Bourses wipe out gains in late afternoon session

Indian equity markets wiped out all their gains in late afternoon session amid volatility. The broader indices, the BSE Mid cap index and Small cap index were also trading red. Selling in metal counter pulled down the markets lower. Traders were worried after global ratings agency Moody's Investors Service has given a 'negative outlook' to credit worthiness of countries globally including India, for 2023, saying high prices of food and energy would curb economic growth and raise social tensions. In scrip specific developments, Global Health has debuted at Rs 398.15 on the BSE and Bikaji Foods International listed with 7.05% premium on the BSE. On the global front, Asian markets were trading mostly in red as investors waited for more clarity over reports Russian missiles aimed at Ukraine have hit NATO territory in Poland. European markets were trading mostly in red with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks.

The BSE Sensex is currently trading at 61842.22, down by 30.77 points or 0.05% after trading in a range of 61708.63 and 62052.57. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.62%, while Small cap index was down by 0.24%.

The top gaining sectoral indices on the BSE were Industrials up by 0.34%, Bankex up by 0.25%, Capital Goods up by 0.24%, IT up by 0.11% and TECK was up by 0.10%, while Metal down by 1.66%, Utilities down by 1.19%, Power down by 1.10%, Realty down by 1.09% and Oil & Gas was down by 0.89% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.29%, HDFC Bank up by 0.80%, HDFC up by 0.60%, Infosys up by 0.46% and Power Grid up by 0.28%. On the flip side, Tata Steel down by 1.94%, Bajaj Finance down by 1.54%, NTPC down by 1.25%, Bajaj Finserv down by 1.25% and Ultratech Cement down by 1.14% were the top losers.

Meanwhile, with an aim to boost presence globally, Apparel Export Promotion Council of India (AEPC) Chairman Naren Goenka has said that the council is focusing on pushing exports to Australia, New Zealand and other island countries in the Oceanic region. He said the Council’s members are participating in Australia's International Sourcing Expo to showcase their products and further push shipments.

AEPC Chairman further said that the expo is a huge platform for the Indian garment exporters to showcase best apparel designs and styles in line with the latest fashion trends in a wide range of traditional cotton and MMF (man-made fibre) garments.

He also mentioned that Australia has traditionally been the topmost trading partner for Indian garment with the country’s exports occupying a share of about 4 per cent of total Australian garment imports. He said ‘We foresee a stronger presence in the Australian market appreciating the recently concluded Indo-Australia trade agreement.’

He further added that the free trade agreement would open huge business opportunities for Australian clothing brands to source from India considering the strengths of the domestic garment industry in terms of variety of raw material availability.

The CNX Nifty is currently trading at 18372.80, down by 30.60 points or 0.17% after trading in a range of 18354.70 and 18442.15. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 2.34%, HDFC Bank up by 1.01%, Coal India up by 0.80%, HDFC up by 0.77% and Infosys up by 0.48%. On the flip side, Adani Enterprises down by 3.73%, Apollo Hospital down by 2.73%, Hindalco down by 2.40%, JSW Steel down by 2.06% and Tata Steel down by 1.98% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 86.64 points or 0.47% to 18,256.48, Jakarta Composite lost 21.12 points or 0.3% to 7,014.38, Shanghai Composite declined 14.10 points or 0.45% to 3,119.98, Taiwan Weighted dropped 8.96 points or 0.06% to 14,537.35 and KOSPI was down by 2.88 points or 0.12% to 2,477.45. On the other side, Straits Times advanced 0.50 points or 0.02% to 3,275.78 and Nikkei 225 was up by 38.13 points or 0.14% to 28,028.30.

European markets were trading mostly in red, France’s CAC decreased 10.36 points or 0.16% to 6,631.30 and Germany’s DAX decreased 52.60 points or 0.37% to 14,325.91. On the other side, UK’s FTSE 100 was up by 2.87 points or 0.04% to 7,372.31.