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Bourses trim losses in late afternoon session
Aug-18-2022

Indian equity markets trimmed most of their losses in late afternoon session but continued to trade below the neutral lines. Sustained buying in Realty, Utilities and Power stocks helped the markets to cut losses. The broader indices, BSE Mid cap index and Small cap index were trading with positive bias. Sector wise, oil industry remained in focused, as India's crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months. Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand. On the global front, Asian markets were trading mostly in red following a sell-off in New York spurred by minutes from the Federal Reserve indicating officials intended to keep lifting interest rates to tackle decades-high inflation. However, European markets were trading mostly in green after the July FOMC meeting minutes didn't outline any preference for a 50 or 75 bps rate hike at the upcoming September policy meeting, but noted that future rate decisions would be based on incoming data.

The BSE Sensex is currently trading at 60,197.18, down by 62.95 points or 0.10% after trading in a range of 59946.44 and 60287.13. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.26%, while Small cap index was up by 0.30%.

The top gaining sectoral indices on the BSE were Realty up by 1.34%, Utilities up by 1.30%, Power up by 1.17%, Telecom up by 0.73% and Industrials was up by 0.70%, while IT down by 1.00%, TECK down by 0.85%, Oil & Gas down by 0.71%, Auto down by 0.59% and Energy was down by 0.56% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.94%, Bharti Airtel up by 1.83%, Larsen & Toubro up by 1.36%, Indusind Bank up by 1.12% and Power Grid up by 1.03%. On the flip side, Dr. Reddy's Lab down by 2.33%, Infosys down by 1.80%, Wipro down by 1.75%, Mahindra & Mahindra down by 1.49% and Nestle down by 1.06% were the top losers.

Meanwhile, Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Piyush Goyal has said that Textile Industry has a big role to play in making Free Trade Agreements a success. He said that FTAs with Developed Countries is high on the agenda of the Government.

Besides, Goyal said that innovation is going to be the defining feature in India's march towards becoming a Developed Nation. He highlighted the role of innovation across all value chains in the Textile sector and also urged the Textile sector to focus on recycling and digitization.

He said if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of Free Trade Agreements (FTAs), it can grow fast and compete with the best in the world. Talking about sustainability, Goyal said that textiles sector can reduce the pressure on the environment by using reusable resources as well as reduce its own production costs.

The CNX Nifty is currently trading at 17,935.40, down by 8.85 points or 0.04% after trading in a range of 17852.05 and 17954.65. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 3.03%, Tata Consumer up by 2.25%, Bharti Airtel up by 1.59%, SBI Life up by 1.43% and Larsen & Toubro up by 1.38%. On the flip side, ONGC down by 3.01%, Dr. Reddy's Lab down by 2.24%, UPL down by 1.97%, Infosys down by 1.86% and Wipro down by 1.82% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 280.63 points or 0.96% to 28,942.14, Hang Seng decreased 158.54 points or 0.8% to 19,763.91, Taiwan Weighted dropped 68.69 points or 0.44% to 15,396.76, Shanghai Composite declined 14.99 points or 0.46% to 3,277.54 and KOSPI was down by 8.42 points or 0.33% to 2,508.05. On the flip side, Straits Times advanced 10.34 points or 0.32% to 3,273.10 and Jakarta Composite was up by 53.11 points or 0.74% to 7,186.56.

European markets were trading mostly in green, France’s CAC increased 3.10 points or 0.05% to 6,531.42 and Germany’s DAX was up by 23.93 points or 0.18% to 13,650.64. On the flip side, UK’s FTSE 100 was down by 15.50 points or 0.21% to 7,500.25.
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