Benchmarks trimmed most of their losses but continued their trade below neutral lines in late afternoon deals. Markets managed to recover supported by buying gains in banking stocks. However, weakness in IT sector stocks on profit booking, and negative cues from European markets weigh on market sentiments. Besides, investors took cautious approach after rating agency Crisil in its report has said that rising petrol and diesel prices are set to exert fresh inflationary pressures on the Indian economy. Higher fuel costs are expected to increase transportation and manufacturing expenses, which could gradually be passed on to consumers in the coming months.
On the global front, Asian equity markets were trading mixed amid uncertainty surrounding US-Iran peace deal. European equity markets were trading lower as renewed West Asia tensions continued to push oil prices higher, clouding the outlook for inflation and interest rates.
The BSE Sensex is currently trading at 74417.78, down by 232.06 points or 0.31% after trading in a range of 73492.60 and 74507.73. There were 14 stocks advancing against 16 stocks declining on the index.
The top gaining sectoral indices on the BSE were Telecom up by 2.07%, Bankex up by 0.63%, Healthcare up by 0.53%, PSU up by 0.48% and Auto up by 0.42%, while IT down by 4.84%, TECK down by 2.93%, Realty down by 1.26%, FMCG down by 0.77% and Consumer Durables down by 0.34% were the top losing indices on BSE.
The top gainers on the Sensex were ICICI Bank up by 1.39%, Trent up by 1.29%, Power Grid Corporation up by 1.06%, Kotak Mahindra Bank up by 0.96% and Maruti Suzuki up by 0.92%. On the flip side, TCS down by 8.22%, Tech Mahindra down by 5.50%, HCL Technologies down by 5.04%, Infosys down by 3.86% and ITC down by 1.84% were the top losers.
Meanwhile, Deputy President of South Africa Shipokosa Paulus Mashatile has met Vice President C P Radhakrishnan during his official visit to India as the two leaders discussed trade, skills development, defence and other issues. He was accompanied by a high-level delegation comprising senior Ministers and officials of the Government of South Africa.
During the meeting, the two leaders held productive discussions on further strengthening the India–South Africa bilateral relations, with a focus on trade, investment, defence cooperation, skills development, and enhancing people-to-people ties. The leaders also exchanged views on advancing the priorities of the Global South and enhancing cooperation in multilateral forums such as BRICS, G20, IBSA and IORA. They discussed ways to unlock the full potential of bilateral economic ties and emphasized the need to create a conducive environment for businesses and investors.
In this context, the Vice President highlighted the proposed India-Southern African Customs Union (SACU) Preferential Trade Agreement and expressed hope for the early commencement and successful conclusion of negotiations. Both sides welcomed the growing defence cooperation between the two countries and looked forward to expanding collaboration, including through future editions of the IBSAMAR naval exercise involving India, Brazil and South Africa.
The CNX Nifty is currently trading at 23424.45, down by 59.10 points or 0.25% after trading in a range of 23151.50 and 23447.65. There were 24 stocks advancing against 26 stocks declining on the index.
The top gainers on Nifty were Apollo Hospital Ent. up by 2.78%, Tata Motors Passenger Vehicles up by 2.06%, Max Healthcare Institute up by 1.93%, ICICI Bank up by 1.36% and Trent up by 1.32%. On the flip side, TCS down by 8.19%, Tech Mahindra down by 5.50%, HCL Technologies down by 5.04%, Infosys down by 3.90% and Wipro down by 2.89% were the top losers.
Asian equity markets were trading mixed; Nikkei 225 surged 1983.76 points or 2.89% to 68,718.00, Taiwan Weighted added 901.85 points or 1.94% to 46,459.16, Straits Times rose 36.95 points or 0.72% to 5,134.37 and Shanghai Composite strengthened 8.87 points or 0.22% to 4,083.97, while Hang Seng declined 412.32 points or 1.61% to 25,626.00 and Jakarta Composite plunged 283.29 points or 4.79% to 5,912.14. Meanwhile, South Korean market remained closed on account of holiday.
European equity markets were trading lower; UK’s FTSE 100 decreased 24.57 points or 0.24% to 10,348.94, France’s CAC fell 23.79 points or 0.29% to 8,185.30 and Germany’s DAX lost 274.67 points or 1.09% to 24,849.50.
