Bourses trade at day’s low points in late afternoon session

Indian markets traded at day’s lowest points in late afternoon session following negative cues from European markets. However, broader indices, the BSE Mid cap index and Small cap index traded in green. Traders overlooked International Energy Agency (IEA) chief Fatih Birol’s statement that India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production. On the global front, Asian markets were trading mostly in green despite disappointed Chinese data. Investors also awaited cues from the ECB and BOJ meetings. European markets were trading lower amid rising fears of an increase in interest rates by the European Central Bank (ECB) later in the day just after the U.S. Federal Reserve signalled more hikes.

The BSE Sensex is currently trading at 62994.91, down by 233.60 points or 0.37% after trading in a range of 62967.46 and 63310.96. There were 14 stocks advancing against 14 stocks declining on the index, while 2 stocks remained unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.24%, while Small cap index was up by 0.15%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.44%, FMCG up by 0.39%, Auto up by 0.27%, Consumer Durables up by 0.18% and Industrials was up by 0.13%, while Bankex down by 1.03%, Realty down by 0.50%, PSU down by 0.49%, TECK down by 0.40% and Metal was down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 0.99%, Mahindra & Mahindra up by 0.92%, Nestle up by 0.77%, ITC up by 0.72% and HCL Tech up by 0.68%. On the flip side, Indusind Bank down by 2.24%, Wipro down by 1.68%, Kotak Mahindra Bank down by 1.51%, SBI down by 1.14% and Infosys down by 1.09% were the top losers.

Meanwhile, the Department for Promotion of Industry and Internal Trade (DPIIT) is all set to discuss issues related to further reducing compliance burden and promoting ease of doing business for the retail sector at a meeting of retail traders on June 16. 

The meeting will be chaired by the department's joint secretary Sanjiv. The officials from ministries and departments related to the retail sector will also participate. The department is taking a series of measures in order to promote the growth of the sector and provide them friendly business environment.

In the meeting, issues likely to figure include the utility of a national single window system, coverage of clearances, compliances required in the sector, suggestions for compliance reduction, and easing processes and inspections.

The CNX Nifty is currently trading at 18702.40, down by 53.50 points or 0.29% after trading in a range of 18698.55 and 18794.10. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Apollo Hospital up by 3.73%, Dr. Reddy's Lab up by 2.68%, Divi's Lab up by 2.42%, Cipla up by 1.94% and BPCL up by 1.42%. On the flip side, Indusind Bank down by 2.18%, Wipro down by 1.70%, Kotak Mahindra Bank down by 1.48%, HDFC Life Insurance down by 1.23% and SBI down by 1.21% were the top losers.

Asian markets were trading mostly in green, Hang Seng advanced 420.5 points or 2.12% to 19,828.92, Taiwan Weighted added 96.84 points or 0.56% to 17,334.98, Straits Times rose 25.25 points or 0.78% to 3,243.39, Shanghai Composite strengthened 23.99 points or 0.74% to 3,252.98 and Jakarta Composite was up by 9.55 points or 0.14% to 6,709.27. On the flip side, KOSPI dropped 10.54 points or 0.4% to 2,608.54 and Nikkei 225 was down by 16.93 points or 0.05% to 33,485.49.

European markets were trading lower, UK’s FTSE 100 decreased 7.38 points or 0.1% to 7,595.36, France’s CAC fell 29.25 points or 0.4% to 7,299.28 and Germany’s DAX was down by 38.18 points or 0.23% to 16,272.61.