Markets continue weak trade in late afternoon session

Indian equity markets continued their weak trade in late afternoon session led by selling in shares of Tech Mahindra,  Maruti Suzuki and UltraTech Cement, among others. The broader indices, the BSE Mid cap index and Small cap index were also trading in red. Traders were cautious after private report stated that daily e-way bill generation under the goods and services tax (GST) system stood at 21.1 lakh for the week ended January 16, 5.4% lower than in the previous week, reflecting a moderation in goods dispatches. Further, cautiousness also prevailed in the markets as Finance Minister Nirmala Sitharaman will hold a press conference later in the day to discuss an ‘important economic issue’. On the global front, Asian markets were trading mostly in red following a national holiday in the U.S, while oil prices surged following an attack on an oil facility in the capital of the United Arab Emirates that killed at least three people. European markets were trading lower mirroring falls in Asia as investors track rising US bond yields and looming central bank interest rate hikes.

The BSE Sensex is currently trading at 61227.86, down by 81.05 points or 0.13% after trading in a range of 60948.04 and 61475.15. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.79%, while Small cap index was down by 0.46%.

The top gaining sectoral indices on the BSE were Bankex up by 1.52%, Power up by 0.49%, Utilities up by 0.43%, Realty up by 0.10% and Consumer Durables was up by 0.09%, while Telecom down by 1.65%, Basic Materials down by 1.47%, TECK down by 1.29%, Auto down by 1.25% and IT was down by 1.23% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 2.91%, Kotak Mahindra Bank up by 1.85%, ICICI Bank up by 1.79%, HDFC Bank up by 1.79% and Titan Company up by 1.26%. On the flip side, Tech Mahindra down by 3.68%, Maruti Suzuki down by 3.26%, Ultratech Cement down by 2.68%, HCL Tech down by 2.24% and Tata Steel down by 1.68% were the top losers.

Meanwhile, calling for cooperation between Central and State Governments for infrastructure development of the country, Union Road Transport and Highways Minister Nitin Gadkari has said that the infrastructure development will play an important role in fulfilling the vision of India in becoming $5 trillion economy.

While inaugurating a Conference on ‘PM-Gati Shakti’ for the South Zone, organized by the Ministry of Road Transport and Highways (MoRTH), Gadkari said that cooperation and communication needs to be enhanced between State and Centre. He welcomed suggestions from the States for making the programme a success.

Meanwhile, State/UTs, which participated in the event, were Andaman & Nicobar Islands, Andhra Pradesh, Karnataka, Kerala, Lakshadweep, Maharashtra, Puducherry, Tamil Nadu and Telangana. The day-long event witnessed panel discussions on various aspects of the programme, involving Central & State officials and stakeholders.

The CNX Nifty is currently trading at 18256.70, down by 51.40 points or 0.28% after trading in a range of 18186.20 and 18350.95. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 2.75%, HDFC Bank up by 1.74%, Kotak Mahindra Bank up by 1.71%, ICICI Bank up by 1.65% and Titan Company up by 1.20%. On the flip side, Tech Mahindra down by 3.56%, Maruti Suzuki down by 3.33%, Eicher Motors down by 3.16%, Ultratech Cement down by 2.88% and Tata Consumer down by 2.46% were the top losers.

Asian markets were trading mostly in red, Taiwan Weighted dropped 146.80 points or 0.79% to 18,378.64, Hang Seng decreased 105.25 points or 0.43% to 24,112.78, Nikkei 225 slipped 76.27 points or 0.27% to 28,257.25, Jakarta Composite lost 30.99 points or 0.47% to 6,614.06, KOSPI fell 25.86 points or 0.89% to 2,864.24 and Straits Times was down by 9.06 points or 0.28% to 3,278.89. On the flip side, Shanghai Composite was up by 28.24 points or 0.8% to 3,569.91.

European markets were trading lower, UK’s FTSE 100 decreased 60.38 points or 0.79% to 7,550.85, France’s CAC decreased 84.27 points or 1.17% to 7,117.37 and Germany’s DAX was down by 167.75 points or 1.05% to 15,765.97.