Bourses trade flat in late afternoon session

Indian equity markets traded near neutral lines with negative bias in late afternoon session amid profit booking. Besides, broader indices, the BSE Mid cap index and Small cap index traded in red. Traders were seen piling up positions in Bankex, Realty and Metal sectors’ stocks while selling was witnessed in Energy and Oil & Gas sectors’ stocks. Traders ignored private report that India is expected to see a normal monsoon in 2024. Monsoon rains are expected to be 102% of the long-period average of 868.6 mm for the four-month period. Investors turned their focused towards Index of industrial production (IIP) and Consumer Price Index (CPI) data. On the global front, Asian markets were trading mostly in green as investors looked ahead to crucial U.S. inflation data, the minutes of the Fed's March policy meeting and the ECB rate decision for directional cues. European markets were trading mostly in red as ceasefire talks between Israel and Gaza stalled, and more Federal Reserve officials warned about upside risks to inflation.

The BSE Sensex is currently trading at 74685.42, down by 57.08 points or 0.08% after trading in a range of 74603.37 and 75124.28. There were 13 stocks advancing against 17 stocks declining on the index. 

The broader indices were trading in red; the BSE Mid cap index declined 0.30%, while Small cap index was down by 0.26%.

The top gaining sectoral indices on the BSE were Metal up by 0.65%, Realty up by 0.55%, Bankex up by 0.38%, Basic Materials up by 0.26% and Healthcare was up by 0.23%, while Consumer Durables down by 0.82%, Energy down by 0.66%, FMCG down by 0.59%, Oil & Gas down by 0.43% and Industrials was down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 2.10%, Infosys up by 1.25%, Tata Steel up by 0.79%, Axis Bank up by 0.61% and Sun Pharma up by 0.37%. On the flip side, Titan Company down by 1.47%, Asian Paints down by 1.32%, Reliance Industries down by 1.26%, Tech Mahindra down by 1.15% and Indusind Bank down by 1.13% were the top losers.

Meanwhile, Crisil Ratings in its latest report has said that co-lending assets under management (AUM) of non-banking financial companies (NBFCs) is nearing Rs 1 lakh crore after more than 5 years since the model came into being. 

According to the report, a study of about 100 NBFCs, accounting for over 90 per cent of the sector's AUM, showed that personal loans alone account for about a third of the AUM, followed by housing loans at 20 per cent and unsecured MSME loans and gold loans each making up 13 per cent of the pie. It noted that secured micro, small and medium enterprises (MSME) (including loan against property) and vehicle loans comprise the rest 20 per cent of the current overall co-lending book.

The report stated that under the co-lending model, banks are permitted to co-lend with all registered NBFCs based on a prior agreement. Over the medium term, growth momentum is seen healthy at 35-40 per cent annually, amidst rising interests of partners - NBFCs as well as banks. The partners, however, may increase their focus on other asset classes such as loans to MSME and home loans given higher risk weights for personal loans.

The CNX Nifty is currently trading at 22640.00, down by 26.30 points or 0.12% after trading in a range of 22612.25 and 22768.40. There were 19 stocks advancing against 31 stocks declining on the index. 

The top gainers on Nifty were Apollo Hospital up by 3.37%, ICICI Bank up by 2.02%, Hindalco up by 1.92%, Infosys up by 1.18% and Grasim Industries up by 1.05%. On the flip side, Coal India down by 1.90%, Hero MotoCorp down by 1.78%, Titan Company down by 1.56%, Reliance Industries down by 1.39% and Asian Paints down by 1.24% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 426.09 points or 1.07% to 39,773.13, Taiwan Weighted added 378.5 points or 1.82% to 20,796.20, Hang Seng advanced 95.22 points or 0.57% to 16,828.07, Straits Times rose 23.13 points or 0.71% to 3,239.12 and Shanghai Composite was up by 1.49 points or 0.05% to 3,048.54. On the flip side, KOSPI was down by 12.49 points or 0.46% to 2,705.16.

European markets were trading mostly in red; France’s CAC fell 42.91 points or 0.53% to 8,076.39 and Germany’s DAX was down by 110.32 points or 0.6% to 18,208.65. On the flip side, UK’s FTSE 100 was up by 12.63 points or 0.16% to 7,956.10.