Indian equity benchmarks were hovering near their neutral lines in early noon deals, amid mixed cues from other Asian markets. Sensex and Nifty were trading mixed and the same trend was followed by the broader indices too. Traders were cautious, as according to the minutes of the meeting, majority of members of the high-powered Monetary Policy Committee (MPC) of the Reserve Bank were concerned about heightened inflation even as two panellists raised objections against an increase in the benchmark interest rate. Stocks related to the retail industry were in focus, as the Retailers Association of India (RAI) and Anarock in their joint report showed that the size of the country's retail market is likely to grow from $690 billion in 2021 to $2 trillion by 2032.
On the global front, Asian markets were trading mixed, after the Directorate General of Budget, Accounting & Statistics said that Taiwan's economy is forecast to grow at a slower than previously projected pace in the face of global growth slowdown and weak domestic investment prospects despite a faster momentum in private consumption. The real growth outlook for 2023 was lowered to 2.12 percent from 2.75 percent estimated in January. This was also weaker than the 2.45 percent expansion posted in 2022.
The BSE Sensex is currently trading at 59748.67, up by 3.69 points or 0.01% after trading in a range of 59406.31 and 59960.04. There were 16 stocks advancing against 14 stocks declining on the index.
The broader indices were trading mixed; the BSE Mid cap index fell by 0.52%, while Small cap index was up by 0.11%.
The top gaining sectoral indices on the BSE were FMCG up by 0.98%, Metal up by 0.85%, IT up by 0.31%, Oil & Gas up by 0.28% and Energy up by 0.25%, while Realty down by 1.14%, Consumer Durables down by 0.95%, Utilities down by 0.81%, Power down by 0.64% and Telecom down by 0.39% were the top losing indices on BSE.
The top gainers on the Sensex were ITC up by 2.44%, TCS up by 1.13%, Tata Steel up by 1.08%, Axis Bank up by 0.77% and HCL Technologies up by 0.65%. On the flip side, Asian Paints down by 2.39%, Indusind Bank down by 2.06%, Titan Company down by 1.30%, HDFC Bank down by 0.90% and Bajaj Finserv down by 0.85% were the top losers.
Meanwhile, the coal ministry has said that 27 coal mines would be put on sale in the next round of commercial mines auction starting from February 27, 2023. The auction process for 141 coal and lignite mines was launched by the coal ministry in November last year.
In a bid to familiarise bidders with the auction process, mock e-auction will be conducted on February 24. The ministry said it launched the 6th round and 2nd attempt of 5th round of commercial coal mines auctions on November 3, 2022, which received unprecedented response from industry.
It added 96 bids were received for 36 coal mines, including participation from many first time bidders, reflecting the enthusiasm among the bidders and the positive sentiment about coal mining sector.
The CNX Nifty is currently trading at 17551.40, down by 2.90 points or 0.02% after trading in a range of 17455.40 and 17620.05. There were 25 stocks advancing against 25 stocks declining on the index.
The top gainers on Nifty were ITC up by 2.32%, UPL up by 1.64%, Coal India up by 1.53%, TCS up by 1.10% and Tata Steel up by 1.08%. On the flip side, Asian Paints down by 2.42%, Indusind Bank down by 2.08%, Titan Company down by 1.64%, Adani Enterprises down by 1.48% and HDFC Bank down by 0.94% were the top losers.
Asian markets were trading mixed; Hang Seng declined 78.05 points or 0.38% to 20,345.79, Straits Times fell 23.95 points or 0.73% to 3,276.09 and Shanghai Composite weakened 9.45 points or 0.29% to 3,281.70, while Jakarta Composite gained 3.47 points or 0.05% to 6,813.44, KOSPI increased 21.41 points or 0.88% to 2,439.09 and Taiwan Weighted added 196.64 points or 1.26% to 15,615.41.
