Bourses come off from day’s lows in late afternoon session

The BSE Sensex is currently trading at 65100.49, down by 50.53 points or 0.08% after trading in a range of 64754.72 and 65175.32. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.21%, while Small cap index was down by 0.20%.

The top gaining sectoral indices on the BSE were Power up by 1.44%, Utilities up by 1.30%, FMCG up by 0.43%, Capital Goods up by 0.24% and Energy was up by 0.10%, while IT down by 1.18%, TECK down by 0.92%, Realty down by 0.59%, Metal down by 0.57% and PSU was down by 0.44% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 1.35%, Hindustan Unilever up by 0.89%, Maruti Suzuki up by 0.80%, Tata Motors up by 0.72% and Nestle up by 0.62%. On the flip side, TCS down by 1.93%, Wipro down by 1.37%, Infosys down by 1.30%, Mahindra & Mahindra down by 1.20% and Tech Mahindra down by 1.02% were the top losers.

Meanwhile, Crisil ratings in its latest report has said that revenue of the organised dairy industry is likely to grow 14-16 per cent in 2023-24, on the back of strong demand for value added products and stable consumption of liquid milk. It said with raw milk supply improving, there will be fewer price hikes and profitability will recover 20-50 basis points.

Crisil Ratings Senior Director Mohit Makhija is expecting that the strong revenue growth in VAP (Value Added Products) seen over the past few years will continue. This fiscal, the segment should grow 18-20 per cent and consequently, the share of VAP in overall revenue could rise to 40 per cent from 35 per cent four fiscals back.

Senior Director also said that given that demand from both retail and institutional segments remained strong, the share of VAP will continue to rise and on the other hand, liquid milk revenue will grow 8-10 per cent this fiscal backed by steady demand.

The CNX Nifty is currently trading at 19355.45, down by 9.80 points or 0.05% after trading in a range of 19253.60 and 19373.80. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 4.37%, Adani Ports up by 3.33%, Eicher Motors up by 2.09%, Reliance Industries up by 1.28% and Hindustan Unilever up by 0.88%. On the flip side, Coal India down by 1.79%, TCS down by 1.75%, Hero MotoCorp down by 1.74%, Wipro down by 1.27% and Infosys down by 1.26% were the top losers.

All Asian markets were trading lower, Hang Seng declined 375.78 points or 2.09% to 17,950.85, Nikkei 225 slipped 175.24 points or 0.56% to 31,450.76, Taiwan Weighted lost 135.35 points or 0.83% to 16,381.31, Jakarta Composite plunged 35.62 points or 0.52% to 6,864.92, Shanghai Composite weakened 31.79 points or 1.02% to 3,131.95, Straits Times fell 25.88 points or 0.81% to 3,170.87 and KOSPI was down by 15.35 points or 0.61% to 2,504.50.

European markets were trading lower, UK’s FTSE 100 decreased 59.46 points or 0.81% to 7,250.75, France’s CAC fell 66.8 points or 0.93% to 7,124.94 and Germany’s DAX was down by 118.6 points or 0.76% to 15,558.30.