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Markets add losses in late afternoon session
Jan-15-2021

Indian equity markets added losses in the late afternoon session, hovering near the lowest point of the day, on account of selling in frontline counters. Sentiments on the street weakened as rating agency CRISIL projected CPI Inflation at 6.4% for fiscal 2021. it said after eight months above the Reserve Bank of India (RBI's) target band of 2-6%, Consumer Price Index (CPI) inflation was finally back in range, declining for the second straight month to a below-consensus 4.6% in December, from 6.9% in November. Traders failed to took solace with report that Prime Minister Narendra Modi will launch India's Covid-19 vaccination drive tomorrow via video conferencing. This will be the world's largest vaccination programme covering the entire length and breadth of the country.

On the global front, Asian markets were trading mixed after a late slide in several Big Tech stocks left major indexes lower on Wall Street. European markets were trading lower with investors weighing increased Covid-related restrictions with the announcement of additional US stimulus.

The BSE Sensex is currently trading at 49009.10, down by 575.06 points or 1.16% after trading in a range of 48920.86 and 49656.71. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.46%, while Small cap index was down by 1.12%.

The only gaining sectoral indices on the BSE were Telecom up by 2.77%, while Oil & Gas down by 2.23%, PSU down by 1.78%, IT down by 1.70%, Capital Goods down by 1.69% and Realty was down by 1.67% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.15%, ITC up by 0.65% and Bajaj Auto up by 0.36%. On the flip side, Tech Mahindra down by 4.08%, ONGC down by 3.33%, HCL Tech down by 2.57%, Ultratech Cement down by 2.43% and Asian Paints down by 2.41% were the top losers.

Meanwhile, Ministry of Steel in association with the Indian Steel Association (ISA) is organising the second edition of its series of webinars on Steel titled 'New Opportunities for Steel in Construction and Infrastructure”.

The webinar will focus on new opportunities for steel and fresh perspectives on steel's usage in the Construction and Infrastructure sector. Prominent industry leaders from steel, construction, and infrastructure sector will participate in the webinar.

Union Minister of Steel and Petroleum & Natural Gas, Dharmendra Pradhan expressed the hope that the webinar would provide a great platform to all the participants, delegates, and other key decision makers from the steel, construction, and other infrastructure related industries to interact on the new opportunities for steel.

The CNX Nifty is currently trading at 14406.20, down by 189.40 points or 1.30% after trading in a range of 14398.00 and 14617.45. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 5.10%, Bharti Airtel up by 2.91%, UPL up by 1.85%, ITC up by 0.51% and Bajaj Auto up by 0.31%. On the flip side, Tech Mahindra down by 4.21%, Hindalco down by 3.65%, BPCL down by 3.40%, ONGC down by 3.38% and Wipro down by 2.93% were the top losers.

Asian markets were trading mixed, Hang Seng increased 77.00 points or 0.27% to 28,573.86, Straits Times advanced 3.79 points or 0.13% to 3,003.79, Shanghai Composite gained 0.48 points or 0.01% to 3,566.38. On the flip side, Jakarta Composite lost 54.91 points or 0.85% to 6,373.41, KOSPI fell 64.03 points or 2.03% to 3,085.90, Taiwan Weighted dropped 90.80 points or 0.58% to 15,616.39 and Nikkei 225 was down by 179.08 points or 0.62% to 28,519.18.

European markets were trading lower, UK’s FTSE 100 decreased 41.29 points or 0.61% to 6,760.67, France’s CAC decreased 41.18 points or 0.72% to 5,639.96 and Germany’s DAX was down by 47.24 points or 0.34% to 13,941.46.
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