Key gauges trade flat in morning deals

Indian equity benchmarks were trading flat in morning deals, as some concern came after exchange data showed Foreign institutional investors (FIIs) offloaded equities worth Rs 2,895.04 crore on net basis on Wednesday. However, down side remained capped with Union Labour Minister Mansukh Mandaviya’s statement that 17.1 crore jobs were created in the country in a decade from 2014 to 2024, and 4.6 crore of these employments were added in the past year alone. He noted a significant drop in unemployment rates, from 6 per cent in 2017-18 to 3.2 per cent in 2023-24, and a remarkable rise in female employment from 22 per cent to 40.3 per cent in the same period. The minister attributed these achievements to the government's progressive policies that have strengthened the country's workforce. Besides, continuing measures to inject liquidity into the banking system, the Reserve Bank said it will conduct open market purchases of government securities and undertake USD/INR swaps totalling about Rs 1.9 lakh crore during the month. 

On the global front, Asian markets are trading mostly in green as investors react to falling oil prices and news of a delay in certain U.S. tariffs on Mexico and Canada. Back home, on the sectoral front, power sector stocks remained in watch as the Central Electricity Authority (CEA) issued guidelines to promote efficient allocation, sharing, and utilization of optical fibers that will contribute to a better resource management across the power sector.

The BSE Sensex is currently trading at 73711.87, down by 18.36 points or 0.02% after trading in a range of 73415.68 and 74308.59. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.78%, while Small cap index was up by 1.48%.

The top gaining sectoral indices on the BSE were Energy up by 1.32%, Metal up by 1.12%, Oil & Gas up by 1.05%, Healthcare up by 0.98% and Industrials up by 0.86%, while Telecom down by 0.12%, Auto down by 0.11%, Utilities down by 0.04% and Consumer Durables down by 0.01% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 2.84%, Axis Bank up by 1.53%, Tata Steel up by 1.30%, Reliance Industries up by 1.23% and HCL Technologies up by 1.09%. On the flip side, Power Grid Corporation down by 1.13%, ITC down by 1.11%, Maruti Suzuki down by 0.99%, Titan Company down by 0.83% and Ultratech Cement down by 0.82% were the top losers.

Meanwhile, the Engineering Export Promotion Council of India (EEPC India) has said that Indian engineering goods exports to the United States exhibited 18 per cent year-on-year growth in January 2025, reaching $1.62 billion, even as overall engineering shipments grew at a modest 7.44 per cent. This comes on a day US President criticized the high tariffs charged by India and other countries, terming them as 'very unfair' and announced reciprocal tariffs from April 2 on nations that impose levies on American goods.

EEPC has said that during the April-January period of the current financial year, engineering exports to the US has rose nearly 9 per cent to $15.60 billion from $14.38 billion in the corresponding period last year. It added that Indian engineering exports have maintained positive growth for the ninth consecutive month despite geopolitical headwinds and growing trade protectionism by some of India's major export destinations. The total engineering goods exports stood at $9.42 billion in January 2025, compared to $8.77 billion in the same month last year.

EEPC India chairman Pankaj Chadha has acknowledged the resilience of Indian exporters but warned that evolving global trade policies are adding unprecedented pressure on businesses. Chadha cautioned that the latest US tariffs highlight the challenges exporters are likely to face in the coming days, adding that continuous government support in export credit and technology would be critical to maintaining competitiveness. He added that Global Trade Outlook 2025 published by the International Chamber of Commerce (ICC) reported more than 3,000 trade restrictions were implemented globally in 2024 alone posing risks to the multilateral trading system.

EEPC, while indicating toward moderation in engineering exports, has said that Indian engineering exports continued their year-on-year growth streak for the ninth straight month in January, but the growth rate moderated to 7.44 per cent from 8.32 per cent in December. It added that the January growth was primarily driven by exports of aircraft, spacecraft and parts, electric machinery and equipment, automobile and auto components, industrial machinery, products of iron and steel, and medical and scientific instruments. Meanwhile, shipments of ships, boats, and floating structures registered a sharp decline, along with iron and steel exports. It also added that the cumulative engineering exports during the April-January period of FY25 stood at $96.75 billion, reflecting a 9.82 per cent growth over $88.10 billion in the same period last year.

The CNX Nifty is currently trading at 22333.80, down by 3.50 points or 0.02% after trading in a range of 22245.85 and 22491.30. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 2.93%, Cipla up by 2.03%, Shriram Finance up by 1.88%, BPCL up by 1.78% and Axis Bank up by 1.64%. On the flip side, Trent down by 1.84%, HDFC Life Insurance down by 1.16%, SBI Life Insurance down by 1.08%, ITC down by 1.02% and Power Grid Corporation down by 0.96% were the top losers. 

Asian markets are trading mostly in green; Nikkei 225 surged 353.93 points or 0.94% to 37,772.17, Hang Seng advanced 622.72 points or 2.57% to 24,216.93, KOSPI increased 18.38 points or 0.71% to 2,576.51, Straits Times rose 30.66 points or 0.78% to 3,929.06, Jakarta Composite gained 121.87 points or 1.83% to 6,653.27 and Shanghai Composite strengthened 35.26 points or 1.04% to 3,377.22.

On the flip side, Taiwan Weighted lost 41.94 points or 0.18% to 22,829.96.