Bourses trade in deep sea of red in late afternoon session

Pressurized by European markets cues, key barometer gauges traded in deep sea of red during late afternoon session. Investors’ sentiments were hit by the Silicon Valley Bank crisis. Also, there could be more regional banks in US in trouble. Domestic traders were cautious ahead of India’s Consumer Price Index (CPI) data is to be out later in the day. Traders ignored that Reserve Bank of India's (RBI) -- Monetary Policy Committee (MPC) member Ashima Goyal has said inflation is expected to come down over the year. On the global front, Asian markets were trading mostly in green as regulators from across the world moved to assuage investor concerns of a global ripple effect coming from the United States. European markets were trading lower as global investors focus on the fallout from the Silicon Valley Bank collapse.

The BSE Sensex is currently trading at 58252.46, down by 882.67 points or 1.49% after trading in a range of 58240.35 and 59510.92. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.69%, while Small cap index was down by 2.00%.

The few gaining sectoral indices on the BSE were Utilities up by 0.24% and Power was up by 0.11%, while Auto down by 2.10%, Bankex down by 2.05%, Industrials down by 1.98%, Telecom down by 1.98% and Capital Goods was down by 1.96% were the top losing indices on BSE.

The only gainers on the Sensex were Tech Mahindra up by 6.31% and Power Grid up by 0.24%. On the flip side, Indusind Bank down by 7.64%, Tata Motors down by 3.08%, Mahindra & Mahindra down by 3.00%, SBI down by 2.58% and Infosys down by 2.57% were the top losers.

Meanwhile, in line with the commitment to strengthen the hands of States to accelerate their capital and developmental expenditure, the Union Government has released 14th installment of tax devolution to State Governments amounting to Rs 1,40,318 crore, as against normal monthly devolution of Rs 70,159 crore.

As per the state-wise distribution of net proceeds of union taxes and duties for March 2023, Uttar Pradesh received the highest installment of Rs 24,783 crore among all states, while Bihar received installment of Rs 14,232 crore and Andhra Pradesh got installment of Rs 5,474 crore.

Further, installment amounts for Arunachal Pradesh, Assam, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh and Jharkhand are Rs 2,491 crore, Rs 4,417 crore, Rs 4,827 crore, Rs 546 crore, Rs 4,929 crore, Rs 1,546 crore, Rs 1,177 crore and Rs 4,681 crore respectively.

The CNX Nifty is currently trading at 17167.10, down by 245.80 points or 1.41% after trading in a range of 17159.25 and 17529.90. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 6.38%, Adani Enterprises up by 1.52%, Apollo Hospital up by 0.62%, ONGC up by 0.58% and Power Grid up by 0.22%. On the flip side, Indusind Bank down by 7.56%, Tata Motors down by 3.06%, Mahindra & Mahindra down by 3.04%, SBI down by 2.63% and Infosys down by 2.62% were the top losers.

Asian markets were trading mostly in green, Hang Seng advanced 376.05 points or 1.91% to 19,695.97, Shanghai Composite strengthened 38.62 points or 1.18% to 3,268.70, Taiwan Weighted added 34.29 points or 0.22% to 15,560.49, Jakarta Composite gained 21.66 points or 0.32% to 6,786.96 and KOSPI was up by 16.01 points or 0.66% to 2,410.60. On the flip side, Straits Times fell 41.29 points or 1.32% to 3,136.14 and Nikkei 225 was down by 311.01 points or 1.12% to 27,832.96.

European markets were trading lower, UK’s FTSE 100 decreased 85.91 points or 1.12% to 7,662.44, France’s CAC fell 95.71 points or 1.34% to 7,124.96 and Germany’s DAX was down by 185.09 points or 1.21% to 15,242.88.