Benchmarks continue to trade in red in morning deals

Indian equity benchmarks continued to trade in red in morning deals, as investor sentiment remains weak amid the possibility of a deepening global banking turmoil. Sentiments remained weak as provisional data from exchanges showed that FIIs were net sellers to the tune of Rs 995 crore in the cash markets on March 23. However, losses remain capped as traders took some support with report stating that India’s exports to the UAE are expected to touch an all-time high of $32 billion by the end of this fiscal due to the benefits of free trade agreement between the countries. Meanwhile, Agriculture Minister Narendra Singh Tomar has launched a DigiClaim platform under the national crop insurance portal for speedy disbursal of claims to insured farmers.

On the global front, Asian markets are trading mostly in red with traders remaining cautious as lingering concerns about the recent turmoil in the banking sector continue to hang over the markets. Concerns that interest rate hikes by several central banks could slow down economic growth is also weighing on the markets. Back home, banking stocks remained in limelight with report that Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on March 25 for performance review in the backdrop of failure of few banks in the US and liquidity crisis faced by Credit Suisse.

The BSE Sensex is currently trading at 57825.55, down by 99.73 points or 0.17% after trading in a range of 57677.05 and 58066.40. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices ended in red; the BSE Mid cap index fell 0.56%, while Small cap index was down by 0.47%.

The top gaining sectoral indices on the BSE were IT up by 0.71% and TECK up by 0.53%, while Metal down by 1.33%, Oil & Gas down by 1.06%, Energy down by 1.00%, Utilities down by 0.86% and Power down by 0.78% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 1.09%, Infosys up by 0.97%, Kotak Mahindra Bank up by 0.66%, Power Grid Corporation up by 0.56% and ITC up by 0.30%. On the flip side, Bajaj Finance down by 2.56%, Bajaj Finserv down by 2.44%, Tata Steel down by 1.67%, Mahindra & Mahindra down by 1.10% and Reliance Industries down by 0.91% were the top losers.

Meanwhile, Minister of Jal Shakti Gajendra Singh Shekhawat has said that India has committed investments of more than $240 billion in the water sector and is implementing the largest dam rehabilitation programme in the world as well as efforts to restore groundwater level. He highlighted the ambitious programmes and efforts being undertaken in India towards ensuring water security and achieving Sustainable Development Goal (SDG) 6 of clean water and sanitation for all.

He mentioned government has committed investments of more than $240 billion in the water sector through government resources, in partnership with private innovators, start-ups, and water-user associations. He said India is implementing two flagship missions to ensure universal access to sanitation and drinking water. He said India is implementing the largest dam rehabilitation programme in the world, to build climate resilience critical water storage infrastructure. Further, due to the country's unique geography, India is among the largest users of groundwater in the world.

Besides, he said currently government is making efforts to restore groundwater level and create mindful communities by combining demand and supply side interventions through village Water Security Plans, inculcating behavioural changes on water usage and conservation at the grass-root level, financing these plans through incentives and convergence of existing programmes. He added that this has led to creating greater community ownership in the equitable management of water at a local level.

The CNX Nifty is currently trading at 17033.25, down by 43.65 points or 0.26% after trading in a range of 16994.90 and 17109.45. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Infosys up by 1.18%, TCS up by 1.18%, Apollo Hospital Ent. up by 0.80%, Power Grid Corp up by 0.63% and Kotak Mahindra Bank up by 0.61%. On the flip side, Bajaj Finance down by 2.32%, Bajaj Finserv down by 2.20%, Hindalco down by 1.89%, Tata Steel down by 1.72% and HDFC Life Insurance down by 1.66% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 70.42 points or 0.26% to 27,349.19, Hang Seng declined 42.45 points or 0.21% to 20,007.19, Shanghai Composite weakened 17.76 points or 0.54% to 3,268.89 and KOSPI dropped 11.32 points or 0.47% to 2,413.16.

On the flip side, Jakarta Composite gained 69.23 points or 1.02% to 6,760.84, Straits Times rose 2.77 points or 0.09% to 3,221.77 and Taiwan Weighted added 32.53 points or 0.21% to 15,896.48.