Markets trim most of losses in late afternoon session

Markets trimmed most of their early losses in late afternoon session but continued to trade in red amid dull global cues. However, broader markets outperformed benchmark indices as BSE Midcap and BSE Smallcap gained upto 0.62%. Sentiments got some support with Finance Minister Nirmala Sitharaman’s statement that the country's economic growth remains a priority for the government, as inflation has come down to a manageable level. She stated Job creation and equitable distribution of wealth remain the other focus areas. On the global front, Asian markets were mostly trading in red on recession worries. Solid US services data released overnight reinforced investor expectations for a more aggressive pace of FOMC rate hikes. European markets were trading in red as investors continued to dwell on the recessionary outlook in the region and as inflationary pressures continue to grow. Back home, on the sectoral front, Healthcare, Basic Materials, Telecom, Consumer Durables and Energy witnessed the maximum gain in trade, while Auto, Power down, Utilities, Realty and Bankex remained the top losers on the BSE sectoral space. Stock specific development, Cipla gained as it got US FDA nod for generic version of Revlimid.

The BSE Sensex is currently trading at 59105.42, down by 91.57 points or 0.15% after trading in a range of 58722.89 and 59166.46. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.35%, while Small cap index up by 0.62%.

The gaining sectoral indices on the BSE were Healthcare up by 0.75%, Basic Materials up by 0.75%, Telecom up by 0.65%, Consumer Durables up by 0.50% and Energy up by 0.43%, while Auto down by 1.21%, Power down by 0.66%, Utilities down by 0.49%, Realty down by 0.39% and Bankex down by 0.35% were the losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 3.60%, Nestle up by 1.03%, Sun Pharma Inds. up by 0.89%, Wipro up by 0.80% and TCS up by 0.74%. On the flip side, Indusind Bank down by 1.69%, Bharti Airtel down by 1.58%, Mahindra & Mahindra down by 1.47%, Maruti Suzuki down by 1.12% and Tata Steel down by 0.88% were the top losers.

Meanwhile, exuding confidence that the Reserve Bank would manage the volatility emerging from the aggressive rate hike stance by the US Fed and the European Central Bank, Finance Minister Nirmala Sitharaman has said that the country's economic growth remains a priority for the government, as inflation has come down to a manageable level.

Finance Minister also underlined the other focus areas such as job creation and equitable distribution of wealth. Talking about fiscal management during the COVID-19 period, she said that India with a targeted fiscal policy managed through a challenging time without printing money.

Referring to the global energy crisis triggered by the ongoing Russia-Ukraine war, she further noted that uncertainty over the availability of crude, and natural gas continues. She also urged for deepening of ties between India and the US in all respects including on payment technology.

The CNX Nifty is currently trading at 17635.05, down by 20.55 points or 0.12% after trading in a range of 17484.30 and 17650.75. There were 23 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Shree Cement up by 5.89%, Ultratech Cement up by 3.79%, Coal India up by 2.43%, Adani Ports &Special up by 2.08% and Cipla up by 1.82%. On the flip side, Tata Motors down by 2.62%, Bajaj Auto down by 2.23%, Indusind Bank down by 1.77%, Bharti Airtel down by 1.63% and Mahindra & Mahindra down by 1.48% were the top losers.

All Asian markets were trading lower; Straits Times lost 11.23 points or 0.35% to 3,212.95, Nikkei 225 slipped 196.21 points or 0.71% to 27,430.30, Taiwan Weighted dropped 267.15 points or 1.82% to 14,410.05, KOSPI fell 33.56 points or 1.39% to 2,376.46, Jakarta Composite lost 46.40 points or 0.64% to 7,186.76 and Hang Seng was down by 158.43 points or 0.83% to 19,044.30. However, Shanghai Composite added 2.84 points or 0.09 % to 3,246.29. 

European markets were trading in red, UK’s FTSE 100 fell 58 points or 0.79% to 7,243.22, Germany’s DAX dropped 47.18 points or 0.37% to 12,826.11 and France’s CAC was down by 14.37 points or 0.24% to 6,088.58.