Benchmarks remain in red in morning deals

Indian equity benchmarks remained in red in morning deals amid weak global cues and rising crude oil prices. Traders remained cautious as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. It added that private investment growth is likely to be dampened by heightened uncertainty and higher financing costs. It noted that the second half of the calendar year is weak in many countries and will be relatively weak also in India. However, losses remain capped as some support came with Chief economic adviser V Anantha Nageswaran’s statement that India is still on course for 7% growth in the current fiscal year although downside risks dominate the upside risk but it's better placed than other countries. On the global front, Asian markets are trading mostly in red ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes.

The BSE Sensex is currently trading at 58034.95, down by 187.15 points or 0.32% after trading in a range of 57911.07 and 58231.20. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.51%, while Small cap index was up by 0.10%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.73%, Telecom up by 0.53%, Capital Goods up by 0.09% and Industrials up by 0.08%, while Metal down by 1.21%, Oil & Gas down by 1.00%, Bankex down by 0.85%, PSU down by 0.79% and Energy down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 4.23%, Maruti Suzuki up by 0.78%, Bharti Airtel up by 0.49%, Larsen & Toubro up by 0.33% and Reliance Industries up by 0.14%. On the flip side, SBI down by 1.36%, Tata Steel down by 1.26%, Axis Bank down by 1.22%, Mahindra & Mahindra down by 1.15% and ICICI Bank down by 1.06% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) has launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System.  This can make the supervisory processes more robust. DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.

RBI said DAKSH means 'efficient' and 'competent', reflecting the underlying capabilities of the application. The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables anytime-anywhere secure access.

Besides, the RBI said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.

The CNX Nifty is currently trading at 17275.10, down by 56.70 points or 0.33% after trading in a range of 17239.00 and 17334.65. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 4.25%, Hero MotoCorp up by 1.73%, UPL up by 1.53%, Bajaj Auto up by 1.39% and Maruti Suzuki up by 0.82%. On the flip side, JSW Steel down by 1.51%, BPCL down by 1.49%, SBI down by 1.41%, Eicher Motors down by 1.29% and Tata Steel down by 1.26% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 204.87 points or 0.75% to 27,106.43, Taiwan Weighted dropped 176.55 points or 1.27% to 13,715.50, Jakarta Composite lost 46.10 points or 0.65% to 7,030.52, KOSPI fell 4.49 points or 0.2% to 2,233.37 and Hang Seng decreased 202.75 points or 1.13% to 17,809.40.

On the flip side, Straits Times advanced 3.23 points or 0.1% to 3,154.79.