Bourses continue to trade lower in late afternoon session

In a choppy trading session, the Indian equity benchmarks continued to trade with cautiousness in late afternoon session. Investors preferred to play safe and watch for the behavior of the market after Finance minister Nirmala Sitharaman tabled Economic Survey 2023 in Lok Sabha. The 2022-23 Economic Survey said India is projected to grow at a baseline rate of 6.5 per cent and a range of 6-6.8 per cent in the coming 2023-24 (FY24) with the global macroeconomic slowdown being the key risk factor to the forecast. The baseline nominal GDP growth is forecasted at 11 percent. Growth is expected to be brisk in FY24 as a vigorous credit disbursal, and capital investment cycle is expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors.

On the global front, all Asian markets were trading lower ahead of a key Federal Reserve policy decision later in the week, while data showing a bounce in Chinese economic activity failed to lift the mood. European markets were trading lower as attention turns to the U.S. Federal Reserve’s latest policy meeting, which kicks off on the same day.

The BSE Sensex is currently trading at 59,442.48, down by 57.93 points or 0.10% after trading in a range of 59104.59 and 59787.63. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.01%, while Small cap index was up by 1.61%.

The top gaining sectoral indices on the BSE were Telecom up by 2.03%, PSU up by 1.99%, Auto up by 1.67%, Utilities up by 1.40% and Industrials was up by 1.28%, while IT down by 1.11%, Energy down by 1.08%, TECK down by 1.01%, Oil & Gas down by 1.00% and Healthcare was down by 0.35% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 3.82%, Power Grid up by 2.57%, SBI up by 2.32%, Ultratech Cement up by 1.94% and Titan Company up by 1.78%. On the flip side, Bajaj Finance down by 2.24%, TCS down by 2.14%, Tech Mahindra down by 2.14%, Sun Pharma down by 1.87% and HDFC down by 1.48% were the top losers.

Meanwhile, the Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar has said that India is developing rapidly with science and innovation, both of them are deeply connected with the future of India. He said ‘We have leveraged technology to create the digital public infrastructure. We have been a significant contributor to financial inclusion in global healthcare and the move to sustainable energy while people-centric development is the basis of our national strategy.’

The Minister noted that currently the world is facing many complex challenges, which are deeply interlinked and are not defined by boundaries alone. The challenges being faced are global in nature and require global solutions, therefore the world community today needs to push more towards globally coordinated policies and actions. There is also a need for a renewed faith in multilateralism.

Further, Tomar said that India, that is fully committed to democracy and multilateralism, is poised to demonstrate not only multidimensional development but is also ready to display universally recognized power. It is not surprising that India was described as a beacon in a fragile world at the recently held World Economic Forum meeting and India's commitment to climate goals and return to the post-Covid development path has been lauded by one and all.

The CNX Nifty is currently trading at 17,630.20, down by 18.75 points or 0.11% after trading in a range of 17537.55 and 17735.70. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 3.94%, Adani Ports up by 3.22%, Adani Enterprises up by 3.06%, Power Grid up by 2.55% and SBI up by 2.32%. On the flip side, Bajaj Finance down by 2.22%, Tech Mahindra down by 2.18%, TCS down by 2.09%, Sun Pharma down by 1.99% and Britannia down by 1.97% were the top losers.

All Asian markets were trading lower, Taiwan Weighted lost 228.62 points or 1.5% to 15,265.20, Hang Seng declined 227.4 points or 1.04% to 21,842.33, Nikkei 225 slipped 106.29 points or 0.39% to 27,327.11, Jakarta Composite plunged 33.14 points or 0.48% to 6,839.34, KOSPI dropped 25.39 points or 1.05% to 2,425.08, Straits Times fell 14.42 points or 0.43% to 3,363.87 and Shanghai Composite was down by 13.65 points or 0.42% to 3,255.67.

European markets were trading lower, UK’s FTSE 100 decreased 42.2 points or 0.55% to 7,742.67, France’s CAC fell 23.77 points or 0.34% to 7,058.24 and Germany’s DAX was down by 68.52 points or 0.46% to 15,057.56.