Benchmarks trade in red in morning deals

Indian equity benchmarks were trading in red in morning deals, dragged down by Consumer Durables, Utilities and Power stocks. Traders remained on sidelines ahead of India's interim budget on Thursday and Fed policy decision on Wednesday. Traders also remained cautious with report stating that wholesale prices of tur dal have increased 5% in the last one month despite the arrival of new crops and continuing imports from Myanmar as reduced acreage and decreased production for a second consecutive year impact supply. However, downside remained limited with provisional data from the NSE showed Foreign institutional investors (FIIs) turned net buyers in the cash segment after selling in the previous seven days, buying shares worth Rs 110.01 crore on January 29, 2024. On the global front, Asian markets are trading mixed amid heightened geopolitical tensions, uncertainty over when the Fed will cut rates.

The BSE Sensex is currently trading at 71759.06, down by 182.51 points or 0.25% after trading in a range of 71672.02 and 72142.23. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.24%, while Small cap index was up by 0.63%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.03%, TECK up by 1.02%, Metal up by 0.98%, Energy up by 0.92% and IT up by 0.87%, while Consumer Durables down by 0.79%, Utilities down by 0.37%, Power down by 0.22%, FMCG down by 0.22% and Realty down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.73%, JSW Steel up by 1.58%, Wipro up by 1.37%, Hindustan Unilever up by 1.37% and Bharti Airtel up by 1.23%. On the flip side, Bajaj Finance down by 4.14%, Bajaj Finserv down by 1.78%, Reliance Industries down by 1.65%, ITC down by 1.62% and NTPC down by 1.40% were the top losers.

Meanwhile, the Government of India has been working in mission mode to develop a robust quality ecosystem in India, the hallmark being the accent on superior and safety compliant products to take the economy to higher echelons of growth and development. As part of this endeavor, Quality Control Orders (QCOs) are being rapidly introduced by the Department for Promotion of Industry and Internal Trade (DPIIT) for critical products impacting consumer safety like Electrical Accessories, Laboratory Glassware, Hinges, Copper Products and Door Fittings. 

These QCOs have the right ingredients for strengthening the quality standards of Made in India products, without compromising on the range of goods being made available to the Indian consumer. This focused approach for restricting the circulation of sub-standard products shall be a crucial driver for establishing India as a manufacturing powerhouse synonymous with best-in-class quality products.

With a view to establish India as a global leader in providing superior quality and safety compliant products, a plethora of reforms have been undertaken for ensuring that the ‘Made in India’ brand resonates with internationally recognized brands that offer premium quality. The guiding force behind this reform centric approach is the vision of the Prime Minister, Shri Narendra Modi, that If there's a Made in India product on any table in the world, the world should have confidence that there is nothing better than this.

The CNX Nifty is currently trading at 21705.45, down by 32.15 points or 0.15% after trading in a range of 21682.95 and 21813.05. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.73%, ONGC up by 3.72%, Hindalco up by 1.69%, Infosys up by 1.68% and JSW Steel up by 1.55%. On the flip side, Bajaj Finance down by 4.23%, Bajaj Finserv down by 1.73%, Reliance Industries down by 1.63%, ITC down by 1.57% and NTPC down by 1.34% were the top losers. 

Asian markets are trading mixed; Nikkei 225 surged 104.86 points or 0.29% to 36,131.80, Straits Times rose 9.85 points or 0.31% to 3,150.16, KOSPI increased 1.41 points or 0.06% to 2,502.06 and Jakarta Composite gained 16.79 points or 0.23% to 7,173.97.

On the flip side, Shanghai Composite weakened 17.76 points or 0.62% to 2,865.60, Taiwan Weighted lost 42.52 points or 0.23% to 18,077.11 and Hang Seng declined 313.11 points or 1.99% to 15,764.13.