Domestic equity indices remained weak in late-morning deals, tracking negative cues from other Asian markets. Sentiments remained subdued as foreign institutional investors (FIIs) continued their selling spree, offloading equities worth Rs 2,961.30 crore on Tuesday. Further, cautiousness also prevailed in markets as the Reserve Bank of India (RBI), in its monetary policy review, raised the FY27 consumer price index (CPI)-based inflation forecast to 5.2 per cent from 5 per cent.
The Sensex was trading 0.19% lower, while the Nifty fell 0.40%, weighed down by selling in shares of HDFC Bank, Reliance Industries, Infosys and ITC. On the global front, Asian markets were trading in red as attacks by Yemen’s Iran-backed Houthis on Saudi Arabia raised concerns over crude flows from the Middle East even as supplies have been recovering.
The BSE Sensex is currently trading at 72930.58, down by 137.23 points or 0.19% after trading in a range of 72520.73 and 73002.56. There were 9 stocks advancing against 21 stocks declining on the index.
The only gaining sectoral indices on the BSE were Telecom up by 0.53% and Bankex up by 0.34%, while Consumer Durables down by 1.54%, Metal down by 1.44%, Auto down by 1.07%, Basic Materials down by 0.90% and Realty down by 0.76% were the top losing indices on BSE.
The top gainers on the Sensex were Kotak Mahindra Bank up by 1.82%, Bajaj Finance up by 1.78%, ICICI Bank up by 0.59%, Axis Bank up by 0.54% and Bharti Airtel up by 0.50%. On the flip side, Titan Company down by 3.63%, Bharat Electronics down by 1.65%, Asian Paints down by 1.35%, Maruti Suzuki India down by 1.10% and Mahindra & Mahindra down by 1.05% were the top losers.
Meanwhile, Finance Minister Nirmala Sitharaman has held discussions with Swiss President Guy Parmelin on issues of common interest to both India and Switzerland, including taking forward negotiations on the Bilateral Investment Treaty (BIT) which is mutually beneficial to both nations.
The meeting comes as India and Switzerland seek to strengthen bilateral economic ties and facilitate greater investment between the two countries. The discussions focused on advancing the BIT negotiations, which will help enhance investment flows and deepen economic engagement.
A Bilateral Investment Treaty is an agreement between the two countries to promote and protect investments made by their investors in the other's territory. Under investment protection treaties, investors can take a sovereign government to arbitration. With Outward Direct Investment (ODI) from India increasing, there is a need to ensure that domestic investors and companies investing abroad also get adequate protection.
The CNX Nifty is currently trading at 22685.20, down by 90.90 points or 0.40% after trading in a range of 22578.25 and 22710.80. There were 10 stocks advancing against 40 stocks declining on the index.
The top gainers on Nifty were Kotak Mahindra Bank up by 1.78%, Bajaj Finance up by 1.45%, Axis Bank up by 0.74%, Dr. Reddy's up by 0.64% and Bharti Airtel up by 0.57%. On the flip side, Titan Company down by 3.73%, Hindalco Industries down by 2.24%, Bajaj Auto down by 2.13%, Shriram Finance down by 1.99% and Asian Paints down by 1.96% were the top losers.
Asian markets were trading in red; Nikkei 225 slipped 347.98 points or 0.49% to 70,336.00, Taiwan Weighted lost 111.63 points or 0.22% to 49,710.92, Jakarta Composite plunged 34.15 points or 0.55% to 6,158.78 KOSPI dropped 110.15 points or 1.59% to 6,831.24, Hang Seng declined 137.56 points or 0.57% to 24,143.00 and Straits Times fell 76.14 points or 1.34% to 5,625.40.
