Bourses trade at day’s low levels in early afternoon session

Indian equity markets extended their losses and currently traded at day’s low levels in early afternoon session. Traders were looking forward to India's Manufacturing PMI data, which is due on tomorrow. Investor were worried as Finance ministry in its latest report has said that India's external debt increased by 10.7 per cent to $717.9 billion at the end of December 2024 from $648.7 billion in December 2023. On a quarter-on-quarter basis, there is a 0.7 per cent increase in external debt from the level of $712.7 billion at the end of September 2024. Meanwhile, India’s current account deficit (CAD) rose marginally to $11.5 billion, or 1.1 per cent of gross domestic product, during the October-December 2024 quarter of the ongoing financial year from $10.4 billion, or 1.1 per cent of GDP, a year ago. 

On the global front, Asian markets are trading in green as China's manufacturing sector expanded at the fastest pace in four months in March as output accelerated on the back of a sustained improvement in new orders. The headline Caixin Purchasing Managers' Index rose to 51.2 in March from 50.8 in February. 

The BSE Sensex is currently trading at 76237.39, down by 1177.53 points or 1.52% after trading in a range of 76081.80 and 77487.05. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.80%, while Small cap index was down by 0.01%.

The few gaining sectoral indices on the BSE were Telecom up by 2.28%, Oil & Gas up by 0.75%, Energy up by 0.24% and PSU was up by 0.01%, while Realty down by 3.09%, IT down by 2.01%, Consumer Durables down by 1.96%, TECK down by 1.52% and Bankex was down by 1.40% were the losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 4.30%, Eternal up by 0.55% and Tata Motors up by 0.13%. On the flip side, Bajaj Finserv down by 3.06%, HDFC Bank down by 2.98%, Infosys down by 2.67%, HCL Tech down by 2.57% and Bajaj Finance down by 2.57% were the top losers.

Meanwhile, Union Minister of Commerce & Industry Piyush Goyal has said that arbitration and mediation mechanisms are crucial for India's emergence as a global manufacturing hub. Minister noted that arbitration and mediation play a pivotal role in reducing judicial delays and ensuring a stable and transparent business environment. He emphasized the need for confidence in arbitration mechanisms and acknowledged concerns regarding the influence of large corporations and international biases. The Minister urged stakeholders to strengthen arbitration practices in India to make them more efficient and impartial, thereby fostering a more investor-friendly climate.

Further, highlighting the nation’s robust economic performance, he stated that India is the fastest-growing major economy and is on track to becoming the fourth-largest global economy by 2025-26. He attributed this progress to significant policy reforms, including the simplification of business regulations and the decriminalization of over 180 legal provisions through the Jan Vishwas Act. The Minister emphasized that these reforms have built international trust in India as a reliable investment destination.

Goyal explained that the Jan Vishwas was named with the intent of fostering mutual trust between the government and the people. The objective was to assure citizens that the government believes in them and does not seek to penalize minor mistakes with severe legal consequences. Instead, the focus is on simplifying processes and ensuring that errors can be rectified through reasonable measures rather than lengthy judicial scrutiny. Goyal also added that the government is now working on Jan Vishwas 2.0, aimed at further reducing legal complexities.

The CNX Nifty is currently trading at 23207.60, down by 311.75 points or 1.33% after trading in a range of 23173.10 and 23565.15. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Trent up by 4.71%, Indusind Bank up by 4.04%, HDFC Life Insurance up by 1.63%, Bajaj Auto up by 1.19% and ONGC up by 1.01%. On the flip side, Bajaj Finserv down by 3.11%, HDFC Bank down by 3.05%, HCL Tech down by 2.73%, Infosys down by 2.68% and Bajaj Finance down by 2.50% were the top losers.

Asian markets are trading in green; Taiwan Weighted added 584.27 points or 2.75% to 21,280.17, Hang Seng advanced 122.95 points or 0.53% to 23,242.53, KOSPI increased 40.27 points or 1.6% to 2,521.39, Shanghai Composite strengthened 12.28 points or 0.37% to 3,348.03, Nikkei 225 surged 6.92 points or 0.02% to 35,624.48 and Straits Times was up by 4 points or 0.1% to 3,976.43.