Markets trim some losses in late afternoon session

The Indian equity benchmarks trimmed some of their losses in late afternoon session, but continued to trade below the neutral lines. Weakness was also visible in the broader markets with the BSE Mid-cap and the BSE Small-cap indices losing above a percent each in trade. Sentiments remained down-beat even after central bank chief has said that India's revival of economic activity is expected to be ‘unabated’, despite a rise in coronavirus infections in many areas and 2022 growth projections might not need to be cut. Sector wise, health sector remained in focus, as new regulator for the health sector, styled on the Real Estate Regulatory Authority (RERA), is expected to be set up soon, with Chief Economic Advisor K V Subramanian scheduled to make a presentation on the outlines of the proposal to the NITI Aayog next week. On the global front, Asian markets were trading mixed, as Chinese benchmarks stalled on concerns over big companies that might lose their listings on U.S. exchanges. European markets were trading mostly in red, as investors grew wary about the economic outlook following a new round of coronavirus restrictions in the euro zone and regulatory concerns hit Chinese stocks.

The BSE Sensex is currently trading at 48685.15, down by 495.16 points or 1.01% after trading in a range of 48236.35 and 49247.95. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.74%, while Small cap index was down by 1.39%.

The top losing sectoral indices on the BSE were Power down by 2.63%, Telecom down by 2.53%, Utilities down by 2.19%, FMCG down by 1.95% and Auto was down by 1.82%, while there were no gainers on sectoral indices on the BSE.

The top gainers on the Sensex were ICICI Bank up by 1.17%, Larsen & Toubro up by 1.03% and Indusind Bank up by 0.46%. On the flip side, Hindustan Unilever down by 2.95%, Maruti Suzuki down by 2.86%, NTPC down by 2.55%, ITC down by 2.34% and Bharti Airtel down by 2.27% were the top losers.

Meanwhile, listing notable initiatives of the Ministry of Road Transport and Highways which are environment friendly, Union Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari has stressed that the country needs development but there is a need to maintain ecology and environment, as well.The Minister talked about the key features of green highways, and said that these highways work towards goals of reduction in greenhouse gas emission, carbon footprint, and the use of non-renewable energy sources. Besides, Gadkari said that a Green Highway Mission has been constituted in NHAI, where plantation has been carried out along the highways.

Further, the Minister said that the Ministry is looking at ways to reduce use of cement and steel in road and bridge construction and new technology is being adopted by which one can avoid use of steel and cement. He also said that waste to wealth and waste to energy is one of the important sustainable solutions to tackle environmental issues. He said that the Government is working on priority for public transportation system on electricity.

The CNX Nifty is currently trading at 14400.75, down by 148.65 points or 1.02% after trading in a range of 14264.40 and 14575.60. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 2.95%, ICICI Bank up by 1.12%, Larsen & Toubro up by 0.87%, Cipla up by 0.39% and Indusind Bank up by 0.37%. On the flip side, Indian Oil down by 3.28%, Hindustan Unilever down by 2.98%, Maruti Suzuki down by 2.81%, BPCL down by 2.60% and NTPC down by 2.59% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 324.36 points or 1.14% to 28,729.88, Taiwan Weighted strengthened 28.02 points or 0.17% to 16,060.14, KOSPI rose 11.98 points or 0.4% to 3,008.33 and Straits Times was up by 10.20 points or 0.33% to 3,143.51. On the flip side, Shanghai Composite declined 3.47 points or 0.1% to 3,363.59, Hang Seng decreased 18.53 points or 0.07% to 27,899.61 and Jakarta Composite was down by 33.26 points or 0.54% to 6,122.88.

European markets were trading mostly in red, France’s CAC decreased 13.91 points or 0.23% to 5,933.38 and Germany’s DAX was down by 16.61 points or 0.11% to 14,593.78. On the flip side, UK’s FTSE 100 was up by 3.84 points or 0.06% to 6,716.73.