Markets trade near intraday low points in late afternoon session

Indian equity markets wiped out all their gains and slipped into red zone in afternoon session. Markets now traded near intraday low points on account of profit booking. However, the BSE Mid cap index and Small cap index were trading in green. Traders were cautious after private report has lowered its India gross domestic product growth projection for 2023 by 70 basis points from 5.4% to 4.7% as economic recovery faces several headwinds. Sector wise, Hotel industry remain in focused after rating agency ICRA in its latest report has said that the hotel industry's revenues and margins are expected to return to pre-COVID levels in 2022-23 despite the potential impact on demand in case of further waves of the pandemic. On the global front, Asian markets were trading mixed following the broadly negative cues from Wall Street overnight, dragged by weakness in materials and energy stocks on potential drop in demand amid concerns about the emergence of a new, more infectious COVID-19 strain in several parts of the world. European markets were trading lower ahead of vital US inflation data for June.

The BSE Sensex is currently trading at 53598.03, down by 288.58 points or 0.54% after trading in a range of 53546.76 and 54211.22. 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 0.34%, while Small cap index was up by 0.18%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.95%, FMCG up by 0.89%, Metal up by 0.87%, Basic Materials up by 0.68% and Consumer Discretionary up by 0.36%, while Power down by 1.89%, Utilities down by 1.85%, Oil & Gas down by 0.93%, Telecom down by 0.85% and Energy was down by 0.79% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 2.24%, Asian Paints up by 1.66%, Kotak Mahindra Bank up by 1.24%, NTPC up by 0.95% and Nestle up by 0.90%. On the flip side, Indusind Bank down by 5.00%, Bharti Airtel down by 2.61%, HDFC Bank down by 2.29%, HDFC down by 2.25% and TCS down by 1.38% were the top losers.

Meanwhile, with an aim to boost the export from North-Eastern (NE) states, the government is now up with a robust strategy to promote locally produced agricultural products to the international markets. The NE region is geopolitically important as it shares international boundaries with China and Bhutan, Myanmar, Nepal and Bangladesh making it the potential hub for the export of agricultural produce to neighbouring countries as well as other foreign destinations.

Ministry of Commerce & Industry in its latest notification noted that there has been a significant increase in the export of agricultural produce from NE states like Assam, Nagaland, Manipur, Mizoram, Tripura, Arunachal Pradesh, Sikkim and Meghalaya in the last few years.

Besides, the NE region witnessed an 85.34 percent growth in the export of agricultural products in the last six years as it increased from $2.52 million in 2016-17 to $17.2 million in 2021-22. The major destination of export has been Bangladesh, Bhutan, the Middle East, the UK and Europe.

The CNX Nifty is currently trading at 15992.85, down by 65.45 points or 0.41% after trading in a range of 15968.00 and 16140.00. There were 30 stocks advancing against 19 stocks declining on the index, while 1 stock remain unchanged.

The top gainers on Nifty were JSW Steel up by 2.41%, Cipla up by 2.31%, Hindustan Unilever up by 2.26%, Divi's Lab up by 2.18% and Asian Paints up by 1.60%. On the flip side, Indusind Bank down by 4.80%, Bharti Airtel down by 2.64%, HDFC down by 2.50%, HDFC Bank down by 2.32% and Apollo Hospital down by 1.37% were the top losers.

Asian markets were trading mixed, Taiwan Weighted strengthened 374.06 points or 2.68% to 14,324.68, Nikkei 225 surged 142.11 points or 0.54% to 26,478.77, KOSPI rose 10.85 points or 0.47% to 2,328.61and Shanghai Composite was up by 2.82 points or 0.09% to 3,284.29. On the flip side, Straits Times trembled 19.19 points or 0.61% to 3,126.58, Hang Seng decreased 46.79 points or 0.22% to 20,797.95 and Jakarta Composite was down by 77.30 points or 1.15% to 6,640.99.

European markets were trading lower, UK’s FTSE 100 decreased 78.90 points or 1.09% to 7,130.96, France’s CAC decreased 40.61 points or 0.67% to 6,003.59 and Germany’s DAX was down by 110.27 points or 0.85% to 12,795.21.