Benchmarks extend losses in morning deals

Indian equity benchmarks extended losses in morning deals, as investors wait for Index of Industrial Production (IIP) and Consumer Price Index (CPI) scheduled to release later in the day. Traders remained cautious as a World Economic Forum report said a cost of living crisis, digital inequality, geopolitical contest for resources, natural disasters and extreme weather events are the biggest risks for India over the short and medium term. Traders failed to take support with the government data showing that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. On the global front, Asian markets are trading mostly in red as investors globally awaited a key inflation reading from the US that could lead to the Fed slowing its current pace of hikes in interest rates.

The BSE Sensex is currently trading at 59864.77, down by 240.73 points or 0.40% after trading in a range of 59843.42 and 60290.35. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.09%, while Small cap index was up by 0.10%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.03%, Industrials up by 0.61%, Power up by 0.45%, Consumer Durables up by 0.34% and Utilities up by 0.33%, while Oil & Gas down by 0.82%, Bankex down by 0.81%, Energy down by 0.68%, FMCG down by 0.44% and Telecom down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.51%, HCL Technologies up by 1.22%, Titan Company up by 0.79%, Ultratech Cement up by 0.67% and NTPC up by 0.48%. On the flip side, Axis Bank down by 1.72%, Asian Paints down by 1.34%, Kotak Mahindra Bank down by 1.29%, ICICI Bank down by 1.16% and Reliance Industries down by 1.06% were the top losers.

Meanwhile, Road Transport and Highways Minister Nitin Gadkari has said India and Japan will undertake joint projects for digital transformation in the areas of Intelligent Transport Systems (ITS) and eco-friendly mobility. Further, he said India has always placed the Indo-Pacific at the heart of its engagement with the countries of Southeast and East Asia under India's Act East Policy.

He mentioned India’s intense support towards cooperation with Japan in the sector of highways development, administration, and monitoring with the implementation of digital technology-enabled ITS services.

He stated the Indo-Japan Joint Working Group (JWG) will function together providing the best road infrastructure for commuters and freight movement and helping India achieve its sustainable transport goals. The Japan-India Association was set up in 1903, and is now the oldest international friendship body in Japan. Bilateral ties have been singularly free of any kind of dispute - ideological, cultural or territorial.

The CNX Nifty is currently trading at 17829.60, down by 66.10 points or 0.37% after trading in a range of 17822.25 and 17945.80. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 1.57%, HCL Technologies up by 1.16%, SBI Life Insurance up by 0.98%, Grasim Industries up by 0.83% and Coal India up by 0.80%. On the flip side, Divi's Lab down by 2.77%, Axis Bank down by 1.71%, Asian Paints down by 1.33%, Kotak Mahindra Bank down by 1.26% and Reliance Industries down by 1.10% were the top losers.

Asian markets are trading mostly in red; Hang Seng decreased 70.62 points or 0.33% to 21,365.43, Taiwan Weighted dropped 26.53 points or 0.18% to 14,724.91, Straits Times trembled 8.66 points or 0.26% to 3,262.85 and Shanghai Composite declined 7.13 points or 0.23% to 3,154.71.

On the flip side, Nikkei 225 surged 6.66 points or 0.03% to 26,452.66, KOSPI rose 11.33 points or 0.48% to 2,370.86 and Jakarta Composite soared 69.55 points or 1.06% to 6,654.00.