Indian markets made a gap-down start on Friday amid weak global cues and due to profit taking after five consecutive sessions of gains. Sensex and Nifty were trading deeply in red with cut of around a percent each in early deals due to selling pressure in IT and Teck stocks. Some cautiousness came after foreign institutional investors (FIIs) turned net sellers, offloading equities worth Rs 1,025.20 crore on June 18. Traders were concerned as the Reserve Bank of India (RBI) data showed that surplus liquidity in the banking system narrowed sharply to its lowest level in nearly three months, weighed down by advance tax outflows, despite liquidity support measures undertaken by RBI. On the sectoral front, IT and Teck stocks were under pressure after Accenture’s softer revenue guidance clouded the sector’s growth outlook.
On the global front, Asian markets were trading mostly lower amid concerns about a possible interest rate hike by the US Fed later this year. Though, downside remained capped as peace in the Middle East with the reopening of the Strait of Hormuz pulled oil prices even lower and eased inflation fears. Meanwhile, China and Taiwan markets are closed for Dragon Boat Festival, while Hong Kong market is shut for Tuen Ng Day.
The BSE Sensex is currently trading at 76708.50, down by 701.48 points or 0.91% after trading in a range of 76578.08 and 76858.80. There were 10 stocks advancing against 20 stocks declining on the index.
The top gaining sectoral indices on the BSE were Telecom up by 1.24%, Power up by 0.76%, Utilities up by 0.62%, Capital Goods up by 0.41% and Healthcare up by 0.27%, while IT down by 5.39%, TECK down by 3.48%, Realty down by 0.67%, Bankex down by 0.54% and Auto down by 0.53% were the top losing indices on BSE.
The top gainers on the Sensex were NTPC up by 1.49%, Titan Company up by 0.84%, Bharti Airtel up by 0.55%, Reliance Industries up by 0.51% and Sun Pharma up by 0.44%. On the flip side, Infosys down by 8.02%, TCS down by 6.02%, HCL Technologies down by 5.01%, Tech Mahindra down by 4.98% and HDFC Bank down by 2.07% were the top losers.
Meanwhile, expressing optimism about India’s export potential, the Associated Chambers of Commerce and Industry of India (Assocham) has said that the country can achieve $200 billion in exports to BRICS countries by 2030, up from $96 billion in the last fiscal year. It also said that India’s share of BRICS countries’ global imports could rise to 4 per cent by 2030 through enhanced South-South cooperation. BRICS is an intergovernmental organisation comprising 11 major emerging economies: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the UAE, and Indonesia.
The industry chamber said electronic equipment, minerals and metal products, chemicals, auto and auto components, textiles, leather, engineering products, pharma products, gems and jewellery, rice, food and marine products are among the key focus segments for India to enhance exports to BRICS countries.
It said the increased competitiveness of India's manufacturing sector and emerging demand and supply patterns among member countries support India's enhanced export growth trajectory under BRICS Plus. Meanwhile, India's trade with the bloc stood at $417 billion in FY26. Representing roughly 40 per cent of global GDP, 26 per cent of trade and 50 per cent of the global population, the bloc is growing faster than the global average.
The CNX Nifty is currently trading at 23977.45, down by 190.55 points or 0.79% after trading in a range of 23938.75 and 23998.80. There were 19 stocks advancing against 31 stocks declining on the index.
The top gainers on Nifty were NTPC up by 1.59%, Titan Co up by 0.79%, Apollo Hospital up by 0.70%, Adani Enterprises up by 0.60% and Reliance Industries up by 0.51%. On the flip side, Infosys down by 8.09%, TCS down by 5.96%, Tech Mahindra down by 5.38%, HCL Technologies down by 5.03% and Wipro down by 3.71% were the top losers.
Asian markets were trading mostly in red; KOSPI dropped 50.29 points or 0.55% to 9,013.55, Jakarta Composite fell 40.56 points or 0.66% to 6,131.78 and Straits Times was down by 28.21 points or 0.54% to 5,184.63, while Nikkei 225 surged 167.51 points or 0.24% to 71,221.00.
