Indian markets continue bearish trend in morning deals

Indian equity markets continued their bearish trend in morning session tracking selling in index majors Wipro, SBI and Asian Paints along with muted global trends. Sentiments remained down-beat with the Reserve Bank of India (RBI) in the Report on Currency and Finance for 2021-22 stated that the India’s economy may take more than a decade to overcome the losses emanating from the COVID-19 pandemic. The report has estimated the output losses during the pandemic period at around Rs 52 lakh crore. Some concern also came as India's foreign exchange (forex) reserves dipped by $3.27 billion to $600.42 billion for the week ended April 22, registering the seventh straight week of fall, as the Reserve Bank of India (RBI) appears to keep selling dollars to prevent a slide in the value of rupee amid the ongoing Russia-Ukraine conflict. Additionally, continuing its selling spree for the seventh consecutive month, foreign investors have pulled out Rs 17,144 crore from the Indian equity market in April amid fears of an aggressive rate hike by the US Fed that haunted such investors and dented sentiments.

On the global front, Asian markets are trading mixed amid lingering concerns about inflation and the prospect of aggressive rate hikes by central banks around the world. Besides, a private-sector survey showed China's factory activity shrank at the sharpest pace in 26 months in April amid escalating COVID-19 lockdowns, adding to the gloom facing the world's second-largest economy. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 46.0 in April from 48.1 in the previous month.

The BSE Sensex is currently trading at 56698.06, down by 362.81 points or 0.64% after trading in a range of 56412.62 and 56795.69. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.75%, while Small cap index was down by 0.98%.

The only gaining sectoral indices on the BSE were Oil & Gas up by 0.27% and Energy up by 0.02%, while Consumer Durables down by 1.85%, IT down by 1.78%, TECK down by 1.58%, Telecom down by 1.49% and Capital Goods down by 1.10% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.67%, NTPC up by 1.27%, HDFC up by 1.01%, Power Grid Corporation up by 0.92% and Ultratech Cement up by 0.79%. On the flip side, Wipro down by 2.67%, SBI down by 2.18%, Asian Paints down by 2.02%, Titan Company down by 1.97% and Infosys down by 1.94% were the top losers.

Meanwhile, the commerce ministry has said pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14. It stated the exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines.

Further, it mentioned Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the world's vaccines and 20 per cent of generic medicines coming from India. India ranks third worldwide for production in terms of volume and 14th by value.
The current market size of the domestic pharmaceutical industry is around $50 billion. The share of pharmaceuticals and drugs in the global exports is 5.92 per cent.

Besides, it said formulations and biologicals continue to account for a major share of 73.31 per cent of the country's total exports, followed by bulk drugs and drug intermediates. India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.

The CNX Nifty is currently trading at 16984.75, down by 117.80 points or 0.69% after trading in a range of 16917.25 and 17014.80. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 1.71%, HDFC up by 1.10%, Divi's Lab up by 0.90%, UPL up by 0.83% and Power Grid Corporation up by 0.83%.

On the flip side, Apollo Hospital down by 2.75%, Wipro down by 2.68%, Eicher Motors down by 2.42%, SBI Life Insurance down by 2.31% and Asian Paints down by 2.29% were the top losers.

Asian markets are trading mixed; Nikkei 225 surged 55.01 points or 0.2% to 26,902.91, while KOSPI fell 9.45 points or 0.35% to 2,685.60.