Markets trade at day’s low levels in late afternoon session

Indian equity markets traded at day’s low levels in late afternoon session amid heavy selling pressure in banking sector’s stocks. HDFC Bank, Axis Bank and ICICI Bank were prime loser among heavy-weights. Investors continued to track Q3FY24 earnings. Traders paid no heed towards report that Fitch Ratings has affirmed India’s sovereign rating at ‘BBB-’ with a stable outlook. India’s rating has remained unchanged at ‘BBB-’ the lowest investment grade, since August 2006. On the global front, all Asian markets were trading lower as investors reacted to mixed Chinese data and kept a wary eye on the latest developments in the Middle East. European markets were trading lower after China posted sluggish GDP growth in 2023. China's GDP grew by 5.2 percent in 2023, hitting the government's official target, but concerns about growth momentum remain due to problems dogging the property market, mounting deflationary pressures and increased tensions with the United States.

The BSE Sensex is currently trading at 71703.85, down by 1424.92 points or 1.95% after trading in a range of 71641.88 and 72484.80. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.80%, while Small cap index was down by 0.80%.

The few gaining sectoral indices on the BSE were IT up by 0.61%, TECK up by 0.41% and Consumer Durables was up by 0.23%, while Bankex down by 3.58%, Metal down by 2.48%, Basic Materials down by 1.95%, Realty down by 1.69% and Telecom was down by 1.35% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 1.25%, Infosys up by 0.82%, Tech Mahindra up by 0.62%, TCS up by 0.60% and Titan Company up by 0.54%. On the flip side, HDFC Bank down by 7.69%, Kotak Mahindra Bank down by 3.60%, Tata Steel down by 3.32%, Axis Bank down by 2.71% and ICICI Bank down by 2.50% were the top losers.

Meanwhile, commending the significant progress made in the startup sector over the last eight years, Union Minister of Commerce & Industry Piyush Goyal has said that startups are playing a pivotal role in India's journey towards becoming a developed nation by 2047. Union Minister highlighted the diverse sectors in which startups are making substantial contributions, ranging from MedTech, FinTech, AgroTech to the aviation sector, drones, and simulators. He identified tourism as a sector with untapped potential, encouraging startups to explore innovative ideas around sustainable tourism. 

Further, he pointed out that Wed-in-India initiative as suggested by the Prime Minister, Narendra Modi should also be noted by the potential StartUps. He added that the PM had said at Vibrant Gujarat that Bharat's priority is New Age Skills, Futuristic Tech, AI & Innovation. Goyal also expressed confidence in the entrepreneurial spirit of both the young and old, urging them to contribute their unique perspectives and ideas to the startup ecosystem. He reiterated that age should not be a barrier to engage with new ideas and foster innovation. He urged individuals, regardless of age, to actively participate in the startup ecosystem, emphasizing that every person has the potential to contribute to the growth of India.

The Minister also noted that India has emerged as the third-largest startup ecosystem globally, realizing the dreams of countless entrepreneurs and introducing innovative ways of doing business. Expressing appreciation for the achievements in sectors like millets and food processing, Goyal urged startups to focus on new areas such as artificial intelligence (AI). He encouraged them to come up with ideas that make life easier and revolutionize existing ways of working.

The CNX Nifty is currently trading at 21638.95, down by 393.35 points or 1.79% after trading in a range of 21612.10 and 21851.50. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were SBI Life up by 1.75%, HCL Tech up by 1.25%, Infosys up by 0.88%, Apollo Hospital up by 0.77% and TCS up by 0.60%. On the flip side, HDFC Bank down by 7.67%, Kotak Mahindra Bank down by 3.60%, Tata Steel down by 3.32%, Hindalco down by 2.85% and Axis Bank down by 2.73% were the top losers.

All Asian markets were trading lower; Straits Times fell 39.2 points or 1.23% to 3,145.79, Jakarta Composite plunged 42.85 points or 0.59% to 7,199.94, Shanghai Composite weakened 60.37 points or 2.13% to 2,833.62, KOSPI dropped 61.69 points or 2.53% to 2,435.90, Nikkei 225 slipped 141.43 points or 0.4% to 35,477.75, Taiwan Weighted lost 185.08 points or 1.08% to 17,161.79 and Hang Seng was down by 589.02 points or 3.86% to 15,276.90.

European markets were trading lower; UK’s FTSE 100 decreased 103.83 points or 1.37% to 7,454.51, France’s CAC fell 85.04 points or 1.15% to 7,312.96 and Germany’s DAX was down by 159.36 points or 0.96% to 16,412.32.