Benchmarks continue to trade lower in morning deals

Indian equity benchmarks continued to trade lower in morning deals, dragged down by index heavyweights Infosys, HCL Technologies and Larsen & Toubro amid an overall weak trend in Asian markets. Traders remained cautious with the Reserve Bank data released showed that in the steepest weekly fall ever, India's forex reserves slid by $11.173 billion to $606.475 billion as the currency came under pressure due to geopolitical developments. For the previous reporting week ended March 25, the overall reserves had slid by $2.03 billion to $617.648 billion. Traders also awaited the onset of the corporate earnings season with Tata Consultancy Services (TCS) due to report its financial results for the March quarter later in the day. Traders overlooked the Commerce and Industry Ministry stated that India's agricultural exports rose by about 20 per cent to $50.21 billion during 2021-22 despite logistical challenges posed by the COVID-19 pandemic.

On the global front, Asian markets are trading mostly in red, as traders continue to be concerned about the potential economic impact of the ongoing Russia-Ukraine crisis. Back home, power stocks remained in focus as total outstanding dues owed by electricity distribution companies (discoms) to power producers increased by 17.3 per cent year-on-year to Rs 1,23,244 crore in April 2022. According to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators), discoms owed a total of Rs 1,05,029 crore to power generation firms in April 2021. On a sequential basis too, total dues in April 2022 increased from Rs 1,17,390 crore in March 2022.

The BSE Sensex is currently trading at 59157.47, down by 289.71 points or 0.49% after trading in a range of 58945.08 and 59333.18. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.52%, while Small cap index was up by 0.75%.

The top gaining sectoral indices on the BSE were Utilities up by 2.95%, Power up by 2.92%, Oil & Gas up by 1.60%, Energy up by 0.96% and Metal up by 0.83%, while IT down by 1.03%, TECK down by 0.94%, Capital Goods down by 0.46%, FMCG down by 0.29% and Consumer Durables down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.21%, Indusind Bank up by 0.82%, SBI up by 0.76%, Tata Steel up by 0.67% and NTPC up by 0.62%. On the flip side, Infosys down by 2.21%, HCL Technologies down by 1.77%, Larsen & Toubro down by 1.62%, Hindustan Unilever down by 1.40% and Wipro down by 1.32% were the top losers.

Meanwhile, automobile dealers' body Federation of Automobile Dealers Associations (FADA) has said electric vehicle retail sales in the country witnessed over a three-fold jump the last fiscal (FY22) with two-wheeler offtake leading the segment. Total electric vehicle (EV) retails reached 4,29,217 units in 2021-22, a rise of three-fold from 1,34,821 units in the financial year 2020-21. Total EV sales had stood at 1,68,300 units in 2019-20 fiscal.

It mentioned that electric passenger vehicle retail sales stood at 17,802 during the last fiscal, up over three-fold from 4,984 units in FY21. Electric two-wheeler retail sales last fiscal stood at 2,31,338 units, a jump of over five-fold from 41,046 units in 2020-21.

Moreover, it stated that total electric three-wheeler sales last fiscal stood at 1,77,874 units, registering an increase of two-fold over 88,391 units in the preceding fiscal. Similarly, it noted that electric commercial vehicle sales rose to 2,203 units last financial year as compared with 400 units in FY21.

The CNX Nifty is currently trading at 17702.95, down by 81.40 points or 0.46% after trading in a range of 17653.55 and 17761.10. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 1.69%, Grasim Industries up by 1.23%, Apollo Hospital up by 1.10%, ICICI Bank up by 1.07% and Adani Ports &SEZ up by 1.07%. On the flip side, Infosys down by 2.35%, HCL Technologies down by 1.86%, SBI Life Insurance down by 1.72%, Larsen & Toubro down by 1.64% and Hindustan Unilever down by 1.47% were the top losers.

Asian markets are trading mostly in red, Hang Seng decreased 535.64 points or 2.45% to 21,336.37, Nikkei 225 slipped 223.83 points or 0.83% to 26,761.97, Taiwan Weighted dropped 190.61 points or 1.1% to 17,093.93, Shanghai Composite declined 56.78 points or 1.75% to 3,195.07, Straits Times trembled 21.30 points or 0.63% to 3,361.98 and KOSPI fell 9.56 points or 0.35% to 2,690.83.

On the flip side, Jakarta Composite soared 29.07 points or 0.4% to 7,239.91.