Markets trade flat in late afternoon session

Indian equity markets traded flat with negative bias in late afternoon session following negative cues from European markets. Traders took note of report that World Bank in its latest ‘India Development Update: India’s Trade Opportunities in a Changing Global Context’ has said that the Indian economy continues to grow at a healthy pace despite challenging global conditions. But to reach its $1 trillion merchandise exports goal by 2030, India needs to diversify its export basket and leverage global value chains. On the global front, Asian markets were trading mostly in red as investors awaited more U.S. economic data, including Friday's non-farm payrolls report for August to gauge the size of the Federal Reserve's rate cut later this month. European markets were trading mostly in red amid ISM Manufacturing and Services PMI figures due later today and on Thursday, respectively could give investors further insights into the world's largest economy.

The BSE Sensex is currently trading at 82532.96, down by 26.88 points or 0.03% after trading in a range of 82400.76 and 82675.06. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.17%, while Small cap index was up by 0.66%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.36%, Capital Goods up by 1.01%, Industrials up by 0.81%, Healthcare up by 0.51% and FMCG was up by 0.47%, while Oil & Gas down by 0.56%, Utilities down by 0.49%, Metal down by 0.40%, Energy down by 0.29% and Bankex was down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.55%, Titan Company up by 1.06%, Larsen & Toubro up by 0.73%, Hindustan Unilever up by 0.56% and ITC up by 0.54%. On the flip side, Bajaj Finance down by 2.79%, JSW Steel down by 0.80%, Bajaj Finserv down by 0.74%, Adani Ports down by 0.64% and NTPC down by 0.60% were the top losers.

Meanwhile, the World Bank in its latest ‘India Development Update: India’s Trade Opportunities in a Changing Global Context’ has said that the Indian economy continues to grow at a healthy pace despite challenging global conditions. But to reach its $1 trillion merchandise exports goal by 2030, India needs to diversify its export basket and leverage global value chains.

As per the India Development Update, India remained the fastest-growing major economy and grew at a rapid clip of 8.2 percent in FY23/24. Growth was boosted by public infrastructure investment and an upswing in household investments in real estate. On the supply side, it was supported by a buoyant manufacturing sector, which grew by 9.9 percent, and resilient services activity, which compensated for underperformance in agriculture.

It said reflecting these trends, urban unemployment has improved gradually since the pandemic, especially for female workers. Female urban unemployment fell to 8.5 percent in early FY24/25, although urban youth unemployment remained elevated at 17 percent. Going forward, the World Bank expects India’s medium-term outlook to remain positive, amid challenging external conditions.

According to the World Bank, the growth is forecast to reach 7 percent in FY24/25 and remain strong in FY25/26 and FY26/27. With robust revenue growth and further fiscal consolidation, the debt-to-GDP ratio is projected to decline from 83.9 percent in FY23/24 to 82 percent by FY26/27. It said that the current account deficit is expected to remain at around 1-1.6 percent of GDP up to FY26/27. 

The CNX Nifty is currently trading at 25276.35, down by 2.35 points or 0.01% after trading in a range of 25235.80 and 25321.70. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 1.97%, Nestle up by 1.40%, Titan Company up by 1.02%, Divi's Lab up by 0.98% and Wipro up by 0.97%. On the flip side, Bajaj Finance down by 2.61%, JSW Steel down by 0.87%, ONGC down by 0.80%, Hindalco down by 0.77% and Bajaj Auto down by 0.72% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted lost 142.89 points or 0.65% to 22,092.21, Jakarta Composite plunged 71.86 points or 0.94% to 7,622.67, Hang Seng declined 40.48 points or 0.23% to 17,651.49, KOSPI dropped 16.37 points or 0.61% to 2,664.63, Nikkei 225 slipped 14.56 points or 0.04% to 38,686.31 and Shanghai Composite was down by 8.06 points or 0.29% to 2,802.98. On the flip side, Straits Times was up by 15.09 points or 0.44% to 3,478.17.

European markets were trading mostly in red; UK’s FTSE 100 decreased 2.68 points or 0.03% to 8,361.16 and Germany’s DAX lost 18.36 points or 0.1% to 18,912.49. On the flip side, France’s CAC was up by 9.34 points or 0.12% to 7,655.76.