Bourses lost some more ground in late afternoon session

Indian equity markets have lost some more ground in late afternoon session. A level of pressure was seen on frontline stocks, especially in Bajaj twins. Investors turned their focused towards Union budget 2024-25. Besides, Q3FY24 earnings from heavyweights remained in limelight. Traders were cautious with private report that the Indian equity markets have seen highest outflows in Asia in January, with foreign institutional investors (FIIs) pulling out $2.62 billion from Indian exchanges. This was the highest monthly outflow since January 2023. On the global front, Asian markets were trading mixed with Chinese and Hong Kong markets tumbling amid China's property sector woes. European markets were trading higher with investors keeping an eye on preliminary fourth-quarter gross domestic product figures due to be released by the euro zone.

The BSE Sensex is currently trading at 71524.11, down by 417.46 points or 0.58% after trading in a range of 71488.03 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 gained 0.04%, while Small cap index was up by 0.80%.

The top gaining sectoral indices on the BSE were Realty up by 1.31%, Oil & Gas up by 0.90%, Metal up by 0.58%, Auto up by 0.55% and PSU was up by 0.46%, while Consumer Durables down by 1.53%, FMCG down by 0.44%, Utilities down by 0.31%, Power down by 0.29% and Capital Goods was down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 3.66%, Hindustan Unilever up by 1.50%, JSW Steel up by 1.22%, SBI up by 0.92% and Tech Mahindra up by 0.89%. On the flip side, Bajaj Finance down by 4.72%, Bajaj Finserv down by 2.63%, NTPC down by 2.51%, Ultratech Cement down by 2.27% and ITC down by 2.21% were the top losers.

Meanwhile, urging for proper use of natural resources, Union Minister of Agriculture & Farmers’ Welfare and Tribal Affairs, Arjun Munda has said that the agriculture sector in the country is making an important contribution to the economy and livelihood of crores of people. 54.6% of the country's workforce is engaged in agriculture and allied sectors’ activities. The share of agriculture sector in GDP is 18.6%, while the sown area is 139.3 million hectares, out of the total geographical area of the country. Keeping this importance in view, the Ministry has taken several steps under the leadership of Prime Minister Narendra Modi for sustainable development. 

Munda said that the Accreditation Protocol of Agroforestry Nurseries will strengthen the institutional arrangements for production and certification of planting material on a large scale to promote agroforestry in the country. He asked all the stakeholders to adopt it so that quality planting material can provide assured returns and the objectives and goals of the National Agroforestry Policy can be achieved. 

Meanwhile, Union Minister Munda launched the Framework for Voluntary Carbon Market in Agriculture Sector and Accreditation Protocol of Agroforestry Nurseries in Delhi on January 29, 2024. The Minister said that the Ministry of Agriculture and Farmers’ Welfare prepared a framework to promote Voluntary Carbon Market (VCM) in the agricultural sector of the country with a view to encourage small and medium farmers to avail benefits of carbon credit. He also added that introducing farmers to the carbon market will not only benefit them but also accelerate the adoption of environment-friendly agricultural practices. He further requested full cooperation from the concerned ministries of the Centre and the States and other concerned organizations to promote the carbon market in the interest of farmers.

The CNX Nifty is currently trading at 21642.80, down by 94.80 points or 0.44% after trading in a range of 21632.45 and 21813.05. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were BPCL up by 4.37%, Tata Motors up by 3.69%, Adani Enterprises up by 1.62%, Hindalco up by 1.59% and Eicher Motors up by 1.52%. On the flip side, Bajaj Finance down by 4.79%, Bajaj Finserv down by 2.66%, NTPC down by 2.48%, Ultratech Cement down by 2.23% and ITC down by 2.17% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 53.85 points or 0.75% to 7,211.03, Nikkei 225 surged 38.92 points or 0.11% to 36,065.86 and Straits Times was up by7.77 points or 0.25% to 3,148.08. On the flip side, KOSPI dropped 1.84 points or 0.07% to 2,498.81, Shanghai Composite weakened 52.83 points or 1.87% to 2,830.53, Taiwan Weighted lost 85 points or 0.47% to 18,034.63 and Hang Seng was down by 373.79 points or 2.38% to 15,703.45.

European markets were trading higher; UK’s FTSE 100 increased 34.83 points or 0.46% to 7,667.57, France’s CAC rose 20.73 points or 0.27% to 7,661.54 and Germany’s DAX was up by 20.76 points or 0.12% to 16,962.47.