Benchmarks continue to trade marginally in red

Indian equity benchmarks continued to trade marginally in red in morning deals, due to losses in TECK, IT and Banking stocks. Traders remained cautious as Moody’s sees some of its India’s large corporates with foreign currency debt facing refinancing risk in calendar year 2024 (CY24). This would be owing to a combination of higher interest risk in the international financial market and a likely deterioration in their finances. However, losses were limited as traders took some support with Reserve Bank of India Governor Shaktikanta Das’ statement that India's economic growth in the past few years is mainly driven by robust domestic demand and the country will continue to remain among the fastest-growing large economies in 2023. He also said the Indian economy had made rapid gains and has gradually integrated with the global economy over the years. On the global front, Asian markets are trading mixed as investors preferred to stay on the sidelines ahead of the announcement of the US Fed interest rate decision later in the day.

The BSE Sensex is currently trading at 63068.49, down by 74.67 points or 0.12% after trading in a range of 63013.51 and 63242.72. There were 13 stocks advancing against 16 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.15%, while Small cap index was up by 0.47%.

The top gaining sectoral indices on the BSE were Metal up by 1.49%, Telecom up by 0.71%, Utilities up by 0.70%, Oil & Gas up by 0.70%, Power up by 0.58% while, TECK down by 0.63%, IT down by 0.63%, Bankex down by 0.28%, Realty down by 0.22% and Capital Goods down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.62%, Power Grid Corporation up by 1.03%, NTPC up by 0.94%, Tata Motors up by 0.89% and Reliance Industries up by 0.62%. On the flip side, Bharti Airtel down by 1.66%, Bajaj Finserv down by 1.13%, Bajaj Finance down by 1.00%, Infosys down by 0.76% and Hindustan Unilever down by 0.72% were the top losers.

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) in its latest data has said that domestic passenger vehicle wholesales grew by 13.54 per cent in May 2023 to 3,34,247 units, as compared to the same month last year. It stated dispatches of passenger vehicles (PVs) from manufacturers to dealers were at 2,94,392 units in May 2022.

It also said Two-wheeler domestic wholesales were at 14,71,550 units, as against 12,53,187 units in May last year, a growth of 17.42 per cent. Similarly, three-wheeler wholesales were higher at 48,732 units, as compared to 28,595 units in May 2022. Moreover, it said total vehicle dispatches across categories were at 18,08,686 units, as compared to 15,32,861 units in May 2022.

SIAM President Vinod Aggarwal SIAM said ‘All the segments viz. passenger vehicles, two-wheelers and three-wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevalent economic environment’.

The CNX Nifty is currently trading at 18711.05, down by 5.10 points or 0.03% after trading in a range of 18690.00 and 18753.80. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Tata Consumer Product up by 3.98%, JSW Steel up by 2.28%, Tata Steel up by 1.57%, BPCL up by 1.22% and Hindalco up by 1.10%. On the flip side, Bharti Airtel down by 1.74%, Bajaj Finserv down by 1.03%, Bajaj Finance down by 0.95%, Hero MotoCorp down by 0.76% and Infosys down by 0.75% were the top losers.

Asian markets are trading mixed; Taiwan Weighted added 15.55 points or 0.09% to 17,232.15, Shanghai Composite strengthened 7.91 points or 0.24% to 3,241.58, Straits Times rose 22.39 points or 0.7% to 3,211.79 and Nikkei 225 surged 544.14 points or 1.65% to 33,562.79.

On the flip side, Hang Seng declined 9.56 points or 0.05% to 19,511.86, KOSPI dropped 22.7 points or 0.86% to 2,615.25 and Jakarta Composite plunged 42.52 points or 0.63% to 6,676.49.