Domestic indices trade lower with cut of around half percent

Domestic equity markets were trading lower with cut of around half percent in late afternoon deals on account of selling in Reliance Industries, Ultratech Cement and Titan stocks. Mixed cues from global markets weighted on the domestic sentiments. However, broader indices on the BSE were trading higher. Traders took note of report that the Department for Promotion of Industry and Internal Trade (DPIIT) is aiming to get a clear picture of the country's logistics costs in the next four months. At present, the government is going by certain estimates, which suggest that India's logistics cost stands at about 13-14 per cent of the country's GDP (gross domestic product). On the sectoral front, traders were seen pilling up position in Realty, Healthcare, Metal, IT and PSU, while selling was witnessed in Telecom, Utilities, Power, Consumer Durables and FMCG.

On the global front, Asian markets were trading mixed after China’s economy grew more than expected at 4.5% year-on-year, beating estimates to see growth of 4%.  European markets were trading higher as investors continue to gauge the health of the global economy as well as corporate earnings. Back home, in the stock specific development, Tata Chemicals slipped after the company announced 3-4 per cent price cuts across India for light and dense soda ash effective from April 17, 2023. 

The BSE Sensex is currently trading at 59641.22, down by 269.53 points or 0.45% after trading in a range of 59579.30 and 60113.47. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.41%, while Small cap index up by 0.16%.

The top gaining sectoral indices on the BSE were Realty up by 1.21%, Healthcare up by 0.93%, Metal up by 0.30%, IT up by 0.20% and PSU up by 0.03%, while Telecom down by 0.95%, Utilities down by 0.91%, Power down by 0.81%, Consumer Durables down by 0.80% and FMCG down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.83%, HCL up by 1.64%, Indusind Bank up by 1.29%, Wipro up by 0.95% and Maruti Suzuki up by 0.52%. On the flip side, Power Grid down by 2.56%, Ultratech Cement down by 1.96%, Titan down by 1.38%, Reliance Industries down by 1.35% and Bajaj Finance down by 1.31% were the top losers.

Meanwhile, in order to make India a Gas-based economy, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri has said that the Government of India has set a target to increase the share of gas in the energy mix up to 15% in 2030. Presently the country is importing around 50% of its requirement of Natural gas.

Union Minister further expressed the need for domestic production biofuels and said it will play a pivotal role in achieving reduction in import of fossil fuel and ultimately help to achieve the target of net zero emission. The Minister noted that the production of Compressed Biogas (CBG)would have multiple benefits viz. reduction of natural gas imports, reduction of GHG emission, reduction in burning of agriculture residues, providing remunerative income to farmers, employment generation, effective waste management etc.

The Minister also shared India’s ambitious target to set up 5,000 commercial plants by 2024- 25 and produce 15 MMT of CBG which would replace other gaseous fuels being used in the country. He mentioned that India had commissioned 46 compressed biogas plants under SATAT Scheme and there were 100 outlets currently dispensing the compressed biogas across the country.

The CNX Nifty is currently trading at 17634.60, down by 72.25 points or 0.41% after trading in a range of 17610.20 and 17766.60. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 3.35%, Nestle up by 1.78%, Cipla up by 1.73%, HCL up by 1.71% and Indusind Bank up by 1.30%. On the flip side, Power Grid down by 2.64%, Ultratech Cement down by 2.03%, Adani Enterprises down by 1.76%, Apollo Hospital down by 1.38% and Reliance Industries down by 1.38% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 94.11 points or 0.59% to 15,869.44, Hang Seng declined 131.94 points or 0.64% to 20,650.51, KOSPI dropped 4.82 points or 0.19% to 2,571.09 and Straits Times fell 12.45 points or 0.38% to 3,306.81, while Jakarta Composite gained 34.21 points or 0.5% to 6,821.79 Nikkei 225 surged 144.05 points or 0.5% to 28,658.83 and Shanghai Composite strengthened 7.72 points or 0.23% to 3,393.33.

European markets were trading in green; UK’s FTSE 100 rose 16.81 points or 0.21% to 7,896.53, Germany’s DAX gained 19.31 points or 0.12% to 15,808.68 and France’s CAC was up by 22.01 points or 0.29% to 7,520.06.