Bourses trade in deep sea of red in late afternoon session

Ignoring positive cues from global markets, Indian equity benchmarks traded in deep sea of red in late afternoon session. A level of pressure was seen on frontline counters, especially Banking, OIL & GAS and power counters. The broader indices, the BSE Mid cap index and Small cap index traded with losses of above two percent. The overall market breadth was largely negative as 2820 shares were declining and 702 were advancing, while 102 shares were unchanged on the BSE. Market participants raised concerns about the outlook for interest rates ahead of next week's US Fed policy meeting. On the global front, all Asian markets were trading higher tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. European markets were trading higher as markets weigh the latest growth data from the U.S. as well as the health of the corporate sector.

The BSE Sensex is currently trading at 59072.41, down by 1132.65 points or 1.88% after trading in a range of 58982.29 and 60166.90. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 2.00%, while Small cap index was down by 2.34%.

The only gaining sectoral indices on the BSE were Auto up by 0.04% and Healthcare was up by 0.02%, while Utilities down by 7.73%, Power down by 7.32%, Oil & Gas down by 6.19%, Energy down by 5.65% and Telecom was down by 4.01% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 4.63%, ITC up by 1.52% and Sun Pharma up by 0.13%. On the flip side, SBI down by 5.43%, ICICI Bank down by 4.10%, Indusind Bank down by 3.92%, HDFC down by 2.85% and HDFC Bank down by 2.82% were the top losers.

Meanwhile, the G20 Startup20 Engagement Group is all set to hold its inception meeting in Hyderabad this week, featuring delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organizations as well as the Indian startup ecosystem. The meeting will create a global narrative for supporting startups and fostering synergies between startups, corporates, investors, innovation agencies, and other key ecosystem stakeholders.

As per the notification released by the Ministry of Commerce & Industry, the group formed under G20 after India assumed presidency will convene from January 28-29 anticipating a productive development of policy recommendations on entrepreneurship and innovation priorities of and across G20 countries for the years ahead.

Meanwhile, the Startup20 has three main taskforces; the Foundation and Alliances Taskforce, Finance, and Inclusion and Sustainability. The Foundation and Alliances Taskforce will work to harmonize the global Startup ecosystem through consensus-based definitions and promote a global community of knowledge sharing among the Startup ecosystems to explore opportunities.

The Finance Taskforce will aim to increase access to capital for Startups by providing financing and investment platforms specifically for early-stage Startups to broaden the array of financial instruments available to Startups. For Inclusion and Sustainability, the roadmap involves increasing support for women led Startups and organizations; promotion of Startups working on making communities more inclusive and to promote Startups working on SDGs in areas of global interest.

The CNX Nifty is currently trading at 17515.60, down by 376.35 points or 2.10% after trading in a range of 17500.75 and 17884.75. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 4.86%, Tata Motors up by 4.70%, Dr. Reddy's Lab up by 2.29%, ITC up by 1.62% and Divi's Lab up by 0.72%. On the flip side, Adani Ports down by 18.03%, Adani Enterprises down by 15.86%, SBI down by 5.49%, ICICI Bank down by 4.22% and Indusind Bank down by 4.02% were the top losers.

All Asian markets were trading higher, Hang Seng advanced 122.12 points or 0.54% to 22,688.90, Jakarta Composite gained 34.16 points or 0.5% to 6,898.98, Nikkei 225 surged 19.81 points or 0.07% to 27,382.56, KOSPI increased 15.37 points or 0.62% to 2,484.02 and Straits Times rose 14.92 points or 0.44% to 3,392.11.

European markets were trading higher, UK’s FTSE 100 increased 10.92 points or 0.14% to 7,772.03, France’s CAC rose 5.31 points or 0.07% to 7,101.30 and Germany’s DAX was up by 27.74 points or 0.18% to 15,160.59.