Key gauges remain in red in morning deals

Indian equity benchmarks remained in red in morning deals, as foreign fund outflows and concerns over the steep hike in US H-1B visa fees continue to dent investors' sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,551.19 crore on Tuesday, according to exchange data. Traders overlooked the Organization for Economic Cooperation and Development’s (OECD) report in which it has raised India's Gross Domestic Product (GDP) growth by 40 bps to 6.7 per cent for fiscal year 2025-26 (FY26) from its earlier projection of 6.3 per cent in June -- driven by strong domestic demand and robust GST reforms. It also projected the country’s GDP growth at 6.2 per cent for FY27. On the global front, Asian markets are trading mixed after declines on Wall Street overnight following comments from Federal Reserve Chair Jerome Powell that gave little indication about the future path of interest rates. 

The BSE Sensex is currently trading at 81766.79, down by 335.31 points or 0.41% after trading in a range of 81701.52 and 82045.47. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.31%, while Small cap index was down by 0.02%.

The top gaining sectoral indices on the BSE were PSU up by 0.28% and Metal up by 0.03%, while Realty down by 1.01%, IT down by 0.77%, TECK down by 0.76%, Bankex down by 0.61% and Auto down by 0.43% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 2.06%, Maruti Suzuki up by 1.00%, Bajaj Finance up by 0.91%, Trent up by 0.79% and Hindustan Unilever up by 0.78%. On the flip side, Tech Mahindra down by 1.82%, Tata Motors down by 1.50%, Axis Bank down by 1.39%, HDFC Bank down by 1.21% and ICICI Bank down by 1.10% were the top losers.

Meanwhile, S&P Global Ratings in its Economic Outlook Asia-Pacific Q4 2025: Growth To Ease On External Strain report has retained India's gross domestic product (GDP) growth forecast at 6.5% in the current fiscal. India's GDP grew at 7.8% in the April-June quarter. It stated ‘We forecast India's GDP growth to hold steady at 6.5 per cent this fiscal year (year ending March 31, 2026). We expect domestic demand to remain strong, supported by a largely benign monsoon season, cuts in the income and the goods and services tax, and accelerating government investment.’

Further, it said a sharper-than-expected decrease in food inflation will help keep inflation low in the current year. It added ‘This leaves room for further monetary policy adjustments, and we anticipate a 25 bps rate cut by the Reserve Bank of India this fiscal year.’

Besides, it said that across the region, relatively resilient domestic demand should dampen the impact from stronger external headwinds following the increase in US import tariffs and slower global growth. U.S. tariffs on imports from different Asian economies will shape both their export outlook and their role in regional supply chains.

The CNX Nifty is currently trading at 25078.15, down by 91.35 points or 0.36% after trading in a range of 25049.45 and 25149.85. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were NTPC up by 1.73%, Maruti Suzuki up by 1.05%, Bajaj Finance up by 0.80%, Asian Paints up by 0.76% and Trent up by 0.75%. On the flip side, Tech Mahindra down by 1.82%, Wipro down by 1.61%, Hero MotoCorp down by 1.53%, Tata Motors down by 1.53% and Axis Bank down by 1.36% were the top losers.

Asian markets are trading mixed; KOSPI dropped 19.69 points or 0.56% to 3,466.50, Straits Times fell 9.44 points or 0.22% to 4,293.23, Taiwan Weighted lost 90.42 points or 0.34% to 26,156.95 and Jakarta Composite plunged 3.21 points or 0.04% to 8,121.99.

On the flip side, Nikkei 225 surged 31.34 points or 0.07% to 45,525.00, Shanghai Composite strengthened 17.19 points or 0.45% to 3,839.02 and Hang Seng advanced 238.88 points or 0.91% to 26,398.00.