Markets continue to trade under pressure in late morning deals

Domestic equity markets remained under pressure and were trading lower with cut of over quarter a percent in late morning deals on account of selling in Tata Motors, Mahindra & Mahindra, Eternal, Tata Steel and ITC companies’ stocks. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.15-0.40 percent. Weak cues from the global markets weighed on the domestic sentiments. Further, traders were cautious as private report said that private consumption in the Indian economy moderated slightly in the fourth quarter of FY25. The report added that the real private consumption spending grew by 5.9 per cent in Q4FY25, a marginal dip from 6.2 per cent growth recorded in Q4FY24. Most of sectoral indices on the BSE were trading in red led by Oil & Gas, Energy, Consumer Durables, FMCG and Power.

On the global front, Asian markets were trading mostly in red following negative cues from the US markets overnight. Further, signs of escalating geopolitical tensions in the Middle East were weighing on market sentiment. Back home, oil marketing companies (OMCs) -- Hindustan Petroleum, Bharat Petroleum and Indian Oil Corporation were trading lower after oil prices rose on heightened tensions in the Middle East. 

The BSE Sensex is currently trading at 82248.71, down by 266.43 points or 0.32% after trading in a range of 82170.97 and 82661.04. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.38%, while Small cap index down by 0.15%.

The only gaining sectoral indices on the BSE were Healthcare up by 0.91% and Telecom up by 0.54%, while Oil & Gas down by 1.06%, Energy down by 0.74%, Consumer Durables down by 0.70%, FMCG down by 0.69% and Power down by 0.64% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 1.88%, Sun Pharma up by 1.05%, Bajaj Finserv up by 0.94%, Tech Mahindra up by 0.48% and Bajaj Finance up by 0.41%. On the flip side, Tata Motors down by 1.26%, Mahindra & Mahindra down by 1.16%, Eternal down by 1.09%, Tata Steel down by 1.09% and ITC down by 1.08% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that the proposed national e-commerce and retail trade policies are under discussions as both are linked to each other. He said ‘Since the e-commerce sector is an evolving and fast-changing subject, we did come out with certain ideas, but I think we will have to revise the policy to make it more contemporary, and it is under discussion.’ He noted that the retail trade policy is also under discussion because they are linked to each other. 

The Department for Promotion of Industry and Internal Trade (DPIIT) has asked the National Traders’ Welfare Board to provide suggestions for the formulation of the national retail trade policy. In 2021, a draft retail trade policy was prepared for streamlining retail trade and development of all formats of the retail trade sector in a harmonious manner. It was aimed at improving the ease of doing business, ensuring easy and quick access to affordable credit, and facilitating the modernisation and digitisation of retail trade. 

Earlier, the ministry issued two draft national e-commerce policies. The 2019 draft proposed to address six broad areas of the e-commerce ecosystem – data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating domestic digital economy and export promotion through e-commerce.

The CNX Nifty is currently trading at 25055.75, down by 85.65 points or 0.34% after trading in a range of 25037.55 and 25196.20. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 1.87%, Sun Pharma up by 1.19%, ONGC up by 1.16%, Wipro up by 1.16% and Dr. Reddy's Lab up by 1.14%. On the flip side, Tata Motors down by 1.34%, ITC down by 1.19%, Mahindra & Mahindra down by 1.09%, Eternal down by 1.08% and Titan down by 1.06% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 243.99 points or 1.01% to 24,122.95, Jakarta Composite plunged 11.49 points or 0.16% to 7,210.97, Shanghai Composite weakened 3.32 points or 0.1% to 3,399.00, Nikkei 225 slipped 234.27 points or 0.61% to 38,186.92 and Taiwan Weighted lost 182.28 points or 0.82% to 22,287.82. However, Straits Times rose 4.75 points or 0.12% to 3,923.80 and KOSPI increased 5.11 points or 0.18% to 2,912.15.