Markets trade marginally higher amid mixed cues from other Asian markets

Domestic equity indices were trading higher with marginal gains in morning deals amid mixed cues from other Asian markets. Meanwhile, the broader indices on the BSE were trading higher with gains of over quarter a percent. Traders were getting some encouragement as Finance Minister Nirmala Sitharaman has pitched for a global framework to regulate cryptocurrencies, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting. However, gains got restricted as fears of aggressive interest rate hikes by global central banks persisted. On the BSE sectoral front, traders were seen pilling up position in Healthcare, Realty, Consumer Durables, Industrials and Capital Goods, while selling was witnessed in Metal, Utilities, Power, Auto and Oil & Gas.

On the global front, Asian markets were trading mixed, as market participants remain concerned over the outlook for interest rates after the US Fed's minutes offered few surprises. However, the Japanese stock market was trading higher following the positive cues from US markets overnight, with gains in technology and exporter stocks, even as the domestic inflation hit the highest in over four-decades. Back home, in the stock specific development, Mahindra Lifespace Developers (MLDL) dropped after the company announced resignation of its current Managing Director and Chief Executive Officer (MD & CEO), Arvind Subramanian, with effect from May 22, 2023. Arvind Subramanian has been heading the company's operations since May 2020.

The BSE Sensex is currently trading at 59700.84, up by 95.04 points or 0.16% after trading in a range of 59630.23 and 59908.77. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.28%, while Small cap index up by 0.37%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.54%, Realty up by 0.49%, Consumer Durables up by 0.33%, Industrials up by 0.28% and Capital Goods up by 0.27%, while Metal down by 1.76%, Utilities down by 0.66%, Power down by 0.51%, Auto down by 0.47% and Oil & Gas down by 0.25% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.32%, Asian Paints up by 1.37%, Nestle up by 0.95%, Reliance Industries up by 0.87% and Bajaj Finance up by 0.76%. On the flip side, Mahindra & Mahindra down by 1.32%, Tata Steel down by 1.03%, ITC down by 0.55%, Tata Motors down by 0.54% and HDFC down by 0.53% were the top losers.

Meanwhile, in order to regulate cryptocurrencies, Finance minister Nirmala Sitharaman has pitched for a global framework, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting.

The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are in Bengaluru to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24.

Under the G20 Presidency, India will be pressing for a global framework to regulate the cryptocurrencies, ways to tackle the aggravated debt vulnerabilities facing the developing nations mainly on account of the continuing geopolitical tensions and the pandemic. It is feared that if left unaddressed, the mounting debt vulnerabilities of developing nations could trigger global recession and push millions to extreme poverty.

The minister so far has held separate bilateral meetings with the US Treasury Secretary Janet Yellen, Finance Minister of Japan Shunichi Suzuki, and Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the G-20 FMCBG meeting. In her meeting with Yellen, the finance minister discussed issues relating to crypto assets, strengthening multilateral development banks and global debt vulnerabilities.

The CNX Nifty is currently trading at 17533.10, up by 21.85 points or 0.12% after trading in a range of 17513.80 and 17599.75. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 2.88%, Bajaj Finserv up by 2.38%, Asian Paints up by 1.50%, Axis Bank up by 0.95% and Reliance Industries up by 0.89%. On the flip side, Hindalco down by 3.73%, Adani Enterprises down by 3.20%, JSW Steel down by 2.42%, ONGC down by 2.17% and Eicher Motors down by 2.07% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 67.37 points or 0.43% to 15,548.04, Hang Seng declined 287.87 points or 1.43% to 20,063.48, Shanghai Composite weakened 22.9 points or 0.7% to 3,264.58, KOSPI dropped 15.38 points or 0.63% to 2,423.7. However, Jakarta Composite gained 26.93 points or 0.39% to 6,866.38, Straits Times rose 15.38 points or 0.47% to 3,280.31 and Nikkei 225 surged 304.02 points or 1.12% to 27,408.34.