Bourses add downward pressure in late afternoon session

Indian equity markets added downward pressure in late afternoon session dragged by banking, TECK and IT stocks. The overall market breadth was largely negative as 2216 shares were declining and 1244 were advancing, while 146 shares were unchanged on the BSE. The broader indices, the BSE Mid cap index and Small cap index were also widening their losses. Sluggishness remained in the markets as participants were keenly watching out for the US Federal Reserve Chair Jerome Powell's speech later in the day and latest US, inflation, scheduled to be released this week. On the global front, Asian markets were trading mixed with hawkish remarks from two Federal Reserve officials and fears of a coming recession weighing on markets. European markets were trading lower after two Federal Reserve officials said the fed funds rate will need to surpass 5 percent in order to get inflation under control.

The BSE Sensex is currently trading at 60,006.01, down by 741.3 points or 1.22% after trading in a range of 59976.51 and 60809.65. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.66%, while Small cap index was down by 0.49%.

The only gaining sectoral indices on the BSE were Metal up by 0.12% and Healthcare was up by 0.04%, while Bankex down by 1.31%, PSU down by 1.19%, TECK down by 1.17%, Telecom down by 1.15% and Power was down by 0.97% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 6.19%, Tata Steel up by 0.68%, Power Grid up by 0.62%, Hindustan Unilever up by 0.49% and Wipro up by 0.36%. On the flip side, Bharti Airtel down by 2.73%, SBI down by 2.06%, Ultratech Cement down by 1.66%, HDFC Bank down by 1.65% and HDFC down by 1.56% were the top losers.

Meanwhile, with an aim to ramp up domestic coal production and reduce import dependency, the Ministry of Coal has planned to engage reputed Mining Developers cum Operators (MDOs) in coal mines, through open global tenders. The contract period of engagement is for 25 years or life of mine whichever is less.

The MDOs would excavate and deliver coal to coal companies in accordance with the approved mining plan. MDOs would bring to the table mutually beneficial technology infusion, economically viable operations and increased production.

As per the notification released by the Ministry of Coal, since contracts offered to them are on long-term basis, allied infrastructure at mine projects also would be developed by these private players. They shall facilitate R&R issues, land acquisition, green clearances and coordination with State and Central Pollution Boards.

The CNX Nifty is currently trading at 17,878.15, down by 223.05 points or 1.23% after trading in a range of 17859.90 and 18127.60. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 6.20%, Apollo Hospital up by 1.32%, Hindalco up by 0.84%, ONGC up by 0.71% and Tata Steel up by 0.68%. On the flip side, Adani Enterprises down by 6.24%, Eicher Motors down by 3.13%, Adani Ports down by 2.96%, Bharti Airtel down by 2.76% and Grasim Industries down by 2.20% were the top losers.

Asian markets were trading mixed, Jakarta Composite lost 65.77 points or 0.98% to 6,622.50, Hang Seng decreased 56.88 points or 0.27% to 21,331.46, Straits Times trembled 42.36 points or 1.28% to 3,263.31 and Shanghai Composite was down by 6.57 points or 0.21% to 3,169.51. On the flip side, KOSPI rose 1.12 points or 0.05% to 2,351.31, Taiwan Weighted strengthened 50.75 points or 0.34% to 14,802.96 and Nikkei 225 was up by 201.71 points or 0.78% to 26,175.56.

European markets were trading lower, UK’s FTSE 100 decreased 22.64 points or 0.29% to 7,702.30, France’s CAC decreased 44.15 points or 0.64% to 6,863.21 and Germany’s DAX was down by 49.65 points or 0.34% to 14,743.18.