Domestic indices continue to witness weakness in late morning deals

Domestic equity indices continued to witness weakness and were trading lower with cut of over quarter a percent in late morning deals on account of selling by funds and retail investors. Meanwhile, the broader markets were facing the heat of selling; the BSE mid-cap index declined by 1.16 per cent and the small-cap index was down 1.43 per cent. Weak cues from the global markets weighed on the domestic sentiments. Fresh tariff threats from US President Donald Trump over India's continued imports of Russian oil also weighed on investors’ sentiments. Traders were cautious after Governor Sanjay Malhotra-led RBI Monetary Policy Committee (MPC) announced to keep the repo rates unchanged at 5.5 per cent. Real GDP projection was kept unchanged at 6.6 per cent For FY26. The RBI noted that while the geopolitical uncertainties have abated, global trade marked by incoming tariffs continues to weigh in.

On the global front, Asian markets were trading mostly in red following negative cues from the US markets overnight. Back home, in the stock specific development, Indian Railway Catering and Tourism Corporation (IRCTC) rose after the Reserve Bank of India gave the green light for its subsidiary to operate as an online payment aggregator.     

The BSE Sensex is currently trading at 80491.87, down by 218.38 points or 0.27% after trading in a range of 80448.82 and 80834.43. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.16%, while Small cap index down by 1.43%.

The top losing sectoral indices on the BSE were Realty down by 2.11%, Healthcare down by 1.57%, IT down by 1.46%, Capital Goods down by 1.09% and  TECK down by 1.02%, while there were no gainers.

The top gainers on the Sensex were Asian Paints up by 1.51%, Trent up by 0.77%, Adani Ports &Special up by 0.53%, ICICI Bank up by 0.28% and NTPC up by 0.25%. On the flip side, Eternal down by 1.87%, Tech Mahindra down by 1.83%, Bajaj Finance down by 1.68%, Infosys down by 1.44% and Bajaj Finserv down by 1.16% were the top losers.

Meanwhile, Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh has approved military projects worth around Rs 67,000 crore, including procurement of long endurance drones and missile systems. The defence ministry said that approval for the procurement of compact autonomous surface craft, BrahMos fire control system and launchers and upgradation of BARAK-1 point defence missile system has been accorded to the Indian Navy. The procurement of compact autonomous surface craft will provide the capability to the Indian Navy for detection, classification and neutralisation of threats in anti-submarine warfare missions.

The Indian Air Force has been granted an approval for procurement of mountain radars and upgradation of Saksham/Spyder weapon system. The procurement of mountain radars will enhance the air surveillance capability along and across the borders in the mountainous region. Further, the upgradation of Saksham/Spyder system for integration with Integrated air command and control system will enhance the air defence capability. 

Additionally, the Acceptance of Necessity (AoN) or the initial approval was accorded for procurement of Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft (RPAs) for the three services. The proposed MALE RPAs can carry multiple payloads and weapons and operate at longer ranges for long endurance missions. They will significantly enhance round-the-clock surveillance and combat capability of the Armed Forces. Besides, DAC has accorded AoN for sustenance of C-17 and C-130J fleets and comprehensive annual maintenance contract of S-400 long range air defence missile system.

The CNX Nifty is currently trading at 24555.50, down by 94.05 points or 0.38% after trading in a range of 24544.15 and 24671.40. There were 14 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 1.72%, Trent up by 0.55%, ICICI Bank up by 0.35%, Hindalco up by 0.31% and Adani Ports up by 0.29%. On the flip side, Indusind Bank down by 2.77%, Wipro down by 1.97%, Tech Mahindra down by 1.95%, Eternal down by 1.94% and Dr. Reddy's Lab down by 1.84% were the top losers. 

Asian markets are trading mostly in red; Hang Seng declined 48.53 points or 0.19 to 24,854.00, Taiwan Weighted lost 199.45 points or 0.85 to 23,461.14, Jakarta Composite plunged 0.53 points or 0.01 to 7,514.66 and KOSPI increased 0.29 points or 0.01 to 3,198.29. However, Nikkei 225 surged 256.46 points or 0.63 to 40,806.00, Straits Times rose 6.02 points or 0.14 to 4,214.60 and Shanghai Composite strengthened 13.04 points or 0.36 to 3,630.64.