Indian equity markets traded lower in late morning deals on account of selling in ITC, TCS, Infosys, HCL Technologies and Hindustan Unilever companies’ stocks. Further, depreciation in Indian rupee against dollar weighed down sentiments. Rupee weakened by 20 paise to 88.32 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks. On the BSE sectoral front, traders were seen pilling up position in Auto, Consumer Disc, Healthcare, Consumer Durables and Energy, while selling was witnessed in FMCG, IT, TECK, Realty and Basic Materials.

On the global front, Asian markets were trading higher following the positive cues from the US markets overnight. Back home, in the stock specific development, Swiggy gained on launching a new service called Giftables, an instant gifting platform that allows users to order and deliver curated gifts within minutes.

The BSE Sensex is currently trading at 80525.56, down by 192.45 points or 0.24% after trading in a range of 80338.92 and 81036.56. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.06%, while Small cap index up by 0.07%.

The top gaining sectoral indices on the BSE were Auto up by 1.12%, Consumer Disc up by 0.66%, Healthcare up by 0.26%, Consumer Durables up by 0.11% and Energy up by 0.02%, while FMCG down by 1.32%, IT down by 1.31%, TECK down by 1.00%, Realty down by 0.96% and Basic Materials down by 0.30% were the losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.51%, Eternal up by 2.08%, Maruti Suzuki up by 1.19%, Power Grid up by 0.98% and Reliance Industries up by 0.60%. On the flip side, ITC down by 2.36%, TCS down by 1.80%, Infosys down by 1.36%, HCL Technologies down by 1.26% and Hindustan Unilever down by 0.97% were the top losers.

Meanwhile, Automotive Tyre Manufacturers' Association (ATMA) has said that the cut in Goods and Services Tax (GST) rates on tyres will help bring down vehicle operating costs, which in turn reduces overall logistics expenses in the economy. Welcoming the GST Council's decision to reduce the rate on tyres to 18 per cent from 28 per cent, it also said the step will make tyres more affordable for users across all segments and contribute positively to road safety by encouraging timely tyre replacement and maintenance.

ATMA said the long-awaited move will make tyres more affordable for users across all segments and contribute positively to road safety by encouraging timely tyre replacement and maintenance. It noted that tyres are a critical component of mobility and are used across the entire spectrum of vehicles - trucks and buses, passenger cars, two- and three-wheelers, tractors, construction equipment, and mining vehicles.

The tyre industry body stated that the earlier GST rate of 28 per cent placed tyres in the highest tax slab, at par with luxury or demerit goods, even though tyres are an essential requirement for transportation, agriculture, and logistics. The reduction will provide much-needed relief to consumers and industry alike. Moreover, the reduction in GST rates on tyres will support road safety as high prices often discourage vehicle owners from timely tyre replacement, leading to extended use of worn-out tyres, which is a known risk factor for accidents. With the tax burden eased, tyre affordability will improve, encouraging motorists and fleet operators to replace tyres at the right time, thereby enhancing vehicle and passenger safety on roads. 

The CNX Nifty is currently trading at 24696.25, down by 38.05 points or 0.15% after trading in a range of 24631.95 and 24832.35. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 2.40%, Eternal up by 2.22%, Eicher Motors up by 2.09%, SBI Life up by 1.47% and Power Grid up by 1.10%. On the flip side, ITC down by 2.38%, TCS down by 1.84%, Infosys down by 1.34%, HCL Technologies down by 1.27% and Nestle down by 1.19% were the top losers.

Asian markets are trading in green; Nikkei 225 surged 403.73 points or 0.95% to 42,984.00, Taiwan Weighted added 314.73 points or 1.3% to 24,494.58, Shanghai Composite strengthened 29.25 points or 0.78% to 3,795.13, KOSPI increased 5.99 points or 0.19% to 3,206.82 Hang Seng advanced 266.49 points or 1.06% to 25,325.00 and Straits Times rose 13.61 points or 0.32% to 4,310.44.