Markets trade flat with negative bias

Indian equity markets were trading flat with a negative bias in late morning deals amid weak global cues and a rise in crude oil prices after major producers announced supply cuts. Traders were cautious amid renewed risk aversion gripped world markets and the dollar strengthened, as weak economic data from China and Eurozone revived concerns about slowing global growth. Besides, a slowdown in buying activity by foreign portfolio investors also weighed on domestic sentiments. Provisional data from the National Stock Exchange (NSE) showed foreign institutional investors (FII) sold shares worth Rs 1,725.11 crore on September 5. Sugar industry related stocks were in focus amid concerns over a deficient monsoon. The sugar prices were quoting at their highest level since September 2017. Balrampur Chini, Dwarikesh Sugar, Shree Renuka Sugars and Dalmia Bharat Sugar  stocks were trading higher.  

On the global front, Asian markets were trading mixed following weak cues from US markets overnight. Back home, on the sectoral front, traders were seen pilling up position in Consumer Durables, Healthcare, Oil & Gas, FMCG and Energy, while selling was witnessed in Metal, PSU, Power, Utilities and Realty. 

The BSE Sensex is currently trading at 65715.22, down by 65.04 points or 0.10% after trading in a range of 65707.41 and 65870.70. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.19%, while Small cap index up by 0.32%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.78%, Healthcare up by 0.73%, Oil & Gas up by 0.67%, FMCG up by 0.61% and Energy up by 0.56%, while Metal down by 1.44%, PSU down by 0.53%, Power down by 0.44%, Utilities down by 0.41% and Realty down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 0.99%, Titan up by 0.75%, Bharti Airtel up by 0.71%, HDFC Bank up by 0.51% and ITC up by 0.49%. On the flip side, NTPC down by 2.05%, Tata Steel down by 1.97%, JSW Steel down by 1.04%, Indusind Bank down by 1.00% and ICICI Bank down by 0.91% were the top losers.

Meanwhile, Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money. 

She said ‘I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address’. 

The minister also said that it is essential to build a responsible financial ecosystem, and added that one laggard can cause a disruption. She also said that tax havens and round tripping of money are a threat to responsible financial ecosystem. She asked fintech companies to invest in cybersecurity and said that trust is very important.

The CNX Nifty is currently trading at 19561.85, down by 13.05 points or 0.07% after trading in a range of 19557.15 and 19604.85. There were 26 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 1.39%, Cipla up by 1.23%, HDFC Life Insurance up by 1.07%, Sun Pharma up by 1.04% and Bharti Airtel up by 0.71%. On the flip side, Hindalco down by 2.04%, NTPC down by 2.02%, Tata Steel down by 2.01%, JSW Steel down by 1.06% and Indusind Bank down by 0.99% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 13.9 points or 0.08% to 18,470.81, Shanghai Composite strengthened 3.49 points or 0.11% to 3,157.86, Jakarta Composite gained 14.35 points or 0.2% to 7,006.06 and Nikkei 225 surged 203.67 points or 0.62% to 33,240.43. However, Taiwan Weighted lost 43.16 points or 0.26% to 16,748.45, Straits Times fell 2.28 points or 0.07% to 3,224.55 and KOSPI dropped 21.49 points or 0.83% to 2,560.69.