Markets trade near day’s low levels in late afternoon session

Indian equity markets traded near day’ low levels in late afternoon session on account of selling in frontline counters. There were no gaining sectoral indices on the BSE. The broader indices, the BSE Mid cap index and Small cap index traded with huge losses. Traders avoided to take risk ahead of Wholesale Price Index (WPI) data, which is slated to be released on tomorrow. Further, weakness also prevailed in the markets as  growth in factory output, based on the Index of Industrial Production (IIP), slowed to 3.8 per cent in January 2024, mainly due to poor performance of manufacturing, mining and power sectors. On the global front, Asian markets were trading mixed as hopes faded for an early rate cut by the U.S. Federal Reserve and investors monitored the early headlines on Japan's spring wage negotiations for clues on a possible shift in BOJ policy. European markets were trading mostly in green as upbeat corporate updates encouraged market sentiment, while investors awaited industrial production data from the region.

The BSE Sensex is currently trading at 72738.70, down by 929.26 points or 1.26% after trading in a range of 72716.25 and 74052.75. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 3.97%, while Small cap index was down by 4.67%.

The top losing sectoral indices on the BSE were Utilities down by 6.76%, Power down by 6.03%, Realty down by 5.97%, PSU down by 5.52% and Telecom was down by 5.43%, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were ITC up by 4.71%, ICICI Bank up by 0.67%, Kotak Mahindra Bank up by 0.56% and Bajaj Finance up by 0.41%. On the flip side, Power Grid down by 7.12%, NTPC down by 6.03%, Tata Steel down by 5.58%, Titan Company down by 4.06% and Bharti Airtel down by 3.94% were the top losers.

Meanwhile, in an effort to elevate the existing economic and commercial relations further, India has signed the protocol for establishment of Joint Economic and Trade Committee (JETCO) with Dominican Republic at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo on March 12, 2024.

Earlier, the Union Cabinet had approved the proposal for signing of the said protocol for establishment of JETCO on January 24, 2024. The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building. 

It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries. India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers etc. to them.

The CNX Nifty is currently trading at 21970.75, down by 364.95 points or 1.63% after trading in a range of 21943.85 and 22446.75. There were 4 stocks advancing against 46 stocks declining on the index.

The top gainers on Nifty were ITC up by 4.71%, ICICI Bank up by 0.60%, Kotak Mahindra Bank up by 0.55% and Bajaj Finance up by 0.21%. On the flip side, Adani Enterprises down by 7.16%, Coal India down by 7.02%, Power Grid down by 6.98%, Adani Ports down by 6.89% and NTPC down by 6.18% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 48 points or 0.65% to 7,429.91, Straits Times rose 22.58 points or 0.72% to 3,164.05, Taiwan Weighted added 13.96 points or 0.07% to 19,928.51 and KOSPI was up by 11.76 points or 0.44% to 2,693.57. On the flip side, Hang Seng declined 11.39 points or 0.07% to 17,082.11, Shanghai Composite weakened 12.11 points or 0.4% to 3,043.83 and Nikkei 225 was down by 101.54 points or 0.26% to 38,695.97.

European markets were trading mostly in green; France’s CAC rose 15.59 points or 0.19% to 8,103.07 and Germany’s DAX was up by 17.41 points or 0.1% to 17,982.52. on the flip side, UK’s FTSE 100 decreased 0.59 points or 0.01% to 7,747.22.