Bourses trade at day’s low level in late afternoon session

Indian equity markets traded at day’s low level in late afternoon session following US President Donald Trump’s trade tariff announcement on neighboring countries shortly after taking office. Investors overlooked report that the Commerce and Industry Minister of India, Piyush Goyal, has held bilateral talks with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels. This meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary. On the global front, Asian markets were trading mixed as U.S. President Donald Trump announced plans to impose 25 percent tariffs on imports from Canada and Mexico, and said tariffs on China could hinge on a deal over TikTok's ownership. European markets were trading mostly in green as investors closely monitored developments at the World Economic Forum taking place this week in Davos, Switzerland.

The BSE Sensex is currently trading at 76291.10, down by 782.34 points or 1.02% after trading in a range of 76137.83 and 77337.36. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.51%, while Small cap index was down by 1.56%.

The only gaining sectoral index on the BSE was FMCG up by 0.04%, while Realty down by 3.49%, Consumer Durables down by 3.31%, Consumer Disc down by 2.34%, Power down by 2.06% and Telecom was down by 1.81% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 1.51%, HCL Tech up by 0.68%, Hindustan Unilever up by 0.37%, ITC up by 0.24% and Nestle up by 0.10%. On the flip side, Zomato down by 10.21%, Adani Ports down by 2.93%, ICICI Bank down by 2.85%, NTPC down by 2.57% and SBI down by 2.13% were the top losers.

Meanwhile, in a significant step in advancing India-Belgium trade relations, the Commerce and Industry Minister of India, Piyush Goyal, has held bilateral talks with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels. This meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary. The two leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership.

During the discussions, both leaders acknowledged Belgium’s significant reliance on foreign trade and India’s dynamic, growing economy as key factors for leveraging mutual opportunities. Recognizing the potential of trade as a cornerstone of their partnership, they emphasized the importance of diversifying trade relations and deepening economic diplomacy to achieve sustainable growth. The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations and emphasized the importance of prioritizing trade issues to streamline negotiations and strengthen economic ties.

Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were highlighted as key areas of collaboration. Belgium recognized the importance of engaging with India as a strategic partner to diversify its trade relationships. Regulatory barriers, particularly in the approval processes for pharmaceuticals and agri-products, were also discussed, with both sides agreeing to tackle these challenges through continuous dialogue.

The CNX Nifty is currently trading at 23165.55, down by 179.20 points or 0.77% after trading in a range of 23111.10 and 23426.30. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Apollo Hospital up by 2.63%, BPCL up by 2.02%, Tata Consumer up by 1.63%, Ultratech Cement up by 1.51% and JSW Steel up by 1.25%. On the flip side, Trent down by 5.13%, Adani Ports down by 2.92%, ICICI Bank down by 2.83%, NTPC down by 2.41% and SBI Life down by 2.12% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 180.74 points or 0.9% to 20,106.55, Nikkei 225 surged 125.48 points or 0.32% to 39,027.98, Taiwan Weighted added 33.19 points or 0.14% to 23,300.01 and Jakarta Composite was up by 19.66 points or 0.27% to 7,190.40. On the flip side, Shanghai Composite weakened 1.76 points or 0.05% to 3,242.62, KOSPI dropped 2.02 points or 0.08% to 2,518.03 and Straits Times was down by 9.19 points or 0.24% to 3,798.78.

European markets were trading mostly in green; UK’s FTSE 100 increased 15.45 points or 0.18% to 8,535.99 and France’s CAC was up by 9.54 points or 0.12% to 7,743.04. On the flip side, Germany’s DAX was down by 2.1 points or 0.01% to 20,988.21.