Sensex, Nifty remain weak in early noon deals

Indian equity benchmarks remained weak in early afternoon deals, with both Sensex and Nifty trading below their neutral lines, amid mixed cues from other Asian markets. Domestic sentiments were downbeat, amid a private report stating that the growth in the loans to the industry has stagnated with the banking sector clocking an 8.7% growth in January. The moderation is on account of the slower pace of growth in MSME credit, which was the main driver of the growth in loans since April.

Traders were taking a note of another private report stating that India faces a high risk of nighttime power cuts this summer and in coming years, as delays in adding new coal-fired and hydropower capacity could limit the country's ability to address surging electricity demand when solar energy is not available.

On the global front, Asian markets were trading mixed, as Consumer prices in China were up 1.0 percent on year in February. That was shy of expectations for an increase of 1.9 percent and down sharply from the 2.1 percent gain in January. On a monthly basis, consumer prices slumped 0.5 percent versus forecasts for an increase of 0.2 percent after climbing 0.8 percent in the previous month.

The BSE Sensex is currently trading at 60118.13, down by 229.96 points or 0.38% 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 rose by 0.12%, while Small cap index was up by 0.19%.

The top gaining sectoral indices on the BSE were Power up by 1.37%, Utilities up by 1.31%, Metal up by 1.02%, Industrials up by 0.43% and Capital Goods up by 0.40%, while Auto down by 0.94%, FMCG down by 0.63%, IT down by 0.50%, Consumer Durables down by 0.49% and Realty down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.78%, NTPC up by 1.71%, Bharti Airtel up by 1.44%, Axis Bank up by 1.04% and Larsen & Toubro up by 0.72%. On the flip side, Mahindra & Mahindra down by 2.34%, Reliance Industries down by 1.58%, ITC down by 1.30%, Kotak Mahindra Bank down by 1.08% and Tata Motors down by 0.94% were the top losers.

Meanwhile, as part of a post-Budget Webinar, the Finance Ministry has hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The Prime Minister urged India Inc to increase investment in tandem with the government's decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Budget 2023-24.

The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT International Financial Services Centre, facilitating seamless credit flow for MSMEs and enhancing customer ease for account opening and digital payments.

The webinar was the 10th in the series of 12 post-Budget webinars being held to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023-24. It mentioned ‘The Union Budget 2023-24 adopts seven priorities which complement each other and act as the 'Saptarishi' guiding us through the Amrit Kaal. The Financial Sector is one of the Seven priorities of the Government.’

The CNX Nifty is currently trading at 17683.35, down by 71.05 points or 0.40% 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 1.83%, NTPC up by 1.73%, Bharti Airtel up by 1.49%, Cipla up by 1.37% and Apollo Hospital up by 1.17%. On the flip side, Adani Enterprises down by 5.38%, Adani Ports and Special Economic Zone down by 2.84%, Mahindra & Mahindra down by 2.36%, SBI Life Insurance Company down by 1.65% and Reliance Industries down by 1.59% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 47.54 points or 0.3% to 15,770.66, KOSPI dropped 12.82 points or 0.53% to 2,419.09, Straits Times fell 10.23 points or 0.32% to 3,216.63 and Shanghai Composite weakened 0.55 points or 0.02% to 3,282.70, while Jakarta Composite gained 28.91 points or 0.42% to 6,805.28, Hang Seng advanced 68.62 points or 0.34% to 20,119.87 and Nikkei 225 surged 178.96 points or 0.63% to 28,623.15.