Bourses remain in red in early afternoon session

Indian markets remained in red territory during early afternoon session following mixed cues from other Asian markets. Traders avoided to take risk ahead of monthly F&O expiry, which due on tomorrow. Sentiments remained downbeat as government data has said that foreign direct investment (FDI) equity inflow in India fell 24.5 per cent year-on-year (Y-o-Y) to $9.34 billion in the January-March quarter of 2024-25 but grew 13 per cent at $50 billion during the entire FY25. FDI equity inflows during Q4FY24 stood at $12.38 billion. Sector wise, coal sector remained in limelight as India’s coal imports declined 7.90% to 243.62 million tonnes (MT) during FY 2024-25 as compared to 264.53 MT in the previous fiscal year. This reduction resulted in foreign exchange savings of around $7.93 billion (Rs 60681.67 crore). On the global front, Asian markets were trading mixed amid ongoing uncertainty about Us-China trade relations. 

The BSE Sensex is currently trading at 81352.98, down by 198.65 points or 0.24% after trading in a range of 81244.02 and 81613.36. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.19%, while Small cap index was up by 0.65%.

The top gaining sectoral indices on the BSE were Telecom up by 1.99%, Industrials up by 0.84%, Capital Goods up by 0.81%, Power up by 0.51% and PSU was up by 0.45%, while FMCG down by 1.14%, Metal down by 0.77%, Consumer Durables down by 0.66%, Auto down by 0.57% and Consumer Discretionary was down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 1.97%, Adani Ports up by 0.94%, Bajaj Finance up by 0.81%, Bharti Airtel up by 0.80% and Infosys up by 0.54%. On the flip side, ITC down by 3.18%, Mahindra & Mahindra down by 1.11%, Asian Paints down by 1.02%, Ultratech Cement down by 0.93% and Titan Company down by 0.88% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has discussed a host of issues, including ongoing trade talks with the US and EU, in a meeting with exporters and urged them to increase the utilisation of free trade agreements (FTAs). The minister also stated that support could be provided to exporters to deal with European Union (EU) regulations like Digital Product Passport (DPP). The minister assured that labour-intensive sectors such as leather, plastics, and textiles would get greater market access in FTA partner countries, and Indian exporters should gear up to tap into that opportunity.

The other issues that figured in the deliberations held by Goyal with exporters include the proposed centralised exporters portal, and ways to further boost exports of services and value-added goods. The talks for a trade pact with the EU would get an impetus as Goyal is expected to visit Italy, and France in the first week of June. He may also visit Switzerland in the second week of the next month.

India and the four-nation European bloc EFTA signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

The CNX Nifty is currently trading at 24770.05, down by 56.15 points or 0.23% after trading in a range of 24737.05 and 24864.25. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 1.96%, HDFC Life Insurance up by 1.00%, Adani Ports up by 1.00%, Bajaj Finance up by 0.91% and Bharti Airtel up by 0.88%. On the flip side, ITC down by 3.16%, Bajaj Auto down by 1.93%, Apollo Hospital down by 1.48%, Nestle down by 1.42% and Hindalco down by 1.17% were the top losers.

Asian markets were trading mixed; KOSPI increased 32.93 points or 1.23% to 2,670.15, Taiwan Weighted added 21.18 points or 0.1% to 21,357.72, Straits Times rose 16.83 points or 0.43% to 3,912.92 and Jakarta Composite was up by 0.26 points or 0% to 7,199.23. On the flip side, Shanghai Composite weakened 1.66 points or 0.05% to 3,339.03, Nikkei 225 slipped 1.71 points or 0% to 37,722.40 and Hang Seng was down by 172.59 points or 0.74% to 23,209.40.