Equity Indices trade in red in late morning deals

Domestic equity indices erased all of their gains and were trading lower in late morning deals on account of selling by market participants. Oil, gas and metal stocks led the headline indices lower. Traders were remained on sidelines ahead of India’s Q3 gross domestic product (GDP) numbers for the fiscal year 2022-23 to be out later in the day.  Traders remain concerned as ICRA Ratings said India Inc's operating profit margin narrowed by a sharp 2.37% in the December quarter to 16.3% on an annual basis due to high inflation and rising energy costs.  Fertilisers stocks were in focus after the Fertiliser Ministry in its latest data showed that the country's fertiliser imports rose by 3.9 per cent to 19.04 lakh tonnes in January this year compared to the year-ago period. Nagarjuna Fertilizers and Chemicals, Khaitan Chemicals & Fertilizers, Coromandel International, National Fertilizer and Rashtriya Chemicals & Fertilizers were trading higher. 

On the global front, Asian markets were trading mixed as market participants were concerned about the outlook for interest rates as recent economic data has led to worries the Federal Reserve will raise rates more than currently anticipated and hold rates at an elevated level for an extended period. Back home, in the stock specific development, Zee Entertainment Enterprises (ZEEL) surged after National Stock Exchange announced that it would include the company back into the futures and options (F&O) segment.

The BSE Sensex is currently trading at 59157.81, down by 130.54 points or 0.22% after trading in a range of 59155.38 and 59483.72. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.44%, while Small cap index up by 0.28%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.98%, Auto up by 0.65%, Power up by 0.47%, Utilities up by 0.42% and Industrials up by 0.33%, while Metal down by 1.81%, Energy down by 1.28%, Oil & Gas down by 1.17%, FMCG down by 0.37% and PSU down by 0.37% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 1.77%, Mahindra & Mahindra up by 1.40%, Tata Motors up by 1.26%, Tech Mahindra up by 0.83% and Titan up by 0.82%. On the flip side, ITC down by 1.48%, Reliance Industries down by 1.39%, Tata Steel down by 0.90%, Indusind Bank down by 0.62% and NTPC down by 0.61% were the top losers.

Meanwhile, Comptroller & Auditor General of India (CAG) G C Murmu has said that the blue economy occupies a vital position in India's economic growth and it could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept at the centre stage. He noted that India has a 7,517 km long coastline that is home to nine coastal states and 1,382 islands. He also said the coastal economy sustains over 4 million fishermen and other coastal communities. There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year.

Moreover, he said India’s Exclusive Economic Zone of over 2 million square kilometres has a bounty of living and non-living resources with significant recoverable resources such as crude oil and natural gas. With these vast maritime interests, the blue economy occupies a vital potential position in India’s economic growth. It could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept at centre stage.

Highlighting the importance of blue economy, Murmu said that the blue economy economic system promotes the sustainable use of marine and freshwater resources while conserving their environments. It encompasses policies and operational dimensions aimed at producing food and energy, supporting livelihoods, and driving economic advancement and welfare. He emphasized that the Blue Economy while being intrinsically linked to the Sustainable Development Goal (SDG) 14 - which focuses on conserving and using oceans, seas, and marine resources for sustainable development -- shall also be viewed from a holistic perspective of SDG 13 - Climate Action; SDG 6 - Clean Water; SDG 7- Clean and Renewable Energy.

The CNX Nifty is currently trading at 17362.30, down by 30.40 points or 0.17% after trading in a range of 17346.20 and 17440.45. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 8.39%, Adani Ports up by 3.93%, Asian Paints up by 1.81%, Mahindra & Mahindra up by 1.41% and Bajaj Auto up by 1.30%. On the flip side, Cipla down by 2.41%, Hindalco down by 2.21%, Coal India down by 2.07%, BPCL down by 1.61% and ITC down by 1.53% were the top losers.

Asian markets were trading mixed; Hang Seng declined 116.35 points or 0.58% to 19,827.16, Shanghai Composite weakened 11.21 points or 0.34% to 3,246.82 and Jakarta Composite plunged 6.45 points or 0.09% to 6,848.33. However, KOSPI increased 6.57 points or 0.27% to 2,409.21, Straits Times rose 8.25 points or 0.25% to 3,271.49 and Nikkei 225 surged 8.63 points or 0.03% to 27,432.59.