Bourses trim losses in late afternoon session

The Indian equity benchmarks came off from day’s lows in late afternoon session but continued to trade below neutral lines. Selling pressure was witnessed in banking stocks. Traders were cautious ahead of the Reserve Bank of India’s monetary policy decision. Sector wise, gaming industry remained in limelight after Finance minister Nirmala Sitharaman has said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach $1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry. 

On the global front, Asian markets were trading mixed amid worries about the U.S. banking system and fresh signs of weakening domestic demand in China. European markets were trading higher with banks among the biggest winners as Italy watered down a planned windfall tax that sent shares in the country’s biggest lenders tumbling in the previous session. 

The BSE Sensex is currently trading at 65632.02, down by 214.48 points or 0.33% after trading in a range of 65444.38 and 65810.96. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.18%, while Small cap index was up by 0.44%.

The top gaining sectoral indices on the BSE were Metal up by 1.28%, Consumer Durables up by 0.78%, Oil & Gas up by 0.56%, Auto up by 0.48% and Energy was up by 0.44%, while Realty down by 1.32%, Bankex down by 0.64%, FMCG down by 0.07% and Power was down by 0.02% were the few losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.34%, Mahindra & Mahindra up by 2.06%, Tata Motors up by 1.84%, JSW Steel up by 1.38% and Tata Steel up by 0.85%. On the flip side, ICICI Bank down by 1.20%, Maruti Suzuki down by 1.09%, Bajaj Finance down by 1.08%, Asian Paints down by 0.96% and HDFC Bank down by 0.88% were the top losers.

Meanwhile, flagging inordinate delays in the implementation of the module for daily updation of exchange rate, the Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient.

The CAG said implementation of a system which captures daily fluctuation in the exchange rate, will minimise the undue benefit or loss to importers and exporters and correspondingly to the Department, adding that the module for daily updating of the exchange rate may be made operational at the earliest.

The CAG observed that the Central Board of Indirect Taxes and Customs in February 2014 stated that testing of a module for daily update of exchange rate through message exchange with State Bank of India (SBI) had been completed and commissioning of the same can be decided only after the technical issues with SBI get resolved. Subsequently, the module has been redesigned and the final 'Go-Live' prerequisites are being completed by SBI.

The CNX Nifty is currently trading at 19524.50, down by 46.35 points or 0.24% after trading in a range of 19467.50 and 19581.80. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 3.27%, Tech Mahindra up by 2.41%, Mahindra & Mahindra up by 2.12%, UPL up by 2.04% and Tata Motors up by 1.99%. On the flip side, Divi's Lab down by 3.10%, ICICI Bank down by 1.23%, Asian Paints down by 1.02%, Maruti Suzuki down by 1.02% and Apollo Hospital down by 0.89% were the top losers.

Asian markets were trading mixed, Hang Seng advanced 61.86 points or 0.32% to 19,246.03, KOSPI increased 31.14 points or 1.2% to 2,605.12 and Jakarta Composite was up by 4.58 points or 0.07% to 6,873.39. On the flip side, Taiwan Weighted lost 6.13 points or 0.04% to 16,870.94, Shanghai Composite weakened 16.13 points or 0.5% to 3,244.49 and Nikkei 225 was down by 172.96 points or 0.54% to 32,204.33.

European markets were trading higher, UK’s FTSE 100 increased 61.01 points or 0.81% to 7,588.43, France’s CAC rose 107.75 points or 1.48% to 7,377.22 and Germany’s DAX was up by 198.58 points or 1.26% to 15,973.51.