Key indices continue to trade lower in morning deals

Indian equity benchmarks continued to trade lower in morning deals, amid weak global cues as selling was seen in the IT, banking and TECK sectors. Sentiments remained down-beat as the Federation of Indian Chambers of Commerce & Industry (FICCI) in its Economic Outlook Survey has lowered India's growth projection for the current financial year (FY25) to 6.4 per cent from 7 per cent estimated in the previous round conducted during the month of September last year. Some concern also came as economic think tank GTRI said Indian firms in the electronics, solar, and electric vehicle (EV) sectors are experiencing delays and disruptions due to China's restrictions on export of key inputs and machinery. It said the curbs could be China's response to India's restrictions on Chinese investments and visas. On the global front, Asian markets are trading mostly in green despite the negative cues from Wall Street overnight, as traders react to a slew of economic data from China, the world's second-largest economy. 

The BSE Sensex is currently trading at 76624.42, down by 418.40 points or 0.54% after trading in a range of 76511.81 and 77069.19. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.16%, while Small cap index was down by 0.02%.

The top gaining sectoral indices on the BSE were Realty up by 1.50%, Energy up by 1.32%, Metal up by 1.28%, Capital Goods up by 1.12% and Oil & Gas up by 1.10%, while IT down by 2.02%, Bankex down by 1.91%, TECK down by 1.68%, Healthcare down by 0.05% and Auto down by 0.02% were the top losing indices on BSE. 

The top gainers on the Sensex were Zomato up by 1.96%, Reliance Industries up by 1.76%, Larsen & Toubro up by 1.73%, Power Grid Corp up by 1.55% and ITC up by 1.52%. On the flip side, Axis Bank down by 5.53%, Infosys down by 5.16%, ICICI Bank down by 1.98%, Kotak Mahindra Bank down by 1.96% and TCS down by 1.36% were the top losers.

Meanwhile, Crisil in its latest report has said that India will need to invest a staggering $10 trillion in green technologies and energy efficiency initiatives by 2070. The report noted that this investment is critical for the country to meet its decarbonisation goals and work towards achieving net-zero emissions by 2070.

The report also noted that the country has already set ambitious targets for 2030. India aims to reduce its carbon intensity by 45 per cent and increase the share of non-fossil-fuel energy in its total installed capacity to 50 per cent. To meet these targets, India anticipates a significant rise in green investments, which are expected to increase five-fold by 2030. This surge in investments presents a transformative opportunity, valued at nearly Rs 31 lakh crore.

It highlighted that India’s commitment to decarbonisation has never been more urgent, as it emerged as the third-largest emitter of greenhouse gases globally in 2023. The country’s emissions surged by 6.1 per cent last year, contributing to 7.8 per cent of global emissions. With energy demand expected to rise in the coming decades, India faces the dual challenge of balancing rapid economic growth with the need for sustainable energy solutions.

The CNX Nifty is currently trading at 23198.15, down by 113.65 points or 0.49% after trading in a range of 23167.05 and 23292.10. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were BPCL up by 2.23%, Hindalco up by 2.22%, Reliance Industries up by 1.82%, Coal India up by 1.62% and Power Grid Corporation up by 1.58%. On the flip side, Axis Bank down by 5.49%, Infosys down by 5.46%, Kotak Mahindra Bank down by 2.10%, ICICI Bank down by 1.97% and TCS down by 1.46% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 8.08 points or 0.04% to 23,033.18, Hang Seng advanced 49.93 points or 0.26% to 19,572.82, Straits Times rose 16.58 points or 0.44% to 3,817.71, Jakarta Composite gained 31.58 points or 0.44% to 7,139.10 and Shanghai Composite strengthened 10.46 points or 0.32% to 3,246.49.

On the global front, KOSPI dropped 7.35 points or 0.29% to 2,520.14 and Nikkei 225 slipped 182.75 points or 0.47% to 38,389.85.