Bourses trade near day’s lowest points in late afternoon session

Local equity markets hovered near day’s lowest points in late afternoon session. As for broader indices, BSE Mid cap index traded with hefty losses, while Small cap index traded with limited losses. Selling in Metal counter pulled down the markets lower. The overall market breadth was negative as 1932 shares were declining and 1529 were advancing, while 153 shares were unchanged on the BSE. Investors were keeping an eye on the upcoming Union Budget for 2023-24, slated to be presented on February 1. Traders were cautious after European Central Bank President Christine Lagarde said inflation is too high and reiterated the central bank's determination to bring it back to 2 per cent. 'Inflation, by all accounts, however you look at it, is way too high. Our determination at the ECB is to bring it back to 2% in a timely manner and we are taking all the measures that we have to take in order to do that.”

On the global front, all Asian markets were trading higher after a slew of Fed officials said there is need for further rate increases at slower pace. European markets were trading higher as optimistic investors gauged the potential impact of a week-long Lunar New Year holidays after China lifted its COVID-19 curbs, even as concerns over global economic slowdown continued to sap sentiment.

The BSE Sensex is currently trading at 60,712.43, down by 146 points or 0.24% after trading in a range of 60669.91 and 61001.18. 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 0.52%, while Small cap index was down by 0.35%.

The top gaining sectoral indices on the BSE were Bankex up by 0.52%, PSU up by 0.47%, Power up by 0.31%, Utilities up by 0.30% and Oil & Gas was up by 0.16%, while Telecom down by 1.29%, FMCG down by 0.91%, Metal down by 0.86%, Consumer Durables down by 0.86%, Healthcare down by 0.74% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 1.52%, Indusind Bank up by 1.43%, HDFC Bank up by 1.27%, HDFC up by 1.11% and Power Grid up by 1.02%. On the flip side, Hindustan Unilever down by 3.78%, Asian Paints down by 2.54%, Nestle down by 2.14%, Bajaj Finance down by 1.86% and Bharti Airtel down by 1.44% were the top losers.

Meanwhile, underlining various steps being taken by the government to promote the tourism and hospitality sector, Prashant Ranjan, Director, Ministry of Tourism, Government of India, has said that at the Global Tourism Investor’s Summit, India will be showcasing opportunities for investment and trade in various segments of tourism such as theme parks, adventure tourism, and wellness tourism.

Ranjan further noted that the Government of India has a vision of $56 billion forex, creating around 140 million jobs in tourism by 2030 through inclusive growth and are particularly focusing on cruise tourism, ecotourism and adventure tourism. He mentioned that the Indian government has been investing in infrastructure and are now introducing the scheme called Swadesh Darshan 2.0 which will focus on sustainable and responsible development of tourist destinations.

Meanwhile, under the aegis of India’s G20 Presidency, the Ministry of Tourism, Government of India shall be organizing the country's first Global Tourism Summit in New Delhi from April 10-12, 2023, where all G-20 member countries will be invited to participate.

The CNX Nifty is currently trading at 18,054.75, down by 53.10 points or 0.29% after trading in a range of 18042.10 and 18145.45. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Coal India up by 1.63%, Tata Motors up by 1.52%, Indusind Bank up by 1.39%, HDFC Bank up by 1.27% and Power Grid up by 1.18%. On the flip side, Hindustan Unilever down by 3.83%, JSW Steel down by 2.66%, Asian Paints down by 2.42%, Nestle down by 2.27% and Bajaj Finance down by 1.79% were the top losers.

All Asian markets were trading higher, Hang Seng advanced 393.67 points or 1.79% to 22,044.65, Nikkei 225 surged 148.3 points or 0.56% to 26,553.53, Jakarta Composite gained 55.02 points or 0.8% to 6,874.93, Shanghai Composite strengthened 24.53 points or 0.75% to 3,264.81, Straits Times rose 16.67 points or 0.51% to 3,292.85 and KOSPI was up by 14.92 points or 0.62% to 2,395.26.

European markets were trading higher, UK’s FTSE 100 increased 29.4 points or 0.38% to 7,776.69, France’s CAC rose 29.57 points or 0.43% to 6,981.44 and Germany’s DAX was up by 64.28 points or 0.43% to 14,984.64.