Bourses once again add losses in late afternoon session

Indian equity markets once again added losses in late afternoon session led by selling in IT counter. Traders were worried about U.S. inflation data is to be out tonight. The data could have a significant impact on the outlook for interest rates ahead of next week's Federal Reserve meeting. Traders remained nervous following the collapse of Silicon Valley Bank crisis. Meanwhile, retail inflation in India fell marginally but remained above RBI's 6 per cent upper tolerance band for the second straight month in February. On the global front, all Asian markets were trading lower dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. European markets were trading mostly in green as focus turned to U.S. inflation data due later in the day that may provide clues as to whether the Federal Reserve will pursue its tightening policy next week.

The BSE Sensex is currently trading at 57,918.68, down by 319.17 points or 0.55% after trading in a range of 57721.16 and 58490.98. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.58%, while Small cap index was down by 0.96%.

The only gaining sectoral indices on the BSE were Healthcare was up by 0.03%, while Utilities down by 1.63%, Power down by 1.60%, IT down by 1.47%, Realty down by 1.13% and TECK was down by 1.12% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 1.32%, Sun Pharma up by 0.88%, Indusind Bank up by 0.82%, Bharti Airtel up by 0.49% and ICICI Bank up by 0.48%. On the flip side, Mahindra & Mahindra down by 2.73%, Tech Mahindra down by 1.91%, HCL Tech down by 1.78%, Wipro down by 1.72% and Bajaj Finance down by 1.63% were the top losers.

Meanwhile, India’s inflation based on wholesale price index (WPI) declined further to 3.85% for the month of February 2023 against 4.73% recorded in January 2023, on account of fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semitrailers. The wholesale inflation was 4.95% in December 2022.

The Component wise, primary articles index, having weight of 22.62%, declined 0.57% to 173.0 (provisional) in February 2023 from 174.0 (provisional) for the month of January 2023. Prices of Food Articles increased in February 2023 as compared to January 2023, while prices of Minerals, Non-food Articles and Crude Petroleum & Natural Gas declined in February 2023 as compared to January 2023.

Fuel & Power index, having weight of 13.15%, increased 1.93% to 158.8 (provisional) in February 2023 from 155.8 (provisional) for the month of January 2023. Prices of Mineral Oils and Coal increased in February 2023 as compared to January 2023.

Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, increased to 141.6 (provisional) in February 2023 from 141.3 (provisional) in January 2023. Meanwhile, for the month of December 2022, the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011- 12=100) stood at 150.5 and 5.02% respectively.

The CNX Nifty is currently trading at 17,044.70, down by 109.60 points or 0.64% after trading in a range of 16987.10 and 17224.65. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 1.42%, BPCL up by 1.35%, Sun Pharma up by 0.92%, Indusind Bank up by 0.91% and SBI Life up by 0.81%. On the flip side, Adani Enterprises down by 10.00%, Adani Ports down by 6.06%, Mahindra & Mahindra down by 2.56%, Tech Mahindra down by 1.84% and HCL Tech down by 1.81% were the top losers.

All Asian markets were trading lower, Nikkei 225 slipped 610.92 points or 2.24% to 27,222.04, Hang Seng declined 448.01 points or 2.33% to 19,247.96, Taiwan Weighted lost 200.07 points or 1.3% to 15,360.42, Jakarta Composite plunged 145.15 points or 2.19% to 6,641.81, KOSPI dropped 61.63 points or 2.62% to 2,348.97, Shanghai Composite weakened 23.39 points or 0.72% to 3,245.31 and Straits Times was down by 2.05 points or 0.07% to 3,130.32.

European markets were trading mostly in green, France’s CAC rose 15.63 points or 0.22% to 7,027.13 and Germany’s DAX was up by 89.08 points or 0.59% to 15,048.55, while UK’s FTSE 100 decreased 18.55 points or 0.25% to 7,530.08.