Local equities extended their losses in late afternoon session. Both Sensex and Nifty were trading below their crucial 49100 and 14900 marks, respectively. A level of pressure was seen on frontline stocks, especially Kotak Mahindra Bank and HDFC. Domestic sentiments got hit after rating agency Crisil said that India’s gross domestic product (GDP) growth can drop to 8.2 per cent in the current financial year (2021-22) if second wave of coronavirus pandemic peaks by June-end. Meanwhile, raising concerns over loss of jobs in the sector, the Federation of Associations in Indian Tourism and Hospitality (FAITH) has urged the Union finance ministry, RBI and the tourism ministry to urgently take up measures targeted at creating jobs in the sector. On the global front, Asian markets were trading mostly in red amid tech sell-off and growing concerns over inflation. As the economy heats up, it is feared that the Federal Reserve may tighten its monetary policy sooner than expected. European markets were trading lower, joining a global selloff on heightened inflation fears.
The BSE Sensex is currently trading at 49094.35, down by 408.06 points or 0.82% after trading in a range of 48988.18 and 49304.47. There were 8 stocks advancing against 22 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 0.48%, while Small cap index was up by 0.76%.
The top gaining sectoral indices on the BSE were Utilities up by 2.06%, Oil & Gas up by 1.67%, PSU up by 1.57%, Power up by 1.39%, Industrials up by 0.76%, while Bankex down by 1.11%, IT down by 0.88%, TECK down by 0.77%, Metal down by 0.49%, FMCG down by 0.30% were the top losing indices on BSE.
The top gainers on the Sensex were NTPC up by 2.97%, Ultratech Cement up by 2.08%, Sun Pharma up by 1.27%, SBI up by 0.53% and Nestle up by 0.47%. On the flip side, Kotak Mahindra Bank down by 3.02%, HDFC down by 2.59%, Tech Mahindra down by 1.56%, Bajaj Finance down by 1.42% and Hindustan Unilever down by 1.38% were the top losers.
Meanwhile, raising concerns over loss of jobs in the sector, the Federation of Associations in Indian Tourism and Hospitality (FAITH) has urged the Union finance ministry, RBI and the tourism ministry to urgently take up measures targeted at creating jobs in the sector.
FAITH noted that it has been repeatedly reaffirmed through all government data, whether that of GST, RBI or of income tax, that tourism, travel and hospitality continue to be the worst hit sector during the 13-months period since the time pandemic struck and is also likely to stay that way for much of the foreseeable period.
So, in its recommendations list, FAITH said that to address that on an immediate basis, the three measures proposed are waiver or compensation for Fixed Statutory Liabilities, Direct Benefit Transfer of Basic Pay and credit of SEIS dues for 2019-20.
The CNX Nifty is currently trading at 14845.65, down by 96.70 points or 0.65% after trading in a range of 14771.40 and 14900.00. There were 22 stocks advancing against 28 stocks declining on the index.
The top gainers on Nifty were Coal India up by 5.30%, Indian Oil up by 4.84%, NTPC up by 3.06%, Tata Steel up by 2.36% and Ultratech Cement up by 2.27%. On the flip side, Kotak Mahindra Bank down by 2.94%, HDFC down by 2.57%, Hindalco down by 2.31%, JSW Steel down by 2.12% and Wipro down by 1.87% were the top losers.
Asian markets were trading mostly in red, Nikkei 225 slipped 909.75 points or 3.08% to 28,608.59, Taiwan Weighted dropped 652.48 points or 3.79% to 16,583.13, Hang Seng decreased 581.85 points or 2.03% to 28,013.81, Straits Times trembled 42.24 points or 1.33% to 3,140.17, KOSPI fell 39.87 points or 1.23% to 3,209.43 and Jakarta Composite was down by 37.44 points or 0.63% to 5,938.35. On the flip side, Shanghai Composite was up by 13.86 points or 0.4% to 3,441.85.European markets were trading lower, UK’s FTSE 100 decreased 162.39 points or 2.28% to 6,961.29, France’s CAC decreased 124.33 points or 1.95% to 6,261.66 and Germany’s DAX was down by 320.45 points or 2.08% to 15,079.96.