Local equity benchmarks trimmed some of their losses in late afternoon session, but continued to trade below the neutral lines. The broader indices, BSE Mid cap index and Small cap index were trading with cut of above a percent. Traders took note of report that Union Minister of State for Labour & Employment (Independent Charge) Santosh Gangwar has said that India is committed to improve employment outcomes for all youth in India, including women and vulnerable section of the people, through an enduring, long-term commitment for better opportunities. He said that the government is making all-out efforts to improve the bridge between education and employment, and to prepare young people for the future of work. On the sectoral front, insurance sector remained in focus, as general insurance industry is expected to clock 7 to 9 per cent growth in gross direct premium income during FY22. On the global front, Asian markets were trading mostly in red after a recent tumble in prices triggered by a strengthening of the U.S. dollar. European markets were trading mostly in red, as investors continued to absorb a hawkish turn by the Federal Reserve. Banks and energy companies led the decliners.
The BSE Sensex is currently trading at 52126.71, down by 196.62 points or 0.38% after trading in a range of 51601.11 and 52586.41. There were 8 stocks advancing against 22 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index declined 1.05%, while Small cap index was down by 1.20%.
The only gaining sectoral indices on the BSE were FMCG up by 0.26% and Telecom was up by 0.14%, while Power down by 2.88%, Metal down by 2.80%, Utilities down by 2.77%, PSU down by 2.45% and Oil & Gas was down by 2.02% were the top losing indices on BSE.
The top gainers on the Sensex were Hindustan Unilever up by 2.07%, Bajaj Auto up by 1.34%, Bharti Airtel up by 1.03%, Bajaj Finserv up by 0.97% and Sun Pharma up by 0.86%. On the flip side, Power Grid down by 3.21%, Tata Steel down by 3.20%, NTPC down by 2.86%, Mahindra & Mahindra down by 2.77% and SBI down by 2.43% were the top losers.
Meanwhile, underlining the various initiatives being taken for upliftment of the youth, Union Minister of State for Labour & Employment (Independent Charge) Santosh Gangwar has said that India is committed to improve employment outcomes for all youth in India, including women and vulnerable section of the people, through an enduring, long-term commitment for better opportunities.
He said that the Government is making all-out efforts to improve the bridge between education and employment, and to prepare young people for the future of work. A number of policies and schemes have been undertaken for upliftment of the youth through skills development, employment generation, and entrepreneurship programs.
Appreciating the idea of partnership between the Ministry and UNICEF for empowering youths to gain relevant skills and guidance, Gangwar said that the collaboration is a starting point to facilitate direct dialogue and feedback mechanism between youth and other stakeholders including policy makers.
The CNX Nifty is currently trading at 15625.30, down by 66.10 points or 0.42% after trading in a range of 15450.90 and 15761.50. There were 15 stocks advancing against 35 stocks declining on the index.
The top gainers on Nifty were Adani Ports up by 6.25%, Hindustan Unilever up by 1.96%, Bajaj Auto up by 1.59%, Bajaj Finserv up by 1.09% and Cipla up by 0.95%. On the flip side, UPL down by 3.73%, JSW Steel down by 3.67%, ONGC down by 3.44%, Coal India down by 3.35% and Power Grid down by 2.94% were the top losers.
Asian markets were trading mostly in red, Taiwan Weighted dropped 72.07 points or 0.41% to 17,318.54, Jakarta Composite lost 61.33 points or 1.01% to 6,007.12, Nikkei 225 slipped 54.25 points or 0.19% to 28,964.08, Straits Times trembled 1.74 points or 0.06% to 3,136.57 and Shanghai Composite was down by 0.50 points or 0.01% to 3,525.10. On the flip side, KOSPI rose 2.97 points or 0.09% to 3,267.93 and Hang Seng was up by 242.68 points or 0.85% to 28,801.27.
European markets were trading mostly in red, UK’s FTSE 100 decreased 25.62 points or 0.36% to 7,127.81 and Germany’s DAX was down by 36.10 points or 0.23% to 15,691.57. On the flip side, France’s CAC was up by 8.70 points or 0.13% to 6,674.96.