Domestic indices trade lower with cut of around half percent each in early deals

Indian equity benchmarks made negative start on Friday tracking overnight losses on Wall Street as well as weakness in Asian counterparts amid renewed concerns about the health of the U.S. banking sector after lenders PacWest Bancorp and First Horizon said they were reviewing their options. Domestic indices are trading lower with cut of around half a percent each in early deals as selling at Metal, Bankex and Telecom stocks weighted down on the markets, whereas buying in Capital Goods, Consumer Durables and Industrials capped the downside. Traders largely overlooked report that Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO) said India's exports of goods and services could touch $900 billion in the current financial year, up from $770 billion in the previous year, keeping resilient despite global headwinds. Meanwhile, Foreign institutional investors (FII) bought shares worth Rs 1,414.73 crore on May 4, provisional data from the National Stock Exchange showed. 

The BSE Sensex is currently trading at 61461.79, down by 287.46 points or 0.47% after trading in a range of 61163.10 and 61506.53. There were 16 stocks advancing against 13 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.07%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.93%, Consumer Durables up by 0.70%, Industrials up by 0.68%, Realty up by 0.53%, FMCG up by 0.34%, while Metal down by 0.67%, Bankex down by 0.24%, Telecom down by 0.20%, TECK down by 0.16%, Utilities down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.65%, Axis Bank up by 1.46%, ICICI Bank up by 1.27%, Nestle up by 1.13% and SBI up by 1.01%. On the flip side, HDFC Bank down by 4.57%, HDFC down by 4.41%, Tata Steel down by 1.08%, Asian Paints down by 1.06% and NTPC down by 0.96% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has invited investors to become a part of the journey of the Indian economy in Amrit Kaal, the 25-year journey towards its centenary as a modern nation, saying it is full of new opportunities for growth and investments. The Indian finance minister elaborated on the vision and reforms-oriented approach towards good governance under the leadership of Prime Minister Narendra Modi to shape 'New India' and redefine its place in the global economic order.

She also emphasized recent reforms in India and highlighted initiatives like National Infrastructure Pipeline (NIP), National Monetisation Pipeline, Digital Public Infrastructure and Production Linked Incentive, besides real estate sector and FDI policy reforms. She mentioned that India has stood out as a beacon of hope facing the tailwinds of the pandemic and the headwinds of the geo-political conflicts to become the fifth-largest economy in the world.

The minister also appreciated the investors in South Korea for showing continued confidence in India and indicating their willingness and commitment to participate in the Production Linked Incentive scheme, especially for the mobile phone and electronic component sectors.

The CNX Nifty is currently trading at 18177.25, down by 78.55 points or 0.43% after trading in a range of 18104.90 and 18187.25. There were 24 stocks advancing against 25 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Larsen & Toubro up by 1.65%, Axis Bank up by 1.40%, ICICI Bank up by 1.22%, Nestle up by 1.21% and SBI Life Insurance up by 1.18%. On the flip side, HDFC Bank down by 4.60%, HDFC down by 4.44%, Tata Steel down by 1.13%, Hindalco down by 1.12% and Asian Paints down by 1.06% were the top losers.

Asian markets are trading mostly in red; Jakarta Composite plunged 108.11 points or 1.6% to 6,735.92, Shanghai Composite weakened 23.84 points or 0.72% to 3,326.62, Straits Times fell 5.4 points or 0.17% to 3,263.78 and Taiwan Weighted lost 1.7 points or 0.01% to 15,607.33, while Hang Seng was up by 128.01 points or 0.64% to 20,076.74.