Domestic indices trade with cut of around quarter percent

Domestic equity indices were trading in red with cut of around quarter a percent in late morning deals on account of selling in Asian Paints, Titan, Nestle, SBI and Infosys. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.55-0.65%. Traders remained on sidelines ahead of the Federal Open Market Committee (FOMC) meeting. Further, cautiousness also came in as former chief economic adviser Arvind Subramanian said India's latest GDP numbers are 'absolutely mystifying' and difficult to comprehend. On the BSE sectoral front, traders were seen pilling up position in Metal, Auto, Oil & Gas, Energy and Healthcare, while selling was witnessed in Realty, Consumer Durables, Bankex, IT and FMCG. 

On the global front, Asian markets were trading in green as data showed retail sales and industrial production in China rose more than expected in the first two months of the year. Back home, Adani Group related stocks tumbled on private report that U.S. prosecutors have widened their probe on the Group, with focus on potential bribery and the actions of its billionaire founder, Gautam Adani.

The BSE Sensex is currently trading at 72463.35, down by 180.08 points or 0.25% after trading in a range of 72314.16 and 72769.79. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.58%, while Small cap index down by 0.64%.

The top gaining sectoral indices on the BSE were Metal up by 1.35%, Auto up by 0.42%, Oil & Gas up by 0.22%, Energy up by 0.19% and Healthcare up by 0.12%, while Realty down by 0.99%, Consumer Durables down by 0.95%, Bankex down by 0.84%, IT down by 0.83% and FMCG down by 0.59% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 4.06%, Mahindra & Mahindra up by 2.60%, JSW Steel up by 1.73%, Tata Motors up by 1.29% and Bharti Airtel up by 0.50%. On the flip side, Asian Paints down by 1.39%, Titan down by 1.32%, Nestle down by 1.31%, SBI down by 1.23% and Infosys down by 1.13% were the top losers.

Meanwhile, the commerce ministry in its latest data has said India recorded the highest monthly exports during the fiscal in February 2024, registering an 11.9 per cent growth to $41.4 billion as compared to $37.01 billion in February 2023, mainly driven by increased shipments of engineering goods, electronic items and pharma products. Merchandise imports were valued at $60.11 billion in February 2024, up 12.16 per cent compared to $53.58 per cent in February 2023. The trade deficit during February worked out to $18.7 billion, up from $16.57 billion in the year-ago month, as gold imports surged significantly. 

According to the data, merchandise exports for the period April-February 2023-24 were $394.99 billion as against $409.11 billion during April-February 2022-23. Merchandise imports for the period April-February 2023-24 were $620.19 billion as against $655.05 billion during April-February 2022-23. The merchandise trade deficit for April-February 2023-24 was estimated at $225.20 billion as against $245.94 billion during April-February 2022-23.

It further stated that non-petroleum and non-gems & jewellery exports in February 2024 were $29.97 billion, compared to $25.57 billion in February 2023. Non-petroleum and non-gems & jewellery exports during April-February 2023-24 was $286.51 billion, as compared to $284.78 billion in April-February 2022-23. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February 2024 were $33.15 billion, compared to $31.52 billion in February 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $387.60 billion in April-February 2023-24 as compared to $399.03 billion in April-February 2022-23.

The CNX Nifty is currently trading at 21969.65, down by 53.70 points or 0.24% after trading in a range of 21916.55 and 22045.30. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.78%, Mahindra & Mahindra up by 2.81%, JSW Steel up by 1.77%, Bajaj Auto up by 1.37% and Tata Motors up by 1.31%. On the flip side, Adani Ports down by 2.63%, UPL down by 2.38%, Adani Enterprises down by 2.10%, Tata Consumer down by 1.83% and Titan down by 1.35% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 58.29 points or 0.35% to 16,779.18, Nikkei 225 surged 1006.52 points or 2.6% to 39,714.16, Taiwan Weighted added 190.93 points or 0.96% to 19,873.43, Straits Times rose 1.5 points or 0.05% to 3,174.46, KOSPI increased 17.51 points or 0.66% to 2,684.35, Shanghai Composite strengthened 16.28 points or 0.53% to 3,070.92 and Jakarta Composite gained 10.11 points or 0.14% to 7,338.16.