Benchmarks trade flat with negative bias in late afternoon session

Indian markets pared most of their early losses and were trading near neutral lines in late afternoon session. Sentiment continued to remain subdued amid a lack of strong directional cues, higher brent crude oil prices and developments on the global geopolitical front. Though, the decline was uneven across benchmarks. Sensex witnessed relatively higher selling pressure compared with Nifty, indicating divergence in index performance.

Sensex was trading with cut of quarter a percent amid selling pressure in IT and Tech stocks. Nifty was trading down with marginal cut of around 0.15% with selling in index heavyweights like Infosys, HCL Technologies and Sun Pharma, was offset by select buying in metal and banking stocks. Foreign fund inflows also aided the sentiments, as provisional data from the NSE showed that FPIs turned net buyers of domestic equities, purchasing stocks worth Rs 508.12 crore on Friday.

On the global front, European were trading mostly higher, led by basic resources stocks as gold prices advanced on a weaker dollar and softer U.S. economic data, while easing expectations of a Federal Reserve rate hike supported sentiment. Asian markets were trading higher even though Japan's economy grew at an annualised 1.1% in the April-June quarter, slowing from the previous quarter and falling short of market expectations of 2%.

The BSE Sensex is currently trading at 77815.79, down by 193.46 points or 0.25% after trading in a range of 77453.75 and 77928.68. There were 11 stocks advancing against 19 stocks declining on the index.

The top gaining sectoral indices on the BSE were Realty up by 1.35%, Metal up by 1.07%, Capital Goods up by 0.73%, Industrials up by 0.45% and Basic Materials up by 0.44%, while IT down by 1.51%, TECK down by 1.27%, FMCG down by 0.90%, Telecom down by 0.76% and Utilities down by 0.65% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 1.38%, Tata Steel up by 1.36%, Eternal up by 0.71%, Reliance Industries up by 0.64% and Kotak Mahindra Bank up by 0.55%. On the flip side, Infosys down by 2.15%, HCL Technologies down by 2.06%, TCS down by 1.78%, Sun Pharma down by 1.66% and Tech Mahindra down by 1.61% were the top losers.

Meanwhile, the government in its latest data report has showed that India’s manufacturing sector stands as a pillar of self-reliance and progress, now contributing about 16-17 percent of GDP and providing employment to over 27 million workers. Further, the compounded annual growth rate (CAGR) of Manufacturing GVA at constant prices (2022-23 base) as per the revised series during 2022-23 to 2025-26 is 10.88%.

The report also stated that over the past 12 years, bold reforms under the Make in India vision have reshaped industries, positioning the country as a global hub. Defence equipment, textiles, pharmaceuticals, medical devices, and heavy machinery are now produced at world-class standards, serving both domestic and international markets. To further accelerate this momentum, the Government has introduced several initiatives like the Production Linked Incentive (PLI) scheme, PM GatiShakti, the National Logistics Policy, BHAVYA, and programmes for the electronics and MSME sectors.

While highlighting improving manufacturing across various sectors such as defence, electronics, semiconductor, mobile, pharma and textile, it said that India's manufacturing sector today reflects steady progress, deepening capability and growing confidence across industry. Sustained policy support and rising private participation continue to strengthen this foundation year after year. As new capacities mature, the sector is well placed to expand its global role. The coming years promise wider opportunity, greater value creation and a stronger self-reliant economy.

The CNX Nifty is currently trading at 24335.40, down by 30.60 points or 0.13% after trading in a range of 24226.95 and 24359.60. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Hindalco Industries up by 2.04%, Axis Bank up by 1.40%, HDFC Life Insurance up by 1.31%, Tata Steel up by 1.31% and ONGC up by 1.16%. On the flip side, Infosys down by 2.26%, HCL Technologies down by 2.11%, Sun Pharma down by 1.89%, TCS down by 1.86% and ITC down by 1.78% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 497.2 points or 0.72% to 69,211.00, Hang Seng jumped 348.15 points or 1.37% to 25,465.00, Shanghai Composite rose 55.47 points or 1.39% to 3,982.65, Taiwan Weighted added 46.26 points or 0.1% to 45,857.27 and Straits Times was up by 13.8 points or 0.24% to 5,757.39.

European markets were trading mostly in green; UK’s FTSE 100 increased 13.45 points or 0.13% to 10,763.56 and Germany’s DAX gained 16.69 points or 0.06% to 26,457.00, while France’s CAC fell 8.1 points or 0.09% to 8,628.70.