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Bourses continue to show sluggish trend in late afternoon session
Feb-06-2023

The Indian equity benchmarks continued to show a sluggish trend in late afternoon session on the back of selling in Metal and IT sectors’ stocks. Traders turned cautious after the US military shot down a suspected Chinese spy balloon over the Atlantic Ocean, raising geopolitical tensions. Investors were keenly watching out for the Reserve Bank of India's monetary policy decision later this week. Traders were worried after private report stated that Foreign portfolio investors (FPIs) have sold assets worth about Rs 28,852 crore in Indian stock markets in January 2023. So far in February, they sold another Rs 5,753 crore worth of stocks in India. In total, they withdrew Rs 34605 crore in 2023.

On the global front, Asian markets were trading mostly in red as robust U.S. jobs data released on Friday fanned fears of more interest rate hikes to slow economic activity and cool inflation. European markets were trading lower on profit-taking after London had raced to a record high ahead of the weekend break.

The BSE Sensex is currently trading at 60494.07, down by 347.81 points or 0.57% after trading in a range of 60345.61 and 60847.21. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.58%, while Small cap index was up by 0.40%.

The top gaining sectoral indices on the BSE were Telecom up by 3.13%, FMCG up by 0.49%, PSU up by 0.44%, Consumer Durables up by 0.38% and Capital Goods was up by 0.34%, while Metal down by 1.68%, Utilities down by 1.23%, Power down by 1.07%, TECK down by 0.69% and IT was down by 0.68% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.46%, Bajaj Finance up by 1.63%, ITC up by 1.10%, Power Grid up by 0.77% and SBI up by 0.38%. On the flip side, Tata Steel down by 1.92%, Infosys down by 1.83%, Kotak Mahindra Bank down by 1.66%, Mahindra & Mahindra down by 1.38% and ICICI Bank down by 1.13% were the top losers.

Meanwhile, Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales in India rose 14 per cent in January 2023 on the back of robust registrations across passenger vehicles, two-wheelers and tractors. Total sales across categories in January 2023 rose to 18,26,669 units, as compared to 16,08,505 units in January 2022.

Passenger vehicle registrations rose to 3,40,220 units in January 2023, an increase of 22 per cent as compared to 2,79,050 units in the year-ago period. Similarly, two-wheeler retails rose to 12,65,069 units in January 2023, as against 11,49,351 units in January 2022, an increase of 10 per cent. Three-wheeler retail sales rose to 65,796 units, up 59 per cent from 41,487 units in January last year.

Commercial vehicle registrations were at 82,428 units in January 2023, up 16 per cent from 70,853 units in the year-ago period. Similarly, tractor sales rose by 8 per cent to 73,156 units in January 2023, as against 67,764 units in January last year.

The CNX Nifty is currently trading at 17758.65, down by 95.40 points or 0.53% after trading in a range of 17698.35 and 17823.70. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 5.09%, Indusind Bank up by 2.47%, BPCL up by 2.20%, Bajaj Finance up by 1.58% and Hero MotoCorp up by 1.47%. On the flip side, Divi's Lab down by 4.02%, JSW Steel down by 2.26%, Tata Steel down by 2.16%, Hindalco down by 1.96% and Eicher Motors down by 1.93% were the top losers.

Asian markets were trading mostly in red, Hang Seng declined 438.31 points or 2.07% to 21,222.16, Taiwan Weighted lost 209.84 points or 1.36% to 15,392.82, KOSPI dropped 42.21 points or 1.73% to 2,438.19, Jakarta Composite plunged 37.94 points or 0.55% to 6,873.79, Shanghai Composite weakened 24.71 points or 0.76% to 3,238.70 and Straits Times was down by 2.14 points or 0.06% to 3,382.15. On the flip side, Nikkei 225 was up by 184.19 points or 0.67% to 27,693.65.

European markets were trading lower, UK’s FTSE 100 decreased 42.41 points or 0.54% to 7,859.39, France’s CAC fell 58.89 points or 0.81% to 7,175.05 and Germany’s DAX was down 85.25 points or 0.55% to 15,391.18.
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