Markets trade near neutral lines in late afternoon session

Indian equity markets traded near neutral lines with negative bias in late afternoon session amid monthly F&O expiry. As for broader indices, the BSE Mid cap index traded flat with a positive bias, while Small cap index traded in red. Traders were cautious as Department for Promotion of Industry and Internal Trade (DPIIT) in its latest data has showed that foreign direct investment (FDI) inflows in India declined 13 per cent to $32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors. FDI inflows stood at $36.74 billion during the corresponding nine months of the preceding fiscal. On the global front, Asian markets were trading mixed ahead of the release of crucial inflation data later in the day that will help chart the Fed's rate cut timeline. European markets were trading higher led by gains in materials stocks, while investors brace for key U.S. inflation data to gauge the outlook on global interest rate cuts. 

The BSE Sensex is currently trading at 72250.97, down by 53.91 points or 0.07% after trading in a range of 72099.32 and 72613.32. There were 13 stocks advancing against 17 stocks declining on the index. 

The broader indices were trading mixed; the BSE Mid cap index gained 0.02%, while Small cap index was down by 0.17%.

The top gaining sectoral indices on the BSE were Metal up by 0.38%, Bankex up by 0.37%, PSU up by 0.32%, Basic Materials up by 0.31% and Auto was up by 0.13%, while Healthcare down by 1.11%, Realty down by 0.96%, Telecom down by 0.48%, TECK down by 0.43% and Utilities was down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.55%, ICICI Bank up by 1.07%, Maruti Suzuki up by 1.06%, Indusind Bank up by 0.81% and HCL Tech up by 0.78%. On the flip side, Bharti Airtel down by 1.49%, Tech Mahindra down by 1.06%, Tata Motors down by 0.65%, ITC down by 0.64% and TCS down by 0.50% were the top losers.

Meanwhile, highlighting the achievements of the country in last 10 years, Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri has said that India has emerged more resilient at a time when advanced economies are struggling to bounce back from the devastating impacts of the pandemic and added that India is already the fifth-largest economy in the world, and soon will become the third-largest economy. With a growth rate of 7.3% over the first three quarters of the current fiscal year, India is demonstrating that it is on a high-growth trajectory to achieve its development goals by 2047.

Referring to the increasing stature of India globally, Puri said that domestic socioeconomic successes and welfare reforms are behind the country’s increasing global stature. There has been a paradigmatic shift in governance in the last ten years. From the days of policy paralysis before 2014, the country is now seeing an era of transformative policies that benefit the citizen directly.

Puri noted that more than 25 crore people have been lifted out of multidimensional poverty since 2014. Further, he said through schemes such as Ayushman Bharat Mission and the success of schemes such as Swachh Bharat Mission and AMRUT, out-of-pocket expenditure on health has reduced by 25% in the last ten years. He also said that India lies on the cusp of a demographic transition while most developed countries face the risk of an ageing workforce. 

Apart from this, the Minister also highlighted milestones achieved by country under PM MUDRA Yojana, PM SVANidhi Yojana and PM Ujjwala scheme. He said from being a net importer, India has become the world’s second-largest mobile manufacturer, with greater value addition being done domestically. Besides, the Minister said that understanding and advancing India’s position in the global landscape of the 21st century is imperative at this critical juncture.   

The CNX Nifty is currently trading at 21910.20, down by 40.95 points or 0.19% after trading in a range of 21860.65 and 22022.40. There were 18 stocks advancing against 32 stocks declining on the index. 

The top gainers on Nifty were Mahindra & Mahindra up by 2.43%, Tata Consumer Products up by 1.55%, Adani Enterprises up by 1.20%, ICICI Bank up by 1.09% and Britannia up by 1.04%. On the flip side, Apollo Hospital down by 3.94%, Bajaj Auto down by 3.03%, LTIMindtree down by 2.43%, Eicher Motors down by 1.91% and UPL down by 1.53% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 41.84 points or 0.11% to 39,166.19, Hang Seng declined 25.41 points or 0.15% to 16,511.44, Jakarta Composite plunged 11.09 points or 0.15% to 7,317.55 and KOSPI was down by 9.93 points or 0.38% to 2,642.36. On the flip side, Straits Times rose 0.81 points or 0.03% to 3,139.74, Shanghai Composite strengthened 57.32 points or 1.9% to 3,015.17 and Taiwan Weighted was up by 112.36 points or 0.59% to 18,966.77.

European markets were trading higher; UK’s FTSE 100 increased 21.56 points or 0.28% to 7,646.54, France’s CAC rose 15.28 points or 0.19% to 7,969.67 and Germany’s DAX was up by 70.76 points or 0.4% to 17,671.98.