Bourses slip lower in late afternoon session

The broader indices were trading in green; the BSE Mid cap index gained 0.42%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were IT up by 0.65%, Realty up by 0.63%, Power up by 0.56%, Telecom up by 0.54% and TECK was up by 0.47%, while Healthcare down by 0.33%, Energy down by 0.32%, Metal down by 0.17%, Consumer Durables down by 0.08% and Auto was down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.91%, Asian Paints up by 1.82%, Infosys up by 0.87%, Ultratech Cement up by 0.76% and Axis Bank up by 0.68%. On the flip side, JIO Financial down by 4.99%, Larsen & Toubro down by 1.12%, JSW Steel down by 0.86%, Reliance Industries down by 0.84% and Power Grid down by 0.66% were the top losers.

Meanwhile, amid accelerated growth, increased efficiency and unwavering trust, Government e-Marketplace (GeM) crossed Rs 1 lakh crore Gross Merchandise Value (GMV) within a remarkable span of 145 days in the current financial year (FY24). The average GMV per day has also witnessed significant growth from Rs 412 crore per day in FY23 to Rs 690 crore per day in FY24.

This outstanding achievement underscores GeM's commitment to revolutionizing government procurement and signifies a substantial improvement compared to the previous year, where this GMV landmark was reached in 243 days. Since inception, GeM has crossed Rs 4.91 lakh crore in GMV and has facilitated over 1.67 crore orders on the platform.

The past financial year concluded with a GMV of Rs 2 lakh crore, setting a formidable foundation for this year's achievement. Strategic focus of GeM in FY24 centers on expanding its reach by integrating government buyers across all tiers into its robust e-procurement infrastructure. The portal's extended range of service offerings has contributed significantly to its widespread adoption during this period.

Meanwhile, GeM is an online public procurement portal developed to facilitate the procurement of goods and services by various government departments, agencies, and public sector undertakings. GeM aims to simplify the public procurement process, reduce paperwork, and promote the use of digital technology for government procurement.

The CNX Nifty is currently trading at 19411.70, down by 32.30 points or 0.17% after trading in a range of 19405.45 and 19584.45. There were 18 stocks advancing against 32 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Indusind Bank up by 1.84%, Asian Paints up by 1.79%, BPCL up by 1.39%, Adani Enterprises up by 1.07% and Infosys up by 0.87%. On the flip side, JIO Financial down by 4.99%, Grasim Industries down by 1.26%, ONGC down by 1.20%, Larsen & Toubro down by 1.09% and Hindalco down by 1.08% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 366.25 points or 2.01% to 18,212.17, Nikkei 225 surged 276.95 points or 0.86% to 32,287.21, Taiwan Weighted added 193.97 points or 1.16% to 16,770.87, KOSPI increased 32.18 points or 1.27% to 2,537.68, Straits Times rose 9.45 points or 0.3% to 3,183.63 and Shanghai Composite was up by 3.84 points or 0.12% to 3,082.24. On the flip side, Jakarta Composite was down by 5.01 points or 0.07% to 6,916.40.

European markets were trading higher; UK’s FTSE 100 increased 33.24 points or 0.45% to 7,353.77, France’s CAC rose 49.64 points or 0.69% to 7,296.26 and Germany’s DAX was up by 89.79 points or 0.57% to 15,818.20.