Bourses trim losses in early afternoon session

Indian markets trimmed most of their losses in early afternoon session. Currently, markets were trading near neutral lines. Losses got restricted as the Reserve Bank of India gives good growth guidance at its policy meeting. The central bank has retained the GDP growth forecast at 6.5% for fiscal year 2025-26, despite Trump’s US tariffs. It said the inflation outlook is favourable and is revised downwards to 3.1% vs 3.7% earlier for FY26. However, fresh tariff threats from US President Donald Trump over India's continued imports of Russian oil weighed on investors’ sentiment. On the global front, Asian markets were trading mostly in green despite US services sector activity unexpectedly flatlined in July.

The BSE Sensex is currently trading at 80685.78, down by 24.47 points or 0.03% after trading in a range of 80448.82 and 80834.43. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.78%, while Small cap index was down by 1.12%.

The only gaining sectoral indices on the BSE were Bankex up by 0.22% and Consumer Durables was up by 0.10%, while Healthcare down by 1.38%, Realty down by 1.33%, IT down by 1.18%, TECK down by 0.83% and FMCG was down by 0.73% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 2.14%, Trent up by 1.80%, Titan Company up by 1.11%, Adani Ports up by 0.74% and Bharat Electronics up by 0.72%. On the flip side, HCL Tech down by 1.13%, Bajaj Finance down by 1.08%, Infosys down by 1.07%, TCS down by 0.92% and Tata Steel down by 0.81% 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 24612.70, down by 36.85 points or 0.15% after trading in a range of 24544.15 and 24671.40. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 2.16%, Trent up by 1.81%, Titan Company up by 1.09%, HDFC Life Insurance up by 0.89% and Bharat Electronics up by 0.62%. On the flip side, Wipro down by 1.76%, Indusind Bank down by 1.54%, Dr. Reddy's Lab down by 1.44%, Hero MotoCorp down by 1.34% and Nestle down by 1.24% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 252.46 points or 0.62 to 40,802.00, Shanghai Composite strengthened 16.39 points or 0.45 to 3,633.99, Straits Times rose 14.63 points or 0.35 to 4,223.21, Jakarta Composite gained 14.32 points or 0.19 to 7,529.51 and KOSPI was up by 0.14 points or 0 to 3,198.14. On the flip side, Hang Seng declined 53.53 points or 0.21 to 24,849.00 and Taiwan Weighted was down by 213.23 points or 0.91 to 23,447.36.