Indian equity benchmarks made flat-to-positive start on Friday in line with gains in IT and TECK stocks. Information technology giant Infosys posted better-than-expected June quarter (Q1) results after market hours on Thursday. The stock's ADR surged over 8 per cent in the overnight session on NYSE. Some support came as the latest round of FICCI’s Economic Outlook Survey said Indian economy is expected to grow at an annual median GDP growth of 7 per cent in 2024-25. However, soon markets slipped below neutral lines amid negative global cues. Sensex and Nifty are trading lower with marginal losses in early deals dragged by losses in metal stocks.

Global cues remained subdued with all the Asian markets trading lower, following the broadly negative cues from Wall Street overnight, as most currencies in the region weakened against the US dollar on economic concerns amid prospects of the US administration imposing tougher sanctions on firms exporting critical chipmaking equipment to China and suggestions of Taiwan being asked to pay the U.S. for defense. 

Back home, sugar stocks are in focus as ICRA said India’s net sugar production for the sugar season 2025 starting October is projected to decline to 30 million tonnes (mt) from 32 mt in the previous year on expectations of higher diversion will be allowed to ethanol. In stock specific development, JSW Infrastructure tumbled on disappointing Q1 results.

The BSE Sensex is currently trading at 81198.62, down by 144.84 points or 0.18% after trading in a range of 81176.53 and 81587.76. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.80%, while Small cap index was down by 0.69%.

The few gaining sectoral indices on the BSE were IT up by 0.57%, TECK up by 0.36% and FMCG up by 0.11%, while Metal down by 1.58%, Oil & Gas down by 1.17%, Basic Materials down by 1.15%, Energy down by 1.15% and Realty down by 1.14% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.49%, Asian Paints up by 1.08%, ITC up by 0.71%, HCL Technologies up by 0.57% and Kotak Mahindra Bank up by 0.30%. On the flip side, Tata Steel down by 1.89%, Tech Mahindra down by 1.88%, Ultratech Cement down by 1.80%, JSW Steel down by 1.45% and Sun Pharma down by 0.97% were the top losers.

Meanwhile, the Federation of Indian Chambers of Commerce & Industry (FICCI) in its Economic Outlook Survey has forecasted an annual median Gross Domestic Product (GDP) growth at 7.0 per cent for the year 2024-25. It added ‘Despite persisting headwinds, India’s economic growth remains resilient, and the nation remains amongst fastest growing economies in the world’. It said that the median growth forecast for agriculture and allied activities will likely be at 3.7 per cent for 2024-25. This marks an improvement of growth of about 1.4 per cent reported in the year 2023-24.

The industry body projects that the ebbing El Nino effect, with the expectation of a normal southwest monsoon is likely to bode well for agricultural production. Industry and services sector, on the other hand, are anticipated to grow by 6.7 per cent and 7.4 per cent respectively, in the current fiscal year. According to the survey results, median GDP growth is estimated at 6.8 per cent and 7.2 per cent in Q1 2024-25 and Q2 2024-25 respectively.

Further, as per the report, the median forecast for CPI-based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively. While food prices remain sticky with inflation inching up in cereals, fruits and milk, the survey participants expect an easing of prices in the second quarter with kharif output reaching the market.

The CNX Nifty is currently trading at 24747.70, down by 53.15 points or 0.21% after trading in a range of 24727.75 and 24854.80. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Infosys up by 2.50%, Asian Paints up by 1.41%, Britannia up by 0.89%, LTIMindtree up by 0.72% and ITC up by 0.70%. On the flip side, Hindalco down by 2.17%, Tech Mahindra down by 1.95%, Tata Steel down by 1.93%, BPCL down by 1.76% and JSW Steel down by 1.72% were the top losers.

All Asian markets are trading lower; Hang Seng declined 379.25 points or 2.13% to 17,399.16, Taiwan Weighted lost 377.09 points or 1.61% to 23,021.38, Nikkei 225 slipped 179.02 points or 0.45% to 39,947.33, KOSPI dropped 46.49 points or 1.65% to 2,777.86, Jakarta Composite weakened 41.76 points or 0.57% to 7,279.31, Straits Times fell 28.04 points or 0.81% to 3,443.12 and Shanghai Composite was down by 2.51 points or 0.08% to 2,974.62.