Bourses enlarge losses in late afternoon session

Indian equity markets enlarged their losses in late afternoon session, as cautiousness prevailed ahead of the crucial Union Budget on February 01, 2023. Besides, investors looked ahead to the interest rate decisions from the Federal Reserve, the European Central Bank and the Bank of England this week. The markets continued to watch Adani Group Companies developments. On the earnings front, Tech Mahindra, BPCL, L&T, Sun pharma will unveil their quarterly earnings results this week. In stock specific development, Bajaj Finserv traded higher as it reported a net consolidated profit of Rs 1,782.02 crore for the December quarter of the financial year 2022-23, up 41.90% from Rs 1,255.79 crore in the year-ago period.

On the global front, Asian markets were trading mixed as investors looked ahead to a busy week of central bank announcements and earnings updates from U.S. tech heavyweights Amazon, Apple, Alphabet and Meta Platforms. European markets were trading lower as investors focus on the next U.S. Federal Reserve meeting that begins Tuesday. The two-day meeting will conclude with the central bank’s Federal Open Market Committee announcing its latest interest rate decision.

The BSE Sensex is currently trading at 59087.48, down by 243.42 points or 0.41% after trading in a range of 58699.20 and 59644.24. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.60%, while Small cap index was down by 0.29%.

The top gaining sectoral indices on the BSE were IT up by 1.12%, TECK up by 1.05%, Telecom up by 0.69% and Consumer Durables was up by 0.28%, while Utilities down by 6.69%, Power down by 6.18%, Oil & Gas down by 4.61%, Energy down by 3.63% and Metal was down by 1.56% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 4.19%, Ultratech Cement up by 2.04%, HCL Tech up by 1.82%, Infosys up by 1.43% and NTPC up by 1.32%. On the flip side, Indusind Bank down by 4.45%, Power Grid down by 3.26%, Hindustan Unilever down by 2.31%, Larsen & Toubro down by 2.25% and Tata Steel down by 2.07% were the top losers.

Meanwhile, calling for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in Research and Development.

The Minister further said that it is not just the role of individual nations to support innovation, adding that it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges.

Besides, Goyal said that India was proud to highlight the progress & potential of the global startup ecosystem as the host nation of G20. He noted that the Startup20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation. The Minister expressed confidence that innovation would be the strongest pillar that would help build a developed India in the Amritkaal. He said that innovation has been a catalytic force for the economy and social and public good.

The CNX Nifty is currently trading at 17525.55, down by 78.80 points or 0.45% after trading in a range of 17405.55 and 17709.15. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 3.98%, Adani Enterprises up by 3.27%, Ultratech Cement up by 2.02%, HCL Tech up by 1.69% and Bajaj Finserv up by 1.41%. On the flip side, Indusind Bank down by 4.29%, Power Grid down by 3.35%, JSW Steel down by 2.81%, Bajaj Auto down by 2.49% and ONGC down by 2.47% were the top losers.

Asian markets were trading mixed, Straits Times fell 25.94 points or 0.77% to 3,368.27, Jakarta Composite plunged 26.5 points or 0.39% to 6,872.48, KOSPI dropped 33.55 points or 1.37% to 2,450.47 and Hang Seng was down by 619.17 points or 2.81% to 22,069.73. On the flip side, Taiwan Weighted added 560.89 points or 3.62% to 15,493.82, Nikkei 225 surged 50.84 points or 0.19% to 27,433.40 and Shanghai Composite was up by 4.51 points or 0.14% to 3,269.32.

European markets were trading lower, UK’s FTSE 100 decreased 33.2 points or 0.43% to 7,731.95, France’s CAC fell 43.77 points or 0.62% to 7,053.44 and Germany’s DAX was down by 88.05 points or 0.58% to 15,061.98.