Markets continue to trade lower in afternoon session

Indian equity markets continued to trade lower in late afternoon session amid weak global cues and selling in IT stocks. The IT stocks came under pressure after U.S. President Donald Trump to imposed a $100000 fee on H-1B visas to protect American jobs. Meanwhile, traders overlooked Commerce and Industry Minister Piyush Goyal’s statement that the UAE companies are looking at multiple sectors, such as infrastructure, data centres, banking, startups and logistics, in India to increase their investments. He said that the two countries have reset their targets and are actively working to increase investments rapidly in different sectors, and enhancing collaborations in areas such as renewable energy, shipbuilding, retail, and pharmaceuticals.

On the global front, Asian equity markets were trading mixed following the broadly positive cues from Wall Street. European equity markets were trading mostly in red as investors awaited a key U.S. inflation reading as well as comments from several Federal Reserve officials this week for additional clues on the Federal Reserve's rate trajectory.

The BSE Sensex is currently trading at 82248.68, down by 377.55 points or 0.46% after trading in a range of 82151.07 and 82583.16. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.61%, while Small cap index was down by 0.57%.

The top gaining sectoral indices on the BSE were Utilities up by 2.74%, Power up by 1.87%, Metal up by 0.57%, Oil & Gas up by 0.49% and Basic Materials up by 0.29%, while IT down by 2.95%, TECK down by 2.22%, Healthcare down by 1.05%, Industrials down by 0.55% and Capital Goods down by 0.54% were the top losing indices on BSE.

The top gainers on the Sensex were Eternal up by 1.71%, Adani Ports & SEZ up by 1.70%, Ultratech Cement up by 1.37%, Bajaj Finance up by 0.90% and Axis Bank up by 0.60%. On the flip side, Tech Mahindra down by 3.47%, TCS down by 3.27%, Infosys down by 3.15%, HCL Technologies down by 1.87% and Tata Motors down by 0.94% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has launched an integrated state and city logistics plans with an aim to cut transactions cost of industry. The government has initiated these plans with eight cities across eight states. The exercise will help assess existing logistics infrastructure, identify gaps, and provide a roadmap for improving efficiency and reducing costs.

Goyal said the plans will be replicated nationwide to ensure smoother movement of goods, enhanced competitiveness, and stronger supply chain resilience. He also released a Guidebook to map harmonised system of nomenclature codes. In trade parlance, every product is categorised under an HSN (Harmonised System of Nomenclature) Code. It helps in systematic classification of goods across the globe. The Guidebook allocates 12,167 codes across 31 ministries and departments, and is expected to enable targeted policymaking and support effective trade negotiations. Mapping each HSN code with the respective line ministry will help industry understand processes related to their sectors, simplify coordination for businesses, and strengthen India's position in trade negotiations.

The minister also launched Logistics Data Bank (LDB) 2.0, which will enable real-time tracking and assessment of logistics performance, supporting better planning. Developed by NICDC Logistics Data Services (NLDSL), LDB 2.0 is a significantly enhanced logistics tracking platform that enables export container tracking on high seas, along with multi-modal shipment visibility. It also introduces high-seas container tracking, allowing exporters to track containers even after departure from Indian ports across international waters, improving coordination and enhancing credibility in global markets. Further, he launched the Logistics Ease Across Different States (LEADS) to benchmark logistics performance across states and Union Territories.

The CNX Nifty is currently trading at 25224.70, down by 102.35 points or 0.40% after trading in a range of 25211.60 and 25331.70. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 4.43%, Adani Ports & SEZ up by 1.79%, Eternal up by 1.66%, Ultratech Cement up by 1.41% and Bajaj Auto up by 1.40%. On the flip side, Tech Mahindra down by 3.45%, TCS down by 3.22%, Infosys down by 3.12%, Wipro down by 2.11% and HCL Technologies down by 1.88% were the top losers.

Asian equity markets were trading mixed; Nikkei 225 surged 487.19 points or 1.07% to 45,533.00, Taiwan Weighted added 302.23 points or 1.17% to 25,880.60, Shanghai Composite strengthened 8.49 points or 0.22% to 3,828.58 and KOSPI increased 23.41 points or 0.67% to 3,468.65, while Hang Seng declined 175.1 points or 0.66% to 26,370.00, Straits Times fell 2.69 points or 0.06% to 4,300.02 and Jakarta Composite plunged 32.53 points or 0.41% to 8,018.59.

European equity markets were trading mostly in red; UK’s FTSE 100 increased 1.63 points or 0.02% to 9,218.30, while France’s CAC fell 32.49 points or 0.41% to 7,821.10 and Germany’s DAX lost 169.91 points or 0.72% to 23,469.50.