Domestic indices trade lower with cut of over quarter percent

Domestic equity indices traded lower with cut of over quarter a percent in morning deals amid mixed cues from global markets. Sentiments remained cautions after Federal Reserve Chair Jerome Powell said during a second day of congressional testimony that policymakers hadn't yet made up their minds on the size of the interest-rate increase later this month. Traders also remained concerned as India Ratings in a report has projected just 4 per cent Gross Domestic Product (GDP) growth for India for the fourth quarter and said the final growth numbers for the full year (FY23) will be lower than the second advance estimate of 7 per cent. On the BSE sectoral front, traders were seen pilling up position in  Power, Utilities, Metal, Capital Goods and Industrials, while selling was witnessed in Auto, FMCG, IT, Energy and TECK.

On the global front, Asian markets were trading mixed as traders remained cautious and were reluctant to make significant moves ahead of the release of the closely watched US monthly jobs report on Friday. Back home, in the stock specific development, SeQuent Scientific soared after it terminated the share purchase agreement to acquire 100 percent shareholding in Tineta Pharma.

The BSE Sensex is currently trading at 60140.07, down by 208.02 points or 0.34% after trading in a range of 60057.10 and 60467.09. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.14%, while Small cap index up by 0.23%.

The top gaining sectoral indices on the BSE were Power up by 1.35%, Utilities up by 1.32%, Metal up by 0.83%, Capital Goods up by 0.48% and Industrials up by 0.45%, while Auto down by 0.87%, FMCG down by 0.48%, IT down by 0.41%, Energy down by 0.34% and TECK down by 0.25% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.92%, NTPC up by 1.40%, Axis Bank up by 1.31%, Bharti Airtel up by 1.20% and Larsen & Toubro up by 0.74%. On the flip side, Mahindra & Mahindra down by 2.11%, Reliance Industries down by 1.47%, ITC down by 1.02%, Tech Mahindra down by 0.98% and TCS down by 0.94% were the top losers.

Meanwhile, in order to showcase the various tourism destinations and products including niche products, the Ministry of Tourism, Government of India under its ‘Incredible India’ brand line is participating in ITB, Berlin 2023.  It also aims to promote India as a ‘Must See, Must Visit’ destination.

Around 60 Participants from India are present in the India Pavilion, including travel agents, tour operators, airlines, hotels, the National Council for Hotel Management and Catering Technology, and Indian Railway Catering and Tourism Corporation, showcasing the diverse tourism products and services.

The Ministry of Tourism, Government of India is participating in ITB 2023 from March 7-9, 2023. During its participation the Ministry of Tourism would have B2B meetings with Tour Operators, Travel Agents and various other stakeholders. Ministry of Tourism promotes India as a holistic destination in the tourism generating markets to promote various Indian tourism products and tourism destinations of the country to increase India’s share of the global tourism market.

The CNX Nifty is currently trading at 17692.85, down by 61.55 points or 0.35% after trading in a range of 17668.90 and 17772.35. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 1.97%, Apollo Hospital up by 1.57%, Cipla up by 1.45%, NTPC up by 1.40% and Axis Bank up by 1.27%. On the flip side, Adani Enterprises down by 5.74%, Adani Ports down by 2.51%, Mahindra & Mahindra down by 2.12%, SBI Life down by 1.65% and Reliance Industries down by 1.38% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 24.44 points or 0.15% to 15,793.76, Shanghai Composite weakened 10.03 points or 0.31% to 3,273.22, Straits Times fell 8.56 points or 0.27% to 3,218.30 and KOSPI dropped 7.47 points or 0.31% to 2,424.44. However, Hang Seng advanced 45.89 points or 0.23% to 20,097.14, Jakarta Composite gained 28.91 points or 0.42% to 6,805.28 and Nikkei 225 surged 143.17 points or 0.5% to 28,587.36.