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Sensex, Nifty turn red in late morning trade
Mar-13-2025

Indian equity indices failed to hold their gains and turned red in late morning session, impacted by negative cues from other Asian markets along with selling at Realty and Auto counters. The street took a note of HSBC India Business Outlook report stating that private sector companies in India were strongly confident that demand conditions would remain favourable over the course of the coming 12 months, a key factor that underpinned optimistic forecasts for investment, output, job creation and profitability during February. Although levels of positive sentiment slipped since last October, they outpaced the respective global averages.

On the global front, Asian markets were trading lower, after Malaysia's industrial output growth eased to a 10-month low in January amid a contraction in the mining sector. The figures from the Department of Statistics showed that industrial production increased 2.1 percent year-on-year in January, slower than the 4.6 percent increase in the previous month. Production has been rising since January 2024.

Back home, real estate stocks were in focus, as National Housing Bank in its latest report has said that outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanization, transit-oriented development, digitization and other factors.

The BSE Sensex is currently trading at 73938.14, down by 91.62 points or 0.12% after trading in a range of 73913.48 and 74401.11. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.44%, while Small cap index was down by 0.45%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.67%, Industrials up by 0.38%, Telecom up by 0.35%, Bankex up by 0.22% and PSU up by 0.10%, while Realty down by 0.92%, Auto down by 0.92%, Metal down by 0.83%, IT down by 0.80% and TECK down by 0.65% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 0.71%, ICICI Bank up by 0.54%, SBI up by 0.39%, HDFC Bank up by 0.36% and Hindustan Unilever up by 0.14%. On the flip side, Tata Motors down by 2.13%, Ultratech Cement down by 1.12%, Infosys down by 1.04%, Tech Mahindra down by 0.94% and Bajaj Finance down by 0.71% were the top losers.

Meanwhile, economic think tank the Global Trade Research Initiative (GTRI) has said that the government should withdraw the mandatory quality control norms on steel fasteners, as their implementation will severely disrupt industrial supply chains and create unnecessary regulatory bottlenecks. 

GTRI said the Bureau of Indian Standards (BIS) certification process mandated under the quality control order (QCO) has not approved any foreign or domestic manufacturers, which will halt imports of essential fasteners from March 20. It noted that thousands of small manufacturers producing nuts and bolts may struggle to obtain BIS certification, potentially leading to factory shutdowns and job losses. BIS approval of foreign manufacturers is a necessary condition for imports as steel fasteners have been notified under the quality control order issued by the Department for Promotion of Industry and Internal Trade (DPIIT). The QCO was notified in September 2024 and is set to come into effect from March 20. 

It said the QCO mandates BIS certification for domestic as well as foreign manufacturers. BIS has not yet approved any foreign or domestic manufacturer under the QCO scheme, creating uncertainty and supply chain bottlenecks. As the March 20 deadline approaches, businesses reliant on imported fasteners are bracing for operational challenges that could hinder production and growth in India's manufacturing sector. While India produces standard fasteners, it relies on imports for high-end fasteners, which will now be unavailable, affecting critical applications. 

The CNX Nifty is currently trading at 22408.30, down by 62.20 points or 0.28% after trading in a range of 22405.95 and 22558.05. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 1.87%, Larsen & Toubro up by 0.67%, ICICI Bank up by 0.45%, HDFC Bank up by 0.40% and Cipla up by 0.39%. On the flip side, Shriram Finance down by 2.43%, Hindalco down by 2.36%, Tata Motors down by 2.11%, Wipro down by 1.58% and BPCL down by 1.54% were the top losers.

All Asian markets were trading lower; Hang Seng declined 347.16 points or 1.47% to 23,253.15, Jakarta Composite plunged 7.46 points or 0.11% to 6,657.59, Shanghai Composite weakened 29.96 points or 0.89% to 3,341.96, Straits Times fell 0.23 points or 0.01% to 3,832.84, KOSPI dropped 13.58 points or 0.53% to 2,561.24, Nikkei 225 slipped 31.95 points or 0.09% to 36,787.14 and Taiwan Weighted lost 316.68 points or 1.44% to 21,961.68.
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