Markets continue to show sluggish trend in late afternoon session

Indian equity benchmarks continued to show a sluggish trend in late afternoon session on the back of weakness in the IT and Metal sectors. The broader indices were trading mixed. Traders took note of report that Union Minister of Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution, Piyush Goyal has said that India will be launching the BRICS Startup Forum in 2023. While highlighting the transformation that has taken place in India, Goyal also commented on the expanding Startup India initiative that has led to the creation of nearly 100,000 startups in the country. On the global front, Asian markets were trading mostly in red after the release of weak Chinese trade data and ahead of key inflation readings from the world's largest economies due this week. European markets were trading lower as Italian banks came under pressure after the cabinet approved a 40% windfall tax on lenders, while sticky inflation print from Germany and weak China trade data further dented risk sentiment. 

The BSE Sensex is currently trading at 65883.84, down by 69.64 points or 0.11% after trading in a range of 65752.63 and 66057.53. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.04%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.60%, Bankex up by 0.33%, Industrials up by 0.23%, PSU up by 0.17% and Healthcare was up by 0.17%, while Metal down by 0.89%, Telecom down by 0.84%, Utilities down by 0.77%, Power down by 0.62% and Energy was down by 0.37% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.54%, Wipro up by 0.99%, ICICI Bank up by 0.77%, SBI up by 0.70% and Maruti Suzuki up by 0.64%. On the flip side, Power Grid down by 2.56%, Mahindra & Mahindra down by 1.69%, Nestle down by 1.33%, HCL Tech down by 1.09% and JSW Steel down by 1.09% were the top losers.

Meanwhile, with an aim of facilitating collaboration and sharing best practices among startups, investors, incubators, and aspiring entrepreneurs, Union Minister of Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution, Piyush Goyal has said that India will be launching the BRICS Startup Forum in 2023.

While highlighting the transformation that has taken place in India, Goyal also commented on the expanding Startup India initiative that has led to the creation of nearly 100,000 startups in the country. The Minister focused on ‘Transforming Production Systems’ and the support India can offer to other BRICS members and the wider international community.

Commerce and Industry Minister further reiterated India’s commitment to ‘Vasudhaiva Kutumbakam’ (The World is One Family) which underscores India's commitment to being a responsible global citizen and working towards a more inclusive, tolerant and interconnected world.

The CNX Nifty is currently trading at 19589.80, down by 7.50 points or 0.04% after trading in a range of 19533.10 and 19634.40. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were SBI Life up by 4.00%, Hero MotoCorp up by 3.75%, Cipla up by 3.22%, Tata Consumer up by 1.50% and Tech Mahindra up by 1.46%. On the flip side, Power Grid down by 2.54%, Adani Enterprises down by 2.45%, Hindalco down by 2.27%, Adani Ports down by 1.88% and Mahindra & Mahindra down by 1.76% were the top losers.

Asian markets were trading mostly in red, Hang Seng declined 353.75 points or 1.84% to 19,184.17, Taiwan Weighted lost 118.93 points or 0.7% to 16,877.07, Jakarta Composite plunged 18.33 points or 0.27% to 6,868.04, Shanghai Composite weakened 8.21 points or 0.25% to 3,260.62 and KOSPI was down by 6.73 points or 0.26% to 2,573.98. On the flip side, Straits Times rose 4.3 points or 0.13% to 3,314.17 and Nikkei 225 was up by 122.73 points or 0.38% to 32,377.29.

European markets were trading lower, UK’s FTSE 100 decreased 25.52 points or 0.34% to 7,528.97, France’s CAC fell 28.98 points or 0.4% to 7,290.78 and Germany’s DAX was down by 78.44 points or 0.49% to 15,872.32.