Bourses wipe out selling spree in late afternoon session

After witnessing selling pressure in afternoon deals, Indian equity benchmarks once again entered into positive zone in late afternoon session. IT, TECK and banking counters were on the priority list of the buyers. Sentiment improved in markets after the Global Trade Research Initiative (GTRI) said that Indian economy and exports will be moderately impacted in 2023 by weak global demand and recession in large economies and to improve its current account, the country should aim at reducing energy import bill. Meanwhile, traders were looking forward to minutes from the U.S. Federal Reserve's latest policy meeting for more cues on its rate-hike path. On the global front, Asian markets were trading mostly in green as investors digested disappointing Chinese data and awaited a slew of U.S. economic data this week for clues on the economic and interest-rate outlook. European markets were trading higher as investors awaited consumer prices data from Germany, the region's largest economy, for clues about inflation in the euro zone.

The BSE Sensex is currently trading at 61,269.42, up by 101.63 points or 0.17% after trading in a range of 61004.04 and 61300.10. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.18%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.13%, IT up by 0.68%, TECK up by 0.58%, Healthcare up by 0.55% and Telecom was up by 0.53%, while FMCG down by 0.46%, Auto down by 0.42%, Metal down by 0.15%, Capital Goods down by 0.12% and Industrials was down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 2.30%, TCS up by 1.39%, Titan Company up by 1.32%, Tech Mahindra up by 1.23% and Bajaj Finance up by 0.80%. On the flip side, Mahindra & Mahindra down by 1.10%, Reliance Industries down by 0.92%, ITC down by 0.72%, Hindustan Unilever down by 0.59% and Asian Paints down by 0.41% were the top losers.

Meanwhile, the Union Commerce and Industry Minister, Piyush Goyal has reviewed progress of PM GatiShakti and  appreciated the progress made by Central Ministries and States. He emphasized that PM GatiShakti needs to play a proactive role for planning and in sound decision making.

Goyal requested the Ministries to identify attributes for data layers which will further enhance the National Master Plan (NMP) Platform. He said that the Ministries have developed necessary mechanisms for validation and standardisation of data on their respective portals. This is helping in optimum planning and sound decision making across all layers of governance.

Meanwhile, during the meeting, various ministries made presentations and deliberated their progress and achievements under PM GatiShakti’s whole of the government approach. The value addition brought to planning of infrastructure Ministries was discussed and best practices identified and showcased.

The CNX Nifty is currently trading at 18,225.75, up by 28.30 points or 0.16% after trading in a range of 18149.80 and 18240.40. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 4.44%, SBI Life up by 2.37%, Axis Bank up by 2.24%, Titan Company up by 1.39% and TCS up by 1.34%. On the flip side, Britannia down by 1.68%, Hindalco down by 1.38%, Mahindra & Mahindra down by 1.06%, Reliance Industries down by 0.99% and ONGC down by 0.83% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 363.88 points or 1.84% to 20,145.29, Taiwan Weighted strengthened 86.43 points or 0.61% to 14,224.12, Jakarta Composite soared 37.78 points or 0.55% to 6,888.76 and Shanghai Composite was up by 27.25 points or 0.88% to 3,116.51. On the flip side, Straits Times trembled 6.34 points or 0.19% to 3,244.98 and KOSPI was down by 6.99 points or 0.31% to 2,218.68.

European markets were trading higher, UK’s FTSE 100 increased 123.20 points or 1.65% to 7,574.94, France’s CAC increased 32.83 points or 0.5% to 6,627.40 and Germany’s DAX was up by 95.36 points or 0.68% to 14,164.62.