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Indices remain under pressure in late morning deals
Apr-15-2021

Indian equity benchmarks remained under pressure in late morning deals, with both Sensex and Nifty trading lower. Mixed cues from other Asian markets impacted domestic sentiments. Traders were cautious, as amid surging pandemic cases forcing many states to curb mobility and businesses, a report has said these localised lockdowns in key economic hubs can cost the economy an average of USD 1.25 billion each week and may shave off 140 bps from the Q1 nominal GDP. Adding more worries, another private report said that the recruitment activity saw a drop of 2 per cent in March 2021 over the previous month, mainly dragged by a decline in job postings in sectors including banking/financial services, insurance, production and manufacturing.

On the global front, Asian markets were trading mixed, after Singapore central bank retained its monetary policy stance as the policymakers viewed it appropriate amid weak outlook for core inflation and continuing economic recovery. The Monetary Authority of Singapore decided to maintain a zero percent per annum rate of appreciation of the Nominal Effective Exchange Rate, or S$NEER. The width of the policy band and the level at which it is centered will be unchanged. The MAS applies the exchange rate against a basket of currencies within an undisclosed band as its monetary policy tool.

The BSE Sensex is currently trading at 48175.34, down by 368.72 points or 0.76% after trading in a range of 48010.55 and 48686.17. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.02%, while Small cap index was down by 0.82%.

The only gaining sectoral indices on the BSE were Metal up by 0.74%, Healthcare up by 0.57% and Power up by 0.09%, while Auto down by 1.92%, IT down by 1.38%, Consumer discretionary down by 1.29%, TECK down by 1.23% and Realty down by 1.12% were the losing indices on BSE.

The top gainers on the Sensex were ONGC up by 2.60%, TCS up by 1.90%, Sun Pharma up by 1.28%, Dr. Reddy’s Lab up by 1.02% and HDFC Bank up by 0.34%. On the flip side, Infosys down by 3.92%, Indusind Bank down by 3.76%, Maruti Suzuki down by 3.40%, Bajaj Finance down by 2.78% and Ultratech Cement down by 2.65% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that India is keen to advance talks with the European Union (EU) towards an agreement on investment facilitation and protection for mutually beneficial outcome. The minister also emphasised on the need for proportional and simultaneous discussions on both trade and investment so that the two sides have a balanced outcome.

The Minister also called for an early harvest agreement and addressing non-tariff barriers between the two sides. He said ‘India looks forward to advance the negotiations towards an agreement between India and EU on investment facilitation and protection for mutually beneficial outcome’.

Goyal also said that India has proposed TRIPS (trade related aspects of intellectual property rights) waiver at WTO (World Trade Organisation) for a limited period so that humanity at large could have access to the COVID-19 related products, and sought the support of the EU on the issue. EU countries collectively are the largest trading partner for India, as well as one of the largest investors.

The CNX Nifty is currently trading at 14413.15, down by 91.65 points or 0.63% after trading in a range of 14353.20 and 14566.80. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Cipla up by 3.31%, ONGC up by 2.84%, Wipro up by 2.23%, TCS up by 2.01% and Divis Lab up by 1.98%. On the flip side, Infosys down by 3.81%, Grasim Industries down by 3.73%, Eicher Motors down by 3.57%, Maruti Suzuki down by 3.32% and Indusind Bank down by 3.28% were the top losers.

Asian markets were trading mixed; Nikkei 225 rose 4.02 points or 0.01% to 29,625.01, Straits Times added 4.18 points or 0.13% to 3,183.57, Taiwan Weighted surged 108.14 points or 0.64% to 16,974.11, and KOSPI gained 10.52 points or 0.33% to 3,192.90. However, Hang Seng declined 273.32 points or 0.95% to 28,627.51, Jakarta Composite fell 4.66 points or 0.08% to 6,045.62 and Shanghai Composite was down by 38.09 points or 1.11% to 3,378.63.
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