Benchmarks turn negative in late afternoon session

Indian equity benchmarks erased all the gains to turn negative in late afternoon session. Both Sensex and Nifty were trading below their crucial 50,500 and 15,200 marks, respectively. HDFC Bank, Indusind Bank and Axis Bank were the prime losers among heavy-weights. Sentiment on the street weakened after private report cut India’s FY22 GDP growth estimate by a sharp 0.80 per cent to 9.2 per cent, saying the economic impact of the second wave of infections has been deeper than initially expected. It also mentioned that the slow pace of vaccinations in the country and the rolling lockdowns across many states for the estimate. Traders ignored report that India and Israel are implementing the ‘INDO-ISRAEL Agricultural Project Centres of Excellence” and “INDO-ISRAEL Villages of Excellence’. The work program will aim to grow existing Centres of Excellence, establish new centers, increase CoE’s value chain, bring the Centres of Excellence into the self-sufficient mode, and encourage private sector companies and collaboration.

On the global front, all Asian markets were trading higher, as inflation fears ease. European markets were trading higher as a billion-dollar deal combining two of Germany's biggest property developers and a rally in technology shares after soothing comments on inflation lifted investor sentiment.

The BSE Sensex is currently trading at 50,496.17, down by 155.73 points or 0.31% after trading in a range of 50514.36 and 50961.35. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.55%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.10%, Consumer Discretionary up by 0.93%, Metal up by 0.81%, IT up by 0.75% and TECK was up by 0.71%, while Bankex down by 1.34%, Power down by 0.89%, Energy down by 0.88%, Utilities down by 0.27% and Capital Goods was down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 3.13%, Titan Company up by 2.71%, ONGC up by 1.46%, Bajaj Finserv up by 1.29% and Power Grid up by 1.15%. On the flip side, HDFC Bank down by 2.38%, Indusind Bank down by 2.05%, Axis Bank down by 1.71%, Reliance Industries down by 1.18% and Kotak Mahindra Bank down by 0.82% were the top losers.

Meanwhile, taking forward the ever-growing partnership in agriculture, India and Israel have agreed to enhance their cooperation in agriculture and signed a three-year work program agreement for development in Agriculture cooperation, while affirming the ever-growing bilateral partnership and recognizing the centrality of agriculture and water sectors in the bilateral relationship.

India and Israel are implementing the “INDO-ISRAEL Agricultural Project Centres of Excellence” and “INDO-ISRAEL Villages of Excellence”. The work program will aim to grow existing Centres of Excellence, establish new centers, increase CoE’s value chain, bring the Centres of Excellence into the self-sufficient mode, and encourage private sector companies and collaboration.

As for the “INDO-ISRAEL Villages of Excellence”, this is a new concept aimed at creating a model ecosystem in agriculture across eight states, alongside 13 Centers of Excellence within 75 villages. The program will promote the increase of net income and better the livelihood of the individual farmer, transforming traditional farms into modern-intensive farms based on IIAP standards.

The CNX Nifty is currently trading at 15,166.25, down by 31.45 points or 0.21% after trading in a range of 15172.45 and 15293.85. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 3.06%, JSW Steel up by 2.82%, Titan Company up by 2.68%, Eicher Motors up by 1.81% and Britannia up by 1.51%. On the flip side, HDFC Bank down by 2.45%, Indusind Bank down by 2.11%, Axis Bank down by 1.74%, Reliance Industries down by 1.19% and Kotak Mahindra Bank down by 0.94% were the top losers.

All Asian markets were trading higher, Hang Seng increased 498.60 points or 1.75% to 28,910.86, Taiwan Weighted strengthened 257.38 points or 1.58% to 16,595.67, Nikkei 225 surged 189.37 points or 0.67% to 28,553.98, Shanghai Composite gained 84.06 points or 2.4% to 3,581.34, Jakarta Composite soared 52.21 points or 0.91% to 5,815.84, KOSPI rose 27.02 points or 0.86% to 3,171.32 and Straits Times was up by 20.40 points or 0.65% to 3,144.01.

European markets were trading higher, UK’s FTSE 100 increased 0.17 points or 0% to 7,051.76, France’s CAC increased 4.82 points or 0.08% to 6,413.31 and Germany’s DAX was up by 120.91 points or 0.78% to 15,558.42.