Markets trade slightly in red in late morning deals

Domestic equity markets were trading slightly lower in late morning deals. Selling in Power Grid, Infosys, HCL, Axis Bank and Wipro pressured the markets to trade below the neutral lines. Weak cues from the global markets weighed on the domestic sentiments. Meanwhile, traders remained cautious and seemed reluctant to make significant moves ahead of the release of the minutes of the US Fed's latest monetary policy meeting later in the day. However, losses were limited as some support came with Retail inflation for farm workers and rural labourers easing marginally to 7.52 per cent and 7.37 per cent in January as compared to the previous month, mainly due to lower prices of certain food items. In December 2023, Consumer Price Index-Agricultural Labourers (CPI-AL) and Consumer Price Index-Rural Labourers (CPI-RL) was 7.71 per cent and 7.46 per cent, respectively.

On the global front, Asian markets were trading mostly lower following negative cues from the US markets overnight. Back home, on the sectoral front, traders were seen pilling up position in Realty, Metal, Basic Materials, FMCG and Telecom, while selling was witnessed in IT, Utilities, TECK, Power and PSU.  

The BSE Sensex is currently trading at 73014.04, down by 43.36 points or 0.06% after trading in a range of 72930.84 and 73267.80. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.38%, while Small cap index down by 0.03%.

The top gaining sectoral indices on the BSE were Realty up by 2.03%, Metal up by 1.21%, Basic Materials up by 0.72%, FMCG up by 0.31% and Telecom up by 0.26%, while IT down by 0.94%, Utilities down by 0.78%, TECK down by 0.72%, Power down by 0.37% and PSU down by 0.35% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.94%, JSW Steel up by 2.78%, Bharti Airtel up by 0.94%, Reliance Industries up by 0.79% and ICICI Bank up by 0.57%. On the flip side, Power Grid down by 1.86%, Infosys down by 1.55%, HCL  down by 1.26%, Axis Bank down by 1.23% and Wipro down by 1.18% were the top losers.

Meanwhile, a labour ministry has said that retail inflation for farm workers and rural labourers eased marginally to 7.52 per cent and 7.37 per cent in January 2024 as compared to the previous month, mainly due to lower prices of certain food items. In December 2023, Consumer Price Index-Agricultural Labourers (CPI-AL) and Consumer Price Index-Rural Labourers (CPI-RL) was 7.71 per cent and 7.46 per cent, respectively.

Food inflation stood at 9.67 per cent and 9.43 per cent in January 2024 as compared to 9.95 per cent and 9.80 per cent in December 2023 and 6.61 per cent and 6.47 per cent in the year-ago period. In January 2023, CPI-AL was 6.85 per cent and CPI-RL was 6.88 per cent.

The All-India CPI number for AL and RL for January 2024 increased by 1 point each to 1,258 and 1,268 points, respectively. The CPI-AL and CPI-RL were 1,257 and 1,267 points, respectively in December 2023. The major contribution towards rise in the general index of AL and RL came from miscellaneous groups to the extent of 1.57 and 1.55 points and fuel and light group to the extent of 1.16 and 1.10 points, respectively mainly due to increase in prices of medicines, doctors’ fees, barber charges, washing soap, cinema tickets, firewood, etc.

The CNX Nifty is currently trading at 22188.90, down by 8.05 points or 0.04% after trading in a range of 22160.80 and 22249.40. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.15%, JSW Steel up by 2.81%, Hindalco up by 1.81%, Eicher Motors up by 1.36% and Adani Enterprises up by 1.17%. On the flip side, Power Grid down by 1.72%, BPCL down by 1.65%, Infosys down by 1.56%, Hero MotoCorp down by 1.27% and Axis Bank down by 1.24% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 113 points or 0.29% to 38,250.61, Taiwan Weighted lost 79.8 points or 0.43% to 18,673.36, Straits Times fell 18 points or 0.55% to 3,226.06, KOSPI dropped 8.85 points or 0.33% to 2,648.94 and Jakarta Composite plunged 50.69 points or 0.69% to 7,301.91. However, Hang Seng advanced 391.35 points or 2.41% to 16,638.86 and Shanghai Composite strengthened 62.9 points or 2.15% to 2,985.63.