Markets continue to trade in red in late morning deals

Domestic equity markets remained in red and were trading with cut of around half a percent in late morning deals on account of selling by funds and retail investors. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.20-0.60%. Selling in TCS, Infosys, JSW Steel, HCL and Larsen & Toubro companies’ stocks pressured the markets to trade in red. Weak cues from global markets weighed on the domestic sentiments. Meanwhile, traders largely stayed on the sidelines ahead of Federal Reserve Chair's congressional testimony and key U.S. jobs data due later in the week. On the sectoral front, traders were seen pilling up position in Auto, Realty, Consumer Disc and PSU, while selling was witnessed in IT, TECK, FMCG, Capital Goods and Industrials.

On the global front, Asian markets were trading mostly in red following negative cues from the US markets overnight. Back home, in the stock specific development, IIFL Finance slumped 20 per cent to the lower circuit on BSE after the Reserve Bank of India (RBI) barred the NBFC from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. 

The BSE Sensex is currently trading at 73436.08, down by 436.21 points or 0.59% after trading in a range of 73412.25 and 73788.84. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.23%, while Small cap index down by 0.57%.

The top gaining sectoral indices on the BSE were Auto up by 1.16%, Realty up by 0.58%, Consumer Disc up by 0.25% and PSU up by 0.21%, while IT down by 1.65%, TECK down by 1.33%, FMCG down by 0.68%, Capital Goods down by 0.62% and Industrials down by 0.61% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 3.96%, Mahindra & Mahindra up by 1.36%, SBI up by 0.78%, Bharti Airtel up by 0.41% and NTPC up by 0.25%. On the flip side, TCS down by 2.10%, Infosys down by 1.91%, JSW Steel down by 1.26%, HCL down by 1.19% and Larsen & Toubro down by 1.07% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has urged GST officers to leverage technology to plug loopholes and provide better taxpayer services. She advocated for sharing of the emerging best practices, emphasising the need for seamless coordination across states in the larger national interest.

The minister stressed that clarity on the classification of related issues should be looked into at the earliest through appropriate channels. She also exhorted the GST officials to engage with stakeholders to understand their concerns, enhance compliance, streamline processes, and work collaboratively towards making the tax system more transparent and efficient.

She further stressed the significance of holding such meetings regularly among enforcement chiefs of the Centre and states, and to leverage this platform for discussing obstacles, exchanging successful strategies and collectively advancing towards a more robust and harmonious tax infrastructure.

The CNX Nifty is currently trading at 22295.05, down by 110.55 points or 0.49% after trading in a range of 22269.15 and 22406.55. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.38%, Mahindra & Mahindra up by 1.30%, UPL up by 1.25%, Bajaj Auto up by 1.13% and SBI up by 0.90%. On the flip side, TCS down by 2.08%, Infosys down by 1.83%, JSW Steel down by 1.41%, LTIMindtree down by 1.28% and HCL down by 1.25% were the top losers.

Asian markets were trading mostly in red; Hang Seng fell 347.50 points 2.08% to 16,248.37, Straits Times lost 12.12 points 0.39% to 3,110, KOSPI Index dropped 14.58 points or 0.55% to 2,659.69, Jakarta Composite dipped by 20.92 points or 0.29% to 7,255.83, and FTSE Bursa Malaysia KLCI lower by 16.21 points or 1.05% to 1,523.06. However, Nikkei 225 rose by 64.50 points 0.15% to 40,173.73, Taiwan Weighted rose 122.21 points or 0.63% to 19,427.52, Shanghai Composite increased by 5.10 points or 0.16% to 3,044.41.