Bourses trim some losses in late afternoon session

Following positive cues from European markets, Indian equity benchmarks trimmed some of their losses in late afternoon session. However, cautiousness remained in the markets as participants were keenly watching out for GDP data and core sector data are scheduled tomorrow. Besides, the fear of sanctions against Russia and its degree of implication on the economy, especially food and oil exports, is adding to the anxiety. On the global front, all Asian markets were trading lower following a Wall Street selloff, as forecast-beating US inflation data reinforced expectations the Federal Reserve would continue to ramp up interest rates for some time. The report on the personal consumption expenditures price index followed blockbuster jobs figures and data showing prices coming down slower than hoped. European markets were trading higher after their worst weekly performance this year on worries of higher interest rates for longer in the United States and the eurozone.

The BSE Sensex is currently trading at 59172.36, down by 291.57 points or 0.49% after trading in a range of 58937.64 and 59441.13. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.93%, while Small cap index was down by 1.28%.

The top gaining sectoral indices on the BSE were Realty up by 2.31%, Bankex up by 0.91% and PSU was up by 0.07%, while TECK down by 2.18%, IT down by 2.15%, Auto down by 1.86%, Telecom down by 1.65% and Metal was down by 1.64% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.62%, Kotak Mahindra Bank up by 1.55%, SBI up by 1.35%, HDFC up by 0.64% and Axis Bank up by 0.56%. On the flip side, Tata Steel down by 3.51%, Infosys down by 2.92%, Tata Motors down by 2.72%, TCS down by 2.10% and Mahindra & Mahindra down by 2.00% were the top losers.

Meanwhile, calling for equal stake with equal partnership and responsibility by Industry to sustain the Start-Ups boom, Union Minister Jitendra Singh has said that the Government will promote Industry-driven Start-Ups to create wealth and jobs. The Minister said that Start-Ups will become sustainable, if Industry from the very beginning will identify the theme/subject/product and invest matching equity with the Government. The Minister assured that funds will not be a constraint under Prime Minister Narendra Modi’s Government to promote the ‘Innovation Eco-System’ in the country.

Further, giving the example of Prime Minister Narendra Modi’s idea of an Atma Nirbhar Bharat, where India’s vaccine strategy brought together pharma, industry and academia in a partnership with an eye on meeting the current as well as possible future challenges, Singh said that the idea behind initiatives like this is to have a sustainable partnership in the long run and provide a sustainable source of livelihood to India’s youth. He added that the Government of India, led by Prime Minister Modi, is encouraging industrial outreach by extending all possible support.

The Minister also pointed out that last year he had launched Single National Portal ‘BioRRAP’ for Biotech researchers and Start-Ups and also to cater to all those seeking regulatory approval for biological research & development activity in the country and thus offer a huge relief for ‘Ease of Science as well as Ease of Business’.

He asserted that India is poised to become a Global Bio-manufacturing Hub and will figure among the top 5 countries of the world by 2025.

The CNX Nifty is currently trading at 17359.95, down by 105.85 points or 0.61% after trading in a range of 17299.00 and 17451.60. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 1.52%, Kotak Mahindra Bank up by 1.51%, SBI up by 1.31%, HDFC Life Insurance up by 1.00% and HDFC up by 0.59%. On the flip side, Adani Enterprises down by 8.82%, Bajaj Auto down by 5.23%, UPL down by 4.04%, Tata Steel down by 3.51% and Infosys down by 2.92% were the top losers.

All Asian markets were trading lower, Hang Seng declined 66.53 points or 0.33% to 19,943.51, Nikkei 225 slipped 29.52 points or 0.11% to 27,423.96, KOSPI dropped 20.97 points or 0.87% to 2,402.64, Straits Times fell 16.93 points or 0.52% to 3,265.37, Shanghai Composite weakened 9.13 points or 0.28% to 3,258.03 and Jakarta Composite was down by 1.8 points or 0.03% to 6,854.78.

European markets were trading higher, UK’s FTSE 100 increased 64.9 points or 0.82% to 7,943.56, France’s CAC rose 93.66 points or 1.3% to 7,280.93 and Germany’s DAX was up by 200.88 points or 1.32% to 15,410.62.