Bourses trade under serious selling pressure in late afternoon session

Indian equity markets are trading deeply in red in late afternoon session. The decline in the market is mainly led by the auto, TECK and IT shares. Even the broader indices are negative as BSE Mid cap index and Small cap index down above half a percent each. Sentiments remained down-beat amid concerns over the spread of the Omicron variant in the country.  Some cautiousness also came, after foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,356.17 crore on Friday, as per exchange data. Traders failed to took support, as Commerce and Industry Minister Piyush Goyal has said that India's foreign trade is in comfortable position and the time has come for India to engage more with the world.

On the global front, Asian markets were trading mixed tracking uncertainty over the Omicron variant of the coronavirus as well as disappointing US jobs data and struggling Chinese tech firms. European markets were trading higher after sharp losses late last week when fears about the Omicron variant and the U.S. monetary policy outlook weighed on investor sentiment.

The BSE Sensex is currently trading at 56,987.62, down by 708.84 points or 1.23% after trading in a range of 57072.86 and 57781.46. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.60%, while Small cap index was down by 0.56%.

The top losing sectoral indices on the BSE were IT down by 1.83%, TECK down by 1.73%, Energy down by 1.26%, Healthcare down by 1.22% and FMCG was down by 1.12%.

The top gainers on the Sensex were HDFC up by 0.54% and ICICI Bank up by 0.38%. On the flip side, Indusind Bank down by 3.02%, Bajaj Finserv down by 2.46%, HCL Tech down by 2.26%, Dr. Reddy's Lab down by 2.18% and TCS down by 2.09% were the top losers.

Meanwhile, calling upon the captains of Indian industry to set ambitious targets as the economy is poised for a sustained spell of rapid growth, Commerce and Industry Minister Piyush Goyal has said that India's foreign trade is in comfortable position and the time has come for India to engage more with the world.

Minister said the industry has a huge role to play in the uplift of the poor and underprivileged. Goyal encouraged the Industry to have a greater appetite for taking risks, to invest in Industries that may be less profitable at the start, but are labour oriented and create lakhs of jobs. He also urged the Industry to promote tribal handicraft products as part of their CSR activities.

Besides, Commerce and Industry Minister said there is big scope in the expansion of labour intensive Plastics, Footwear and Textiles industry. He further added that India cannot be truly Aatmanirbhar, without empowering its poor to be Aatmanirbhar. Goyal also conveyed his appreciation for the Industry’s positive approach in FTA consultations.

The CNX Nifty is currently trading at 16,980.70, down by 216.00 points or 1.26% after trading in a range of 16995.95 and 17216.75. There were 4 stocks advancing against 46 stocks declining on the index.

The top gainers on Nifty were UPL up by 0.85%, HDFC up by 0.41%, Shree Cement up by 0.24% and ICICI Bank up by 0.12%. On the flip side, Coal India down by 6.35%, Indusind Bank down by 3.29%, Tata Consumer down by 2.81%, Bajaj Finserv down by 2.50% and Divi's Lab down by 2.34% were the top losers.

Asian markets were trading mixed, Hang Seng decreased 417.31 points or 1.76% to 23,349.38, Nikkei 225 slipped 102.20 points or 0.36% to 27,927.37, Shanghai Composite declined 18.12 points or 0.5% to 3,589.31 and Taiwan Weighted was down by 8.93 points or 0.05% to 17,688.21. On the flip side, KOSPI rose 4.92 points or 0.17% to 2,973.25, Jakarta Composite soared 8.61 points or 0.13% to 6,547.12 and Straits Times was up by 21.44 points or 0.69% to 3,123.37.

European markets were trading higher, UK’s FTSE 100 increased 50.33 points or 0.71% to 7,172.65, France’s CAC increased 26.79 points or 0.4% to 6,792.31 and Germany’s DAX was up by 113.32 points or 0.75% to 15,283.30.