Bourses trim some gains in late afternoon session

Indian equity markets trimmed some of their gains in late afternoon session, but managed to remain in green territory. The broader indices weakened with the BSE Mid cap index and Small cap index down 0.46 percent and 1.26 percent in late afternoon deals respectively. Gains in Energy, IT and TECK shares helped the markets to trade in green territory, though losses in Utilities, Power and Realty stocks limited the upside. Sentiments remained positive after private report said India’s macroeconomic situation is certainly better than what it was a year ago, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. Sector wise, Gem & jewellery industry remained in focus, as Commerce and Industry Minister Piyush Goyal has said that the gem and jewellery industry should focus on areas like design, diversification of export product basket and lab grown diamonds with a view to boost outbound shipments and job creation.

On the global front, Asian markets were trading mostly in red after the omicron variant of the coronavirus was found in more countries and governments imposed travel controls. European markets were trading higher after Friday’s rout, as investors continued to closely assess the threat of a new COVID-19 variant.

The BSE Sensex is currently trading at 57,247.74, up by 140.59 points or 0.25% after trading in a range of 56382.93 and 57626.51. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.46%, while Small cap index was down by 1.26%.

The top gaining sectoral indices on the BSE were Energy up by 1.12%, IT up by 0.99%, TECK up by 0.98%, Bankex up by 0.87% and Telecom was up by 0.48%, while Utilities down by 2.02%, Power down by 1.74%, Realty down by 1.03%, Oil & Gas down by 0.98%, Consumer Discretionary down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 3.28%, HCL Tech up by 2.86%, Bajaj Finance up by 2.15%, TCS up by 2.11% and Bajaj Finserv up by 2.02%. On the flip side, NTPC down by 1.48%, Sun Pharma down by 1.17%, Bajaj Auto down by 0.92%, HDFC down by 0.91% and Dr. Reddy's Lab down by 0.90% were the top losers.

Meanwhile, with a view to boost outbound shipments and job creation, Commerce and Industry Minister Piyush Goyal has said that the gem and jewellery industry should focus on areas like design, diversification of export product basket and lab grown diamonds with a view to boost outbound shipments and job creation. He said that exports from the sector have increased to $ 23 billion during the April-October period of this fiscal.

Goyal laid out four points to make India’s Gems & Jewellery a pioneer industry in the world including collaboration with other nations for cost-effective methods to enhance production of fusion jewellery and diversification of export products: Emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc.

Besides, the Minister said that Surat is, perhaps, one of the fastest growing cities in the world and is home to more than 450 organised jewellery manufacturers, importers & exporters. He also added that it has the potential to become the jewellery manufacturing hub of the world.

The CNX Nifty is currently trading at 17,041.60, up by 15.15 points or 0.08% after trading in a range of 16782.40 and 17160.70. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 3.55%, HCL Tech up by 2.60%, Bajaj Finance up by 2.17%, TCS up by 2.09% and Bajaj Finserv up by 2.03%. On the flip side, ONGC down by 2.04%, Hero MotoCorp down by 1.94%, BPCL down by 1.87%, UPL down by 1.76% and NTPC down by 1.59% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 467.70 points or 1.63% to 28,283.92, Hang Seng decreased 228.28 points or 0.95% to 23,852.24, Straits Times trembled 46.61 points or 1.47% to 3,119.66, Taiwan Weighted dropped 41.30 points or 0.24% to 17,328.09, KOSPI fell 27.12 points or 0.92% to 2,909.32 and Shanghai Composite was down by 1.39 points or 0.04% to 3,562.70. On the flip side, Jakarta Composite was up by 46.74 points or 0.71% to 6,608.29.

European markets were trading higher, UK’s FTSE 100 increased 52.17 points or 0.74% to 7,096.20, France’s CAC increased 47.33 points or 0.7% to 6,787.06 and Germany’s DAX was up by 87.33 points or 0.57% to 15,344.37.