Markets extend losses in late trade

Indian equity markets have extended losses in late trade as traders remained on sideline after U.S. President Donald Trump announced 100% tariffs on branded drugs and 25% tariffs on heavy-duty trucks. Besides, persistent selling by foreign institutional investors (FIIs) has weighed on the market sentiments. FIIs were set sellers on yesterday’s trade, offloading equities worth Rs 4,995.42 crore. Meanwhile, IT stocks came under significant selling pressure after Accenture's quarterly results hinted an uneven demand recovery. 

On the global front, Asian equity markets were trading mostly in red tracking negative cues from Wall Street overnight. All European equity markets were trading higher ahead of release of U.S. PCE inflation report due later in the day.

The BSE Sensex is currently trading at 80373.83, down by 785.85 points or 0.97% after trading in a range of 80332.41 and 81033.09. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index slumped 1.85%, while Small cap index was down by 2.11%.

The top losing sectoral indices on the BSE were Telecom down by 2.81%, IT down by 2.46%, Consumer Durables down by 2.21%, TECK down by 2.08% and Healthcare down by 2.05%. Meanwhile, there were no gainers on BSE sectoral index.

The top gainers on the Sensex were Larsen & Toubro up by 2.35%, ITC up by 1.12%, Tata Motors up by 0.99%, Maruti Suzuki up by 0.35% and Reliance Industries up by 0.32%. On the flip side, Mahindra & Mahindra down by 3.61%, Eternal down by 2.92%, Sun Pharma Inds. down by 2.91%, Bajaj Finance down by 2.75% and Infosys down by 2.71% were the top losers.

Meanwhile, the Ports, Shipping and Waterways Minister Sarbananda Sonowal said that India's maritime sector has set new benchmarks in sustainability and efficiency, in line with the global developments. He also flagged off India's first fleet of electric heavy trucks with swappable batteries at the Nhava Sheva Distribution Terminal in Jawaharlal Nehru Port Authority (JNPA). 

The minister said with the development, JNPA now has the largest EV truck fleet among India's ports, boosting sustainable logistics. He said JNPA aims to convert 90 per cent of its internal heavy truck fleet of about 600 vehicles by December 2026. 

Highlighting the government's vision, Sonowal said across India, ports are introducing solar and wind power projects, LNG and hydrogen fuel infrastructure, and electrification of cargo handling equipment. In recent months, he said JNPA has consistently been in the news for the right reasons -- be it ranking among the top 25 ports globally in the World Bank's CPPI index, achieving records in container handling, or advancing key projects in the SEZ, digitalisation, and green energy. 

The CNX Nifty is currently trading at 24642.90, down by 247.95 points or 1.00% after trading in a range of 24629.45 and 24868.60. There were 8 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 2.32%, ITC up by 1.14%, Tata Motors up by 0.97%, Eicher Motors up by 0.69% and Maruti Suzuki up by 0.28%. On the flip side, Mahindra & Mahindra down by 3.71%, Indusind Bank down by 3.67%, Bajaj Finance down by 2.96%, Eternal down by 2.92% and Sun Pharmaceutical Industries down by 2.91% were the top losers.

Asian equity markets were trading mostly in red; Jakarta Composite gained 45.06 points or 0.56% to 8,085.73 and Straits Times rose 0.56 points or 0.01% to 4,274.42, while Nikkei 225 slipped 310.93 points or 0.68% to 45,444.00, Hang Seng declined 387.68 points or 1.49% to 26,097.00, Taiwan Weighted lost 443.53 points or 1.73% to 25,580.32, Shanghai Composite weakened 25.19 points or 0.66% to 3,828.11 and KOSPI dropped 85.06 points or 2.51% to 3,386.05.

All European equity markets were trading higher; UK’s FTSE 100 increased 37.37 points or 0.41% to 9,251.35, France’s CAC rose 24.38 points or 0.31% to 7,819.80 and Germany’s DAX gained 69.17 points or 0.29% to 23,604.00.