Bourses widen losses in late afternoon session

Local equity markets magnified their losses and were hovering near the lowest points of the day in late afternoon session on account of selling in IT and Banking counters. Globally investors were worried after surprisingly strong German inflation figure and signs of stronger inflationary pressures in the United States brought focus back on interest rate rises. Besides, Fed official -- Raphael Bostic said “The U.S. central bank needs to lift the federal funds rate to between 5 percent and 5.25 percent and keep there 'well into 2024' in order to bring inflation under control”. On the global front, Asian markets were trading mixed as signs of rising inflationary pressures in the U.S. and hawkish comments from Federal Reserve officials cemented investor worries over further interest-rate hikes. European markets were trading lower after data showed an increase in German harmonized inflation in February.

The BSE Sensex is currently trading at 58926.63, down by 484.45 points or 0.82% after trading in a range of 58866.26 and 59423.79. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.07%, while Small cap index was down by 0.17%.

The top gaining sectoral indices on the BSE were Realty up by 1.84%, Utilities up by 0.52%, Energy up by 0.21%, Oil & Gas up by 0.16% and PSU was up by 0.08%, while TECK down by 1.20%, IT down by 1.10%, Bankex down by 0.78%, Auto down by 0.67% and Consumer Durables was down by 0.62% were the top losing indices on BSE.

The only gainers on the Sensex were HCL Tech up by 1.04%, Sun Pharma up by 0.57% and Ultratech Cement up by 0.20%. On the flip side, Maruti Suzuki down by 2.12%, Axis Bank down by 2.04%, TCS down by 1.64%, Infosys down by 1.61% and Mahindra & Mahindra down by 1.38% were the top losers.

Meanwhile, citing Prime Minister Narendra Modi's vision of Zero Defect & Zero Effect Manufacturing, in which quality and sustainability are two crucial elements of India's growth journey, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal has said that developed and developing countries must have different goals and timelines while being sensitive to each other's needs, potential goals and roadmap towards sustainability.

The minister urged world leaders to recognize that everyone must contribute their fair share in improving energy efficiency, in reducing waste, in boosting the circular economy and in achieving green goals by transitioning and helping other nations transition to green growth to make the world a better place to live in. He further added that India's partnership with the UK and the EU is significant in the global effort to make the planet safer and greener.

Besides, Goyal said that to a large extent the climate crisis was created by high levels of consumption and waste generation. He said that only a collective effort would help combat the climate crisis and achieve sustainable growth. He noted that the government would only be able to play the role of an enabler and that it would be business and people at large who would have to adopt practices that lead to sustainable development.

The CNX Nifty is currently trading at 17328.40, down by 122.50 points or 0.70% after trading in a range of 17306.00 and 17445.80. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 2.56%, Coal India up by 2.15%, Adani Ports up by 2.02%, BPCL up by 1.60% and Hero MotoCorp up by 1.55%. On the flip side, Maruti Suzuki down by 2.19%, Axis Bank down by 2.13%, TCS down by 1.64%, Infosys down by 1.51% and SBI Life down by 1.44% were the top losers.

Asian markets were trading mixed, Hang Seng declined 190.25 points or 0.93% to 20,429.46, Straits Times fell 26.67 points or 0.82% to 3,228.41, Nikkei 225 slipped 17.66 points or 0.06% to 27,498.87 and Shanghai Composite was down by 1.7 points or 0.05% to 3,310.65. On the flip side, Taiwan Weighted added 0.23 points or 0% to 15,598.72, Jakarta Composite gained 12.48 points or 0.18% to 6,857.42 and KOSPI was up by 15 points or 0.62% to 2,427.85.

European markets were trading lower, UK’s FTSE 100 decreased 20.93 points or 0.26% to 7,894.00, France’s CAC fell 57.56 points or 0.8% to 7,176.69 and Germany’s DAX was down by 142.54 points or 0.93% to 15,162.48.