Bourses add more losses in late afternoon session

The Indian equity benchmarks have lost some more ground in late afternoon session despite falling oil prices. Selling in IT and Financial Services counters pulled down the markets lower. The broader indices, the BSE Mid cap index and Small cap index traded with minor losses. Bajaj twins were the noticeable losers. Traders were cautious ahead of weekly F&O expiry later in the day including the closely watched monthly US jobs report due on Friday. In scrip specific development, BF Investment hit 10% lower circuit as board defered delisting proposal. On the global front, Asian markets were trading mostly in green as investors reacted to modestly hawkish Federal Reserve minutes and data showing slight improvement in China's services sector. European markets were trading mostly in red as traders weighed the reopening of China's economy against prospects of more interest rate hikes.

The BSE Sensex is currently trading at 60105.74, down by 551.71 points or 0.91% after trading in a range of 60049.84 and 60877.06. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.13%, while Small cap index was down by 0.34%.

The top gaining sectoral indices on the BSE were FMCG up by 1.01%, Auto up by 0.59%, Oil & Gas up by 0.51%, Healthcare up by 0.50% and Energy was up by 0.34%, while Bankex down by 1.29%, TECK down by 0.98%, IT down by 0.96%, Utilities down by 0.83% and Consumer Durables was down by 0.68% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.56%, ITC up by 1.50%, Hindustan Unilever up by 1.31%, Mahindra & Mahindra up by 0.95% and Nestle up by 0.84%. On the flip side, Bajaj Finance down by 7.02%, Bajaj Finserv down by 5.49%, ICICI Bank down by 3.00%, Axis Bank down by 1.58% and Titan Company down by 1.57% were the top losers.

Meanwhile, with an aim to make India energy independent, the Union Cabinet has approved National Green Hydrogen Mission. The initial outlay for the Mission will be Rs 19,744 crore, including an outlay of Rs 17,490 crore for the SIGHT (the Strategic Interventions for Green Hydrogen Transition) programme, Rs 1,466 crore for pilot projects, Rs 400 crore for R&D, and Rs 388 crore towards other Mission components.

The Mission will have wide ranging benefits- creation of export opportunities for Green Hydrogen and its derivatives; decarbonisation of industrial, mobility and energy sectors; reduction in dependence on imported fossil fuels and feedstock; development of indigenous manufacturing capabilities; creation of employment opportunities; and development of cutting-edge technologies.

The Mission will facilitate demand creation, production, utilization and export of Green Hydrogen.  Under the SIGHT Programme, two distinct financial incentive mechanisms - targeting domestic manufacturing of electrolysers and production of Green Hydrogen - will be provided under the Mission.  The Mission will also support pilot projects in emerging end-use sectors and production pathways.  Regions capable of supporting large scale production and/or utilization of Hydrogen will be identified and developed as Green Hydrogen Hubs.

The CNX Nifty is currently trading at 17912.35, down by 130.60 points or 0.72% after trading in a range of 17892.60 and 18120.30. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Cipla up by 2.18%, Britannia up by 1.89%, HDFC Life Insurance up by 1.85%, Bajaj Auto up by 1.62% and ITC up by 1.57%. On the flip side, Bajaj Finance down by 6.98%, Bajaj Finserv down by 5.47%, ICICI Bank down by 3.01%, Titan Company down by 1.63% and Infosys down by 1.60% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 259.06 points or 1.25% to 21,052.17, Nikkei 225 surged 103.94 points or 0.4% to 25,820.80, Taiwan Weighted strengthened 101.92 points or 0.72% to 14,301.05, Straits Times advanced 45.60 points or 1.41% to 3,288.06, Shanghai Composite gained 31.70 points or 1.01% to 3,155.22 and KOSPI was up by 8.67 points or 0.38% to 2,264.65. On the flip side, Jakarta Composite was down by 159.40 points or 2.34% to 6,653.84.

European markets were trading mostly in red, France’s CAC decreased 34.01 points or 0.5% to 6,742.42 and Germany’s DAX was down by 40.18 points or 0.28% to 14,450.60. On the flip side, UK’s FTSE 100 was up by 15.92 points or 0.21% to 7,601.11.