Markets trade languish in late afternoon session

Indian equity benchmarks traded languish below neutral lines in late afternoon session. Investors took a cautious approach amid mixed signals on U.S.-India trade talks and weak global market cues. Besides, trading sentiments were subdued after reports indicate that the India and the European Union struggled to make progress in sensitive areas such as automotives and agricultural products in their 13th round of proposed free trade agreement (FTA) negotiations. Further, persistent selling by foreign institutional investors (FIIs), weighed on the market sentiments. FIIs were the net seller on yesterday’s trade, offloading equities worth Rs 2,425.75 crore.

On the sectoral front, Asian equity markets were trading mostly in red tracking negative cues from Wall Street overnight. European equity markets were trading lower as sticky inflation and a slowing job market clouded the outlook for U.S. interest rates.

The BSE Sensex is currently trading at 81395.94, down by 319.69 points or 0.39% after trading in a range of 81356.88 and 81840.73. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.31%, while Small cap index was down by 0.44%.

The top gaining sectoral indices on the BSE were Metal up by 0.54%, Telecom up by 0.50%, Capital Goods up by 0.38%, Bankex up by 0.13% and Oil & Gas up by 0.05%, while Realty down by 1.07%, IT down by 1.07%, Power down by 0.98%, Utilities down by 0.89% and Consumer Discretionary down by 0.73% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 2.43%, Axis Bank up by 0.96%, Bharti Airtel up by 0.76%, HDFC Bank up by 0.31% and Maruti Suzuki up by 0.25%. On the flip side, Tata Motors down by 2.78%, Power Grid Corporation down by 2.59%, Trent down by 2.44%, TCS down by 2.38% and Asian Paints down by 2.25% were the top losers.

Meanwhile, The Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has launched the Goods and Services Tax Appellate Tribunal (GSTAT), marking a major milestone in the evolution of the Goods and Services Tax regime and strengthening the institutional framework for indirect tax dispute resolution in the country.

It will provide a uniform, transparent, and reliable platform for the resolution of disputes. It will reduce ambiguity, bring uniformity across the country, and ensure that both large and small taxpayers do not have to wait long for justice. The Tribunal will provide a specialised, nationwide forum that can bring consistency in interpretation, predictability in outcomes, and credibility to the appellate process. This is vital for strengthening trust between taxpayers and tax administration.

The launch of GSTAT is a significant step in the continuing evolution of India’s indirect tax system. It will provide taxpayers with a specialized forum to seek justice and will bring greater orderliness, predictability, and credibility to the GST regime. The Tribunal is envisaged as a cornerstone institution in ensuring that India’s tax administration remains responsive, transparent, and aligned with the principles of ease of doing business.

The CNX Nifty is currently trading at 24948.35, down by 108.55 points or 0.43% after trading in a range of 24947.25 and 25092.70. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 2.48%, Hindalco up by 1.21%, Hero MotoCorp up by 1.01%, Axis Bank up by 0.97% and Bharti Airtel up by 0.65%. On the flip side, Tata Motors down by 2.82%, Power Grid Corporation down by 2.56%, Trent down by 2.43%, TCS down by 2.41% and Asian Paints down by 2.17% were the top losers. 

Asian equity markets were trading mostly in red; Nikkei 225 surged 98.69 points or 0.22% to 45,729.00, while Hang Seng declined 44.65 points or 0.17% to 26,474.00, Taiwan Weighted lost 172.88 points or 0.66% to 26,023.85, Straits Times fell 16.7 points or 0.39% to 4,273.70, Shanghai Composite weakened 0.34 points or 0.01% to 3,853.30, KOSPI dropped 1.03 points or 0.03% to 3,471.11 and Jakarta Composite plunged 57.49 points or 0.71% to 8,069.07.

European equity markets were trading lower; UK’s FTSE 100 decreased 27.23 points or 0.29% to 9,223.20, France’s CAC fell 59.25 points or 0.76% to 7,768.20 and Germany’s DAX lost 113.81 points or 0.48% to 23,553.00.