Bourses add losses in late afternoon session

The Indian equity benchmarks added losses in late afternoon session, with Sensex and Nifty falling above 100 and 40 points, respectively. Selling was witnessed in Oil & Gas, Utilities and IT sectors’ stocks. Sentiments remained down-beat as credit rating agency, Moody's Investors Service in its latest report has slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. On the sectoral front, auto sector remains in focused, as domestic ratings agency ICRA in its latest report has said that Auto component industry is likely to witness a 70 percent decline in operating profits during first quarter of current financial year (Q1 FY22) due to disruptions caused by the second wave of COVID-19.

On the global front, Asian markets were trading mostly in green with testimony from US Federal Reserve chair Jerome Powell providing investors with reassurance that the central bank has an eye on inflation but is not hastening to hike rates. European markets were trading mostly in red with fresh data showing eurozone business activity growing at the fastest rate in 15 years, while U.S. equity futures inched up. Shares of Pernod Ricard rose after an upbeat forecast.

The BSE Sensex is currently trading at 52,440.81, down by 147.9 points or 0.28% after trading in a range of 52351.05 and 52912.35. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.11%, while Small cap index was up by 0.08%.

The top gaining sectoral indices on the BSE were Auto up by 0.97%, Consumer Durables up by 0.84%, Realty up by 0.65%, Consumer Discretionary up by 0.53% and PSU was up by 0.50%, while Oil & Gas down by 0.88%, Utilities down by 0.70%, IT down by 0.52%, Energy down by 0.49% and TECK was down by 0.47% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.75%, Bajaj Finserv up by 1.80%, Titan Company up by 1.30%, SBI up by 1.28% and Ultratech Cement up by 0.99%. On the flip side, Kotak Mahindra Bank down by 1.16%, TCS down by 0.72%, HDFC down by 0.69%, Larsen & Toubro down by 0.60% and HCL Tech. down by 0.52% were the top losers.

Meanwhile, credit rating agency, Moody's Investors Service in its latest report has slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter.

Moody's further said that high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough.

Earlier this month, Moody's had projected India to clock a 9.3 per cent growth in the current fiscal ending March 2022, but a severe second COVID wave has increased risks to India's credit profile and rated entities.

The CNX Nifty is currently trading at 15,726.50, down by 46.25 points or 0.29% after trading in a range of 15702.55 and 15862.95. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 2.73%, Bajaj Finserv up by 1.68%, Eicher Motors up by 1.39%, SBI up by 1.06% and Titan Company up by 1.05%. On the flip side, Wipro down by 2.47%, Adani Ports down by 2.34%, Shree Cement down by 1.38%, TCS down by 1.06% and Kotak Mahindra Bank down by 1.05% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 507.31 points or 1.79% to 28,817.07, Taiwan Weighted strengthened 261.16 points or 1.53% to 17,336.71, Straits Times advanced 16.91 points or 0.54% to 3,126.11, KOSPI rose 12.31 points or 0.38% to 3,276.19 and Shanghai Composite was up by 8.81 points or 0.25% to 3,566.22. On the flip side, Nikkei 225 slipped 9.24 points or 0.03% to 28,874.89 and Jakarta Composite was down by 53.30 points or 0.88% to 6,034.54.

European markets were trading mostly in red, France’s CAC decreased 22.98 points or 0.35% to 6,588.52 and Germany’s DAX was down by 58.64 points or 0.38% to 15,577.69. On the flip side, UK’s FTSE 100 was up by 8.68 points or 0.12% to 7,098.69.