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Markets remain in red in late morning deals
Feb-06-2023

Domestic equity indices continued to trade in red and shed over half a percent in late morning deals, with frontline gauges declining below their crucial 60,500 (Sensex) and 17,750 (Nifty) levels. Markets were dragged down by Metal, TECK and IT stocks. Depreciation in Indian rupee against dollar weighed down sentiments. Rupee weakened by 37 paise to 82.45 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks. Further, an ongoing weakness in Adani Group stocks further pressured domestic equities. On the global front, Asian markets were mostly trading in red as a stronger-than-expected jobs report from the U.S. worrying investors the Federal Reserve has room for more interest rate hikes, as it continued its efforts to control inflation. Back home, Procter & Gamble (P&G) Health rallied after the company reported 71 per cent year-on-year (YoY) jump in profit after tax (PAT) to Rs 76.80 crore in the December quarter.

The BSE Sensex is currently trading at 60464.41, down by 377.47 points or 0.62% 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 rose 0.44%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Telecom up by 3.11%, Capital Goods up by 0.50%, Industrials up by 0.44%, PSU up by 0.43% and FMCG up by 0.36%, while Metal down by 1.38%, Utilities down by 1.31%, Power down by 1.31%, TECK down by 0.93% and IT down by 0.82% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.62%, ITC up by 1.27%, NTPC up by 0.60%, Axis Bank up by 0.56% and Power Grid Corp up by 0.09%. On the flip side, Kotak Mahindra Bank down by 1.99%, Infosys down by 1.90%, Tata Steel down by 1.67%, Bharti Airtel down by 1.63% and Mahindra & Mahindra down by 1.52% were the top losers.

Meanwhile, registering a positive growth of 35.9%, export of total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22. Out of this, export of passenger vehicles including cars increased from 4,04,397 in 2020-21 to 5,77,875 in 2021-22, registering a positive growth of 42.9%.

As per the notification released by Ministry of Commerce & Industry, commercial vehicle increased from 50,334 in 2020-21 to 92, 297 in 2021-22, registering a positive growth of 83.36%. Besides, 9.89% of Motor Vehicle/Cars were exported from Haryana in total export of vehicles during 2021-22.

The notification further listed various measures taken by the government to promote India’s export such as Foreign Trade Policy (2015-20) extended upto March 31, 2023; assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme; and Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.

The CNX Nifty is currently trading at 17735.90, down by 118.15 points or 0.66% after trading in a range of 17698.35 and 17823.70. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 3.36%, Indusind Bank up by 2.51%, Hero MotoCorp up by 1.36%, ITC up by 1.29% and BPCL up by 1.19%. On the flip side, Divi's Lab down by 4.42%, Adani Enterprises down by 2.95%, Hindalco down by 2.07%, Kotak Mahindra Bank down by 2.04% and JSW Steel down by 2.01% were the top losers.

Asian markets were trading mostly in red, Taiwan Weighted lost 209.84 points or 1.36% to 15,392.82, Hang Seng declined 475.37 points or 2.24% to 21,185.10, Shanghai Composite weakened 31.91 points or 0.99% to 3,231.50, KOSPI dropped 30.85 points or 1.26% to 2,449.55, Jakarta Composite plunged 32.01 points or 0.47% to 6,879.72 and Straits Times fell 2.22 points or 0.07% to 3,382.07. However, Nikkei 225 surged 147.2 points or 0.53% to 27,656.66.

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