Bourses wipe out losses in late afternoon session

The Indian benchmarks wiped out all their losses in late afternoon session on account of buying in front line counters. As for broader indices, BSE Mid cap index and Small cap index remained in red. Investors digested comments from a slew of Federal Reserve officials, while crucial consumer inflation data loomed next week. Adani Group stocks remained in limelight, as Morgan Stanley Capital International (MSCI) has announced that it will review the status of Adani Group stocks in its indices amid investors’ concerns. MSCI said it will announce the changes later in the day. On the global front, Asian markets were trading mostly in red after comments from a slew of Federal Reserve officials suggested that U.S. interest rates will keep climbing for some time to cool prices. European markets were trading higher as Germany's Siemens AG and UK's AstraZeneca boosted earnings euphoria, and helped offset concerns over hawkish Federal Reserve speakers stressing the need for more interest rate hikes.

The BSE Sensex is currently trading at 60810.17, up by 146.38 points or 0.24% after trading in a range of 60472.81 and 60863.63. There were 19 stocks advancing against 10 stocks declining on the index, while 1 stock remained unchanged.

The broader indices were trading in red; the BSE Mid cap index declined 0.01%, while Small cap index was down by 0.06%.

The top gaining sectoral indices on the BSE were IT up by 0.77%, TECK up by 0.58%, Industrials up by 0.39%, Capital Goods up by 0.31% and PSU was up by 0.17%, while Power down by 0.91%, Utilities down by 0.82%, Telecom down by 0.73%, Realty down by 0.46% and Energy was down by 0.43% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.18%, Bajaj Finance up by 1.65%, Asian Paints up by 1.53%, Infosys up by 1.42% and Indusind Bank up by 1.39%. On the flip side, Bharti Airtel down by 1.01%, Sun Pharma down by 0.75%, Tata Motors down by 0.73%, Ultratech Cement down by 0.69% and HDFC down by 0.65% were the top losers.

Meanwhile, underlining the various initiatives taken by the government, Union Minister of State for Textiles, Darshana Jardosh has said that India’s exports of 207 Technical Textile products have grown from $2.21 billion in 2020-21 to $2.85 billion in 2021-22, registering a growth rate of 28.4%.

Minister said that with a view to boost technical textiles sector in the country, the Government has set up the National Technical Textiles Mission (NTTM) for a period of 4 years (2020-21 to 2023-24) with an outlay of Rs 1,480 crore. The Mission aims at achieving an average growth rate of 15-20% per annum taking the level of domestic market size to 40-50 Billion USD by the year 2024.

Darshana also noted that the Government has issued General Guidelines for Enabling of Academic Institutes in Technical Textiles’ Education in India for Private & Public Institutes, with the objective of improving learning levels by encouraging new Technical Textiles Degree Programme (UG & PG), updating existing conventional degree programmes with new papers of Technical Textiles etc.

The CNX Nifty is currently trading at 17894.75, up by 23.05 points or 0.13% after trading in a range of 17779.80 and 17916.90. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 2.21%, HDFC Life Insurance up by 2.05%, Bajaj Finance up by 1.71%, Asian Paints up by 1.53% and SBI Life up by 1.48%. On the flip side, Adani Enterprises down by 9.08%, Adani Ports down by 2.62%, Hero MotoCorp down by 1.67%, Cipla down by 1.59% and Bharti Airtel down by 0.99% were the top losers.

Asian markets were trading mostly in red, Jakarta Composite plunged 42.76 points or 0.62% to 6,897.36, Straits Times fell 24.38 points or 0.72% to 3,364.14, Nikkei 225 slipped 22.11 points or 0.08% to 27,584.35, Taiwan Weighted lost 19.46 points or 0.12% to 15,598.71 and KOSPI was down by 2.12 points or 0.09% to 2,481.52. On the flip side, Shanghai Composite strengthened 38.27 points or 1.17% to 3,270.38 and Hang Seng was up by 340.84 points or 1.58% to 21,624.36.

European markets were trading higher, UK’s FTSE 100 increased 44.65 points or 0.57% to 7,929.82, France’s CAC rose 78.32 points or 1.1% to 7,198.15 and Germany’s DAX was up by 168.69 points or 1.09% to 15,580.74.