Indices add losses in morning deals

Indian equity benchmarks added losses in morning deals, dragged by losses in index majors Bajaj Finance, Maruti Suzuki and Kotak Mahindra Bank amid foreign fund outflow and a weak trend in global markets. Uncertainty in the markets continues with increasing risk arising from rising covid-19 infections in India in the context of a third wave in parts of Europe. Sentiments remained down-beat even as Fitch Ratings in its latest report has revised India's Gross domestic product (GDP) growth estimate to 12.8 percent for the next fiscal year beginning April 1 from its previous estimate of 11 percent. It also said that India's recovery from the depths of the lockdown-induced recession in 2020 (calendar year) has been swifter than expected. Meanwhile, the Comptroller and Auditor General of India (CAG) made a case for setting up a definite time-frame for roll out of simplified GST return forms as frequent deferments are resulting in delay in stabilisation of return filing system. On the global front, Asian markets were trading mostly in green despite a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage.

The BSE Sensex is currently trading at 48689.83, down by 490.48 points or 1.00% after trading in a range of 48625.21 and 49247.95. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.70%, while Small cap index was down by 1.61%.

The only gaining sectoral index on the BSE was Metal up by 0.13%, while Power down by 1.91%, Realty down by 1.77%, Auto down by 1.69%, Telecom down by 1.69% and Consumer Discretionary down by 1.42% were the top losing indices on BSE.

The top gainers on the Sensex were ONGC up by 0.95% and Larsen & Toubro up by 0.83%. On the flip side, Bajaj Finance down by 2.43%, Maruti Suzuki down by 2.30%, Kotak Mahindra Bank down by 1.67%, Bajaj Auto down by 1.64% and Ultratech Cement down by 1.60% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman said that the Finance Bill,2021 has some amendments aimed at achieving a reduction in compliance and improving ease of doing business.

She stated ‘the Finance Bill, 2021 doesn't envisage any increase in taxation particularly in direct taxes and income tax. It has some amendments towards achieving a reduction in compliance aimed at ease of doing business. An approach is similar for customs and indirect taxes.’

The Lok Sabha had passed the Finance Bill, 2021. The bill gives effect to the financial proposals of the central government for the financial year 2021-22. The passage of the Finance Bill by Parliament marks the completion of the budgetary process.

The CNX Nifty is currently trading at 14416.95, down by 132.45 points or 0.91% after trading in a range of 14395.45 and 14575.60. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were UPL up by 1.16%, Tata Steel up by 1.08%, Larsen & Toubro up by 1.05%, Grasim Industries up by 0.60% and ONGC up by 0.57%. On the flip side, Maruti Suzuki down by 2.42%, Bajaj Finance down by 2.25%, Tata Motors down by 2.12%, BPCL down by 2.00% and Eicher Motors down by 1.98% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 338.58 points or 1.19% to 28,744.10, Taiwan Weighted strengthened 26.49 points or 0.17% to 16,058.61, Straits Times advanced 10.49 points or 0.33% to 3,143.80, Hang Seng increased 10.12 points or 0.04% to 27,928.26 and KOSPI rose 8.74 points or 0.29% to 3,005.09.

On the flip side, Shanghai Composite declined 0.42 points or 0.01% to 3,366.64 and Jakarta Composite lost 57.86 points or 0.94% to 6,098.28.