Bourses remain sluggish in late afternoon session

Indian equity markets continued to show a sluggish trend in late afternoon session on account of selling in frontline counters. As for broader indices, the BSE Mid cap index traded in red, while Small cap index traded in green. Traders got cautious, as the commerce ministry said that India's merchandise trade deficit widened to $18.71 billion in February from $17.49 billion in January. The trade deficit stood at $16.57 billion in February 2023. While the trade deficit widened in February, exports rose by 11.9 percent to $41.40 billion, while imports increased by 12.2 percent on a year-on basis to $60.11 billion. On the global front, Asian markets were trading mostly in red after a sharper-than-expected jump in US wholesale prices dealt a blow to hopes for interest rate cuts, while the uncertainty also sent bitcoin tumbling. European markets were trading mostly in red with strength in the telecommunications sector offset by a sell-off in global equities following hotter-than-expected U.S. inflation figures, which dampened June rate-cut bets.

The BSE Sensex is currently trading at 72616.61, down by 480.67 points or 0.66% after trading in a range of 72484.82 and 72998.07. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.59%, while Small cap index was up by 0.19%. 

The top gaining sectoral indices on the BSE were Realty up by 0.56%, Telecom up by 0.52%, FMCG up by 0.37% and Basic Materials was up by 0.05%, while Oil & Gas down by 3.65%, Energy down by 3.00%, PSU down by 2.99%, Auto down by 1.72% and Power was down by 1.36% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.56%, ITC up by 1.50%, Bajaj Finance up by 0.81%, Maruti Suzuki up by 0.53% and Bajaj Finserv up by 0.24%. On the flip side, Mahindra & Mahindra down by 4.56%, NTPC down by 2.92%, SBI down by 2.28%, Power Grid down by 1.97% and Tech Mahindra down by 1.74% were the top losers.

Meanwhile, with an aim to unlock the potential of critical and deep-seated minerals, State Governments of Karnataka, Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh and Chhattisgarh have issued Notice Inviting Tenders (NIT) for the auction of Exploration Licence (EL). The State Governments of Karnataka and Rajasthan were the first States to notify the auction of Exploration License for critical and deep seated minerals on March 6, 2024, followed by Maharashtra announcing its NIT for two EL blocks on March 7, 2024, then Madhya Pradesh and Andhra Pradesh with two and one EL blocks respectively on March 11, 2024, and Chhattisgarh with three EL blocks on March 13, 2024.

Karnataka launched auction of one block of Gold, Copper and Lithium in Raichur & Yadgir districts and Rajasthan launched auction of three blocks of Rare Earth Elements, Rare Metal and Potash minerals in Barmer, Jodhpur, Hanumangarh, Churu, Bikaner, Sri Ganganagar, Jaipur, Nagaur and Sikar districts.

In order to expedite the launch of NIT for auction of Exploration Licence, State Governments worked tirelessly to prepare the blocks for auction and Central Government provided the necessary prior approval for auction. To further support and hand hold the State Governments, the model tender document for auction for grant of Exploration Licence was provided by Ministry of Mines on March 01, 2024.

The CNX Nifty is currently trading at 21997.75, down by 148.90 points or 0.67% after trading in a range of 21931.70 and 22120.90. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were UPL up by 1.98%, Bharti Airtel up by 1.64%, ITC up by 1.49%, HDFC Life Insurance up by 1.30% and Britannia up by 1.22%. On the flip side, BPCL down by 6.16%, Mahindra & Mahindra down by 4.36%, Coal India down by 3.55%, Hero MotoCorp down by 2.82% and NTPC down by 2.70% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted lost 255.42 points or 1.3% to 19,682.50, Hang Seng declined 240.77 points or 1.44% to 16,720.89, Jakarta Composite plunged 105.01 points or 1.43% to 7,328.31, Nikkei 225 slipped 99.74 points or 0.26% to 38,707.64, KOSPI dropped 51.92 points or 1.95% to 2,666.84 and Straits Times was down by 12.38 points or 0.39% to 3,174.02. On the flip side, Shanghai Composite was up by 16.41 points or 0.54% to 3,054.64.

European markets were trading mostly in red; UK’s FTSE 100 decreased 3.32 points or 0.04% to 7,739.83 and Germany’s DAX was down by 3.86 points or 0.02% to 17,938.18. On the flip side, France’s CAC was up by 10.75 points or 0.13% to 8,172.17.