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Markets remain under pressure in late morning deals
May-09-2025

Domestic equity indices continued to trade under pressure in late morning deals as market participants indulged in reducing their positions after the army reported multiple overnight drone and munition attacks by Pakistani forces along the western border, fueling concerns of further escalation between the two nuclear-armed nations. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.70-1.30%. However, drone and defence technology companies related stocks, namely ideaforge, Droneacharya Aerial Innovations, and ZEN Technologies, were trading higher, buoyed by investor bets on increased military procurement in the face of a widening conflict that has pushed India into direct military-to-military combat. 

On the global front, Asian markets were trading mostly in green after China's exports grew more than expected in April. Exports advanced 8.1 percent on a yearly basis in April, while street had forecast a 1.9 percent rise. This followed a 12.4 percent increase in March. Back home, on the BSE sectoral front, traders were seen pilling up positions in Capital Goods, Industrials, Consumer Durables and Auto, while selling was witnessed in Realty, Utilities, Power, Telecom and FMCG. 

The BSE Sensex is currently trading at 79705.44, down by 629.37 points or 0.78% after trading in a range of 78968.34 and 80032.93. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.70%, while Small cap index down by 1.26%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.38%, Industrials up by 0.67%, Consumer Durables up by 0.58% and Auto up by 0.11%, while Realty down by 3.06%, Utilities down by 1.96%, Power down by 1.59%, Telecom down by 1.03% and FMCG down by 1.01% were the top losing indices on BSE.

The top gainers on the Sensex were Titan up by 3.70%, Larsen & Toubro up by 3.67%, Tata Motors up by 3.04%, SBI up by 0.84% and Asian Paints up by 0.76%. On the flip side, NTPC down by 2.30%, ICICI Bank down by 2.28%, Power Grid down by 2.23%, Ultratech Cement down by 2.08% and Eternal down by 1.83% were the top losers.

Meanwhile, India and Chile have signed terms of reference (ToRs) to negotiate a comprehensive free trade agreement. In 2006, both countries had implemented a preferential trade agreement (PTA) and are now planning to widen its scope for a comprehensive economic partnership agreement (CEPA). An expanded PTA was subsequently signed in September 2016 and became effective from May 16, 2017, further in April 2019, both countries had agreed to pursue a further expansion of the PTA. 

With the both countries seeking to extend their economic engagement, the commerce ministry has indicated that the both sides have expressed their intention to negotiate a CEPA to unlock the full potential of their trade and commercial relationship, boosting employment, facilitating investment promotion, and cooperation and exports. The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME (Micro, Small and Medium Enterprises), and critical minerals.

India, Chile have emphasised the importance of enhancing the existing trade framework to unlock new opportunities for growth. In this spirit, the two leaders acknowledged the signing of the mutually agreed Terms of Reference (ToR) and welcomed the launch of negotiations for a CEPA, aiming to establish a balanced, ambitious, comprehensive, and mutually beneficial agreement for a deeper economic integration. Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for May 26 to 30, 2025, in New Delhi.

The CNX Nifty is currently trading at 24093.90, down by 179.90 points or 0.74% after trading in a range of 23935.75 and 24164.25. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Titan up by 3.84%, Larsen & Toubro up by 3.83%, Bharat Electronics up by 3.01%, Tata Motors up by 2.56% and Hero MotoCorp up by 2.09%. On the flip side, Jio Financial down by 2.41%, Power Grid down by 2.17%, ICICI Bank down by 2.12%, NTPC down by 2.09% and Ultratech Cement down by 2.08% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 38 points or 0.17% to 22,813.92, Jakarta Composite gained 17.22 points or 0.25% to 6,844.97, Straits Times rose 26.51 points or 0.68% to 3,874.73, Nikkei 225 surged 589.63 points or 1.57% to 37,518.26 and Taiwan Weighted added 371.64 points or 1.78% to 20,915.04. However, Shanghai Composite weakened 4.04 points or 0.12% to 3,347.96 and KOSPI dropped 0.25 points or 0.01% to 2,579.23. 
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