 30603.73, down by 555.89 points or 1.78% after trading in a range of 30474.15 and 31195.72. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.19%, while Small cap index was down by 0.67%.

The top gaining sectoral indices on the BSE were Telecom up by 4.93%, Capital Goods up by 2.00%, Healthcare up by 1.78%, Basic Materials up by 1.46% and Industrials was up by 0.94%, while Realty down by 5.60%, Consumer Durables down by 4.22%, Auto down by 3.44%, Consumer Discretionary down by 3.10% and Energy was down by 2.49% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 5.20%, Larsen & Toubro up by 4.20%, Ultratech Cement up by 4.19%, Sun Pharma up by 2.53% and Indusind Bank up by 1.44%. On the flip side, Bajaj Finance down by 9.61%, Titan Company down by 5.15%, Mahindra & Mahindra down by 4.84%, Maruti Suzuki down by 4.01% and Tech Mahindra down by 3.92% were the top losers.

Meanwhile, a day after Federation of Indian Export Organisations (FIEO) warned of 15 million job losses unless an immediate incentive package is announced by the government, the Commerce Ministry has said that it has taken several measures to address hardships faced by exporters due to COVID-19 pandemic.The steps enlisted by the ministry included extensions of foreign trade policy by one year, export obligation under advance authorisation and export promotion capital goods scheme, the validity of registration cum membership certificate, last date for filing claims under services and goods export from India schemes, for filing RoSCTL (rebate of state and central taxes and levies) claims, valid period of all status holder certificates, and replenishment scheme for gems and jewellery.

The Commerce Ministry also underlined the steps taken to facilitate units in special economic zones like extensions have been given filing quarterly progress report, annual performance reports, and permission to take desktop/laptop outside SEZs by IT and non IT units. For agri exporters, it said that certification bodies have been advised to extend the validity of organic certificates, and registration of packhouses.

The CNX Nifty is currently trading at 8982.80, down by 129.10 points or 1.42% after trading in a range of 8912.40 and 9112.05. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 5.07%, Ultratech Cement up by 5.02%, Dr. Reddys Lab up by 4.60%, Larsen & Toubro up by 4.34% and Hindalco up by 3.49%. On the flip side, Zee Entertainment down by 10.54%, Bajaj Finance down by 9.28%, Bajaj Finserv down by 5.24%, Titan Company down by 4.94% and Mahindra & Mahindra down by 4.56% were the top losers.