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Bourses continue to trade below neutral lines in late afternoon session
May-25-2022

Local equity markets continued to trade below neutral lines in late afternoon session as Asian Paints, Tech Mahindra and TCS stocks witnessed selling pressure. However, only banking stocks traded with firm gains. Traders took note that urging industry to bring scale into all economic activities, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India has taken a series of strict measures to tame inflation, keep interest rates in check and rein-in rupee depreciation so that growth and prosperity are not affected. Sector wise, sugar industry remained in focus, as Government told traders to secure permission for overseas sale of sugar from June 1 to October 31. The move primarily seeks to improve availability of the sweetener in the domestic market and check price rise.

On the global front, Asian markets were trading mixed with little sign of any relief from recent dour performances as investors remain fearful about the economic outlook owing to the impact of inflation, higher interest rates, China's slowdown and the Ukraine war. European markets were trading higher as global markets tried to bounce back from a widespread retreat in the previous trading session.

The BSE Sensex is currently trading at 53926.92, down by 125.69 points or 0.23% after trading in a range of 53686.78 and 54379.59. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.43%, while Small cap index was down by 2.29%.

The only gaining sectoral indices on the BSE were Bankex was up by 0.75%, while IT down by 3.13%, TECK down by 2.38%, Realty down by 2.31%, Consumer Discretionary down by 2.12% and Industrials was down by 1.74% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.64%, NTPC up by 2.14%, HDFC up by 1.56%, Nestle up by 1.28% and Bharti Airtel up by 0.99%. On the flip side, Asian Paints down by 7.36%, Tech Mahindra down by 4.08%, TCS down by 3.32%, Wipro down by 3.14% and HCL Tech down by 2.37% were the top losers.

Meanwhile, urging industry to bring scale into all economic activities, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that India has taken a series of strict measures to tame inflation, keep interest rates in check and rein-in rupee depreciation so that growth and prosperity are not affected.

Expressing concern over the excessive dependence on international supply chains, Goyal urged businesses to procure locally wherever there is an opportunity. He asked businesses to support each other and help fortify domestic supply chains. The Minister said that the National Master Plan would help improve infrastructure planning and ensure implementation of projects within time and budget, stressing upon government’s bid to bring down logistics cost through measures such as PM GatiShakti.

Further, the Minister remarked that the government was on a mission to rewrite the script of a New India that is ready to play the leading role in global trade and asked investors to come invest in India, in its ideas, talent and limitless potential. The Minister also said that India is the future.

The CNX Nifty is currently trading at 16095.30, down by 29.85 points or 0.19% after trading in a range of 16008.35 and 16223.35. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 2.95%, Kotak Mahindra Bank up by 2.94%, SBI Life up by 2.50%, NTPC up by 2.38% and HDFC up by 1.96%. On the flip side, Asian Paints down by 7.30%, Adani Ports down by 4.78%, UPL down by 3.85%, Tech Mahindra down by 3.82% and TCS down by 3.32% were the top losers.

Asian markets were trading mixed, Taiwan Weighted strengthened 140.40 points or 0.88% to 16,104.03, Hang Seng increased 59.17 points or 0.29% to 20,171.27, Shanghai Composite gained 36.53 points or 1.19% to 3,107.46 and KOSPI was up by 11.35 points or 0.44% to 2,617.22. On the flip side, Straits Times trembled 7.78 points or 0.24% to 3,187.26, Jakarta Composite lost 30.64 points or 0.44% to 6,883.50 and Nikkei 225 was down by 70.34 points or 0.26% to 26,677.80.

European markets were trading higher, UK’s FTSE 100 increased 34.62 points or 0.46% to 7,518.97, France’s CAC increased 15.90 points or 0.25% to 6,269.04 and Germany’s DAX was up by 41.95 points or 0.3% to 13,961.70.
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