Markets trade above water in late afternoon session

Indian equity markets traded above water in late afternoon session amid mixed global cues. In the Sensex pack, HDFC, HCL Tech, TCS and Reliance Industries were the top gainers, while Tata Steel, Bajaj Finance, Kotak Mahindra Bank and Asian Paints were the laggards. Traders took support after Tata group’s Chairman N Chandrasekaran said that coronavirus pandemic has not impacted India’s long-term growth trajectory although it has delayed it and in this decade, the country will lead the global growth rates. In scrip specific, shares of Paytm were in focus after it posted over four-fold jump in loan disbursals from its platform both in terms of numbers and value in the quarter ended December 31, 2021 (Q3FY22).

On the global front, Asian markets were trading mixed amid continuing worries about the Omicron coronavirus and an earlier-than-expected U.S. rate hike. European markets were trading higher helped by strong economic data, suggesting the region may be weathering the hit from the Omicron variant more strongly than when the Covid-19 virus first hit.

The BSE Sensex is currently trading at 60622.05, up by 226.42 points or 0.37% after trading in a range of 60281.52 and 60689.25. 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 0.09%, while Small cap index was up by 0.46%.

The top gaining sectoral indices on the BSE were Realty up by 1.18%, Utilities up by 1.18%, Power up by 1.11%, IT up by 1.05% and TECK was up by 0.81%, while Metal down by 2.16%, Telecom down by 0.64%, Basic Materials down by 0.61%, FMCG down by 0.30% and PSU was down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 4.19%, HDFC up by 1.61%, TCS up by 1.17%, Reliance Industries up by 0.75% and Tech Mahindra up by 0.68%. On the flip side, Tata Steel down by 2.68%, Asian Paints down by 0.75%, Bajaj Finance down by 0.66%, Kotak Mahindra Bank down by 0.64% and ITC down by 0.63% were the top losers.

Meanwhile, calling upon stakeholders in the innovation ecosystem to strive to take India to the top 25 in the Global Innovation Index, Commerce and Industry Minister Piyush Goyal has said that startups can play a key role to socialise and democratise the availability of healthcare across the globe at a time when the world is grappling with the coronavirus pandemic.

Goyal also said that entrepreneurs should also focus on strengthening the make in India programme, innovating in India and mentoring young startups. The minister said that venture capitalists and financers can also play a key role in mentoring young startups across the country particularly in Tier 2 and 3 towns.

Further, Goyal highlighted several steps taken by the government to encourage startups, including a reduction in patent filing fees, relaxation in the public procurement norms, fund of funds, and seed fund scheme. He also added that during 2018-21, startups have created over six lakh jobs and this number is growing by the day.

The CNX Nifty is currently trading at 18059.35, up by 56.05 points or 0.31% after trading in a range of 17964.40 and 18081.25. There were 29 stocks advancing against 20 stocks declining on the index, while 1 stock remain unchanged. 

The top gainers on Nifty were HCL Tech up by 4.21%, Adani Ports up by 3.08%, HDFC up by 1.56%, Divi's Lab up by 1.13% and TCS up by 1.11%. On the flip side, JSW Steel down by 3.12%, Tata Steel down by 2.76%, BPCL down by 1.28%, Coal India down by 1.18% and Indian Oil down by 0.88% were the top losers.

Asian markets were trading mixed, Nikkei 225 slipped 256.08 points or 0.9% to 28,222.48, Jakarta Composite lost 43.15 points or 0.64% to 6,647.97, Shanghai Composite declined 26.08 points or 0.73% to 3,567.44 and Hang Seng was down by 7.48 points or 0.03% to 23,739.06. On the flip side, KOSPI rose 0.66 points or 0.02% to 2,927.38, Straits Times advanced 18.24 points or 0.57% to 3,245.29 and Taiwan Weighted was up by 48.83 points or 0.27% to 18,288.21.

European markets were trading higher, UK’s FTSE 100 increased 29.58 points or 0.4% to 7,474.83, France’s CAC increased 70.99 points or 1% to 7,186.76 and Germany’s DAX was up by 166.40 points or 1.06% to 15,934.67.