Domestic indices remain flat in late morning deals

Domestic equity indices remained flat in late morning deals amid weak cues from other Asian markets. Selling in Kotak Mahindra Bank, Asian Paints and Tech Mahindra companies’ stocks restricted the markets to go higher. FII selling in the current month so far has participated the fall, with rising US dollar index & treasury yields coupled with higher crude oil prices dampened the sentiment. Meanwhile, traders took note of the Global Trade Research Initiative’s (GTRI's) statement that steps like streamlining port and customs operations, and setting up of national trade network will help Indian firms integrate with global value chains and add $1.2 trillion in the country’s foreign trade by 2030.

On the global front, Asian markets were trading in red, as traders remained cautious and await inflation data from across the region for directional cues. Back home, on the BSE sectoral front, traders were seen pilling up position in Telecom, Metal, Basic Materials, Industrials and Utilities, while selling was witnessed in, IT, Bankex and TECK.  In the stock specific development, Apar Industries rallied after the company said its board will meet on September 28, 2023 to consider fund raising plans.

The BSE Sensex is currently trading at 66020.91, down by 2.78 points after trading in a range of 65909.41 and 66078.26. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.22%, while Small cap index up by 0.53%.

The top gaining sectoral indices on the BSE were Telecom up by 1.01%, Metal up by 0.80%, Basic Materials up by 0.67%, Industrials up by 0.67% and Utilities up by 0.67%, while IT down by 0.39%, Bankex down by 0.34% and TECK down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.77%, NTPC up by 1.31%, Larsen & Toubro up by 1.10%, Tata Motors up by 0.86% and Bharti Airtel up by 0.79%. On the flip side, Kotak Mahindra Bank down by 1.27%, Asian Paints down by 1.17%, Tech Mahindra down by 1.13%, Indusind Bank down by 1.11% and Bajaj Finserv down by 0.90% were the top losers.

Meanwhile, Union Minister Piyush Goyal has asked the Indian coffee industry, especially the Indian Coffee Board, to tap the huge potential that the sector has. He said there is a lot of work to be done in the country, which is already a large producer of coffee. He said ‘we have huge potential because we have a lot of work to do in our country in terms of expanding coffee plantation, expanding the taste of coffee into the interior and other parts of the country and also taking our Indian coffee to many more destinations’.

Goyal appealed to the Coffee Board of India to take it up as a mission and continue the effort to take Indian coffee to new destinations. He said ‘I think we need to go to other parts of the world. We have to look at much larger and more ambitious goals.’ He underlined the need to innovate ''from farm to cup'' and introduce latest technologies. He also stressed upon the need to popularise sustainable practices. In this regard, he asked the coffee industry to involve the scientific community to see how the agricultural processes, as well as roasting and brewing, apart from marketing practices can seamlessly protect the environment.

The minister also appealed to those in the coffee industry to collaborate and enhance cooperation and work with research institutes and global bodies to make the coffee business a sustainable and environment-friendly business model. To achieve these goals, he asked the coffee industry to adhere to high quality standards in production and processing.

The CNX Nifty is currently trading at 19688.55, up by 14.00 points or 0.07% after trading in a range of 19649.80 and 19699.35. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.77%, Tata Steel up by 1.69%, Bajaj Auto up by 1.63%, NTPC up by 1.27% and Hero MotoCorp up by 1.26%. On the flip side, Kotak Mahindra Bank down by 1.31%, Asian Paints down by 1.15%, Indusind Bank down by 1.12%, Tech Mahindra down by 1.12% and Bajaj Finserv down by 0.84% were the top losers.

All Asian markets were trading lower; Hang Seng declined 142.21 points or 0.8% to 17,587.08, Taiwan Weighted lost 176.16 points or 1.07% to 16,276.07, Straits Times fell 0.33 points or 0.01% to 3,215.07, Shanghai Composite weakened 5.9 points or 0.19% to 3,109.71, Jakarta Composite plunged 13.69 points or 0.2% to 6,984.69, KOSPI dropped 30.99 points or 1.24% to 2,464.77 and Nikkei 225 slipped 327.49 points or 1% to 32,351.13.