Bourses remain weak in early afternoon session

Indian markets remained weak in early afternoon session ahead of HSBC Services PMI data, which going to be out on June 04. Traders were cautious as high-level US delegation will visit India on June 5-6 to advance discussions on the India-US Bilateral Trade Agreement (BTA).  Sentiments remained downbeat with Engineering Export Promotion Council of India’s (EEPC India) statement that US President Donald Trump’s proposed 50 per cent tariff on steel and aluminium imports could severely impact India’s engineering goods’ shipments. On the global front, Asian markets were trading mostly in green even after China's manufacturing activity contracted for the first time in eight months in May as the rise in US trade tariff damped export orders. The Caixin manufacturing Purchasing Managers' Index unexpectedly fell to 48.3 in May, down from 50.4 in April. The score was seen at 50.8.

The BSE Sensex is currently trading at 80928.86, down by 444.89 points or 0.55% after trading in a range of 80843.92 and 81774.23. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.26%, while Small cap index was up by 0.23%.

The few gaining sectoral indices on the BSE were Realty up by 1.19%, Basic Materials up by 0.45% and Metal was up by 0.01%, while Power down by 1.23%, Utilities down by 1.11%, Bankex down by 0.83%, Capital Goods down by 0.74% and PSU was down by 0.67% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 0.64%, Reliance Industries up by 0.30%, Bharat Electronics up by 0.15%, HCL Tech up by 0.14% and Titan Company up by 0.06%. On the flip side, Bajaj Finserv down by 2.03%, Adani Ports down by 1.73%, NTPC down by 1.59%, Power Grid down by 1.33% and Bajaj Finance down by 1.28% were the top losers.

Meanwhile, Minister of State (MoS) for Communications Chandra Sekhar Pemmasani has said that India reiterated its commitment to build enduring and future-ready partnerships with all BRICS nations at a multilateral meeting of communications ministers in Brasilia. He said ‘our cooperation is not episodic; it is structural, strategic, and spiritually anchored in mutual respect’. BRICS members include 11 nations -- Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.

The minister said ‘we stand united in consensus to advance collaboration across the digital future's vital pillars: Universal and Meaningful Connectivity, Space Sustainability, Environmental Responsibility, and comprehensive Digital Ecosystem development’. He said that the declaration represents more than strategic priorities, which are cornerstones of a digitally unified tomorrow. He added ‘where digital has become the new global common, our commitment to exchanging knowledge and best practices reaffirms the spirit of shared progress that defines BRICS’. India will host the Communications Ministers Meeting in 2026.

The minister said India's digital governance synthesises civilisational wisdom with cutting-edge innovation. He said ‘our approach is transformational, not transactional, guided by inclusion, equity, and technological empowerment for all. Our guiding principle, 'One Earth, One Family, One Future,' is not merely a slogan but our call to action: to unify, align, and elevate the world's diverse digital ecosystems toward shared prosperity and peace’.

The CNX Nifty is currently trading at 24588.05, down by 128.55 points or 0.52% after trading in a range of 24571.60 and 24845.10. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 1.16%, Mahindra & Mahindra up by 0.72%, Bajaj Auto up by 0.69%, Shriram Finance up by 0.64% and Hindalco up by 0.29%. On the flip side, Bajaj Finserv down by 2.01%, Coal India down by 1.83%, Adani Ports down by 1.70%, NTPC down by 1.61% and HDFC Life Insurance down by 1.51% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 335.59 points or 1.43% to 23,493.56, Taiwan Weighted added 124.22 points or 0.59% to 21,126.93, Shanghai Composite strengthened 13.09 points or 0.39% to 3,360.58 and Jakarta Composite was up by 5.64 points or 0.08% to 7,070.71. On the flip side, Straits Times fell 8.91 points or 0.23% to 3,881.68 and Nikkei 225 was down by 23.86 points or 0.06% to 37,446.81.