Indian equity markets extended losses in late afternoon session as spike in global crude oil prices amid escalating conflict in West Asia continued to weigh on investor sentiments. Besides, heavy losses in Banking and Auto stocks sparked caution among market participants. Meanwhile, a report by ICRA and ASSOCHAM has said that fresh slippages in the banking sector are likely to increase in the near future owing to emerging stress in the retail and Micro, Small, and Medium Enterprises (MSME) segments, even as overall asset quality remains strong. Despite this, the report stated the impact on overall asset quality to remain limited with gross non-performing assets (GNPAs) and net NPAs (NNPAs) projected to stay at benign levels.  

On the global front, all Asian and European equity markets were trading lower as high crude oil prices sparked concern about inflation, interest rates and the regional growth outlook.

The BSE Sensex is currently trading at 74525.97, down by 2178.16 points or 2.84% after trading in a range of 74510.27 and 75354.18. All 30 stocks were declining on the index.

The top losing sectoral indices on the BSE were Auto down by 3.92%, Realty down by 3.67%, Consumer Discretionary down by 3.38%, Industrials down by 3.13% and IT down by 3.09%. Meanwhile, there were no gainers on BSE sectoral front.

The top losers on the Sensex were Eternal down by 5.46%, Bajaj Finance down by 5.37%, Mahindra & Mahindra down by 4.86%, Larsen & Toubro down by 4.53% and HDFC Bank down by 4.32%.

Meanwhile, in a major push towards accelerating manufacturing and industrial growth, the Union Cabinet has approved the Bharat Audyogik Vikas Yojna (BHAVYA) scheme, with a financial outlay of Rs 33,660 crore. The scheme aims to develop 100 plugandplay industrial parks across the country along with develop worldclass industrial infrastructure, unlocking manufacturing potential and driving India’s growth story.

Building on the success of Industrial Smart Cities developed under the National Industrial Corridor Development Programme (NICDP) framework, BHAVYA will be implemented in collaboration with state governments and private players. At the heart of BHAVYA lies a strong push for deregulation and ease of doing business, with streamlined approvals, effective singlewindow systems, and investorfriendly reforms led by states. The scheme will deliver plugandplay industrial ecosystems, enabling industries to move from intent to production with speed and certainty. With preapproved land, ready infrastructure, and integrated services, BHAVYA will significantly reduce entry barriers for investors. Under the scheme, industrial parks ranging from 100 to 1000 acres will be taken up for development. The government will provide financial support of up to Rs 1 crore per acre for core infrastructure such as internal roads, underground utilities, drainage, along with valueadded infrastructure like readybuilt factory sheds, testing labs and warehousing. Social infrastructure, including worker housing, will also be part of the development. 

BHAVYA is expected to drive largescale job creation, generating substantial direct and indirect employment across manufacturing, logistics, and services, while catalysing significant investments. The scheme will extend to all States and Union Territories, creating lakhs of employment opportunities across the country and accelerating industrial growth nationwide. By fostering clusterbased development and enabling colocation of industries, suppliers, and service providers, BHAVYA will strengthen domestic supply chains, promote regional industrialization, and create new opportunities for millions of people. Overall, the approval of BHAVYA represents a transformational step in India’s journey towards Atmanirbhar Bharat, reinforcing the country’s manufacturing capabilities, boosting exports, and laying the foundation for a resilient, inclusive, and globally competitive economy. 

The CNX Nifty is currently trading at 23100.65, down by 677.15 points or 2.85% after trading in a range of 23087.95 and 23378.70. There was 1 stock advancing against 49 stocks declining on the index.

The only gainer on Nifty was ONGC up by 1.17%, while Shriram Finance down by 6.47%, Eternal down by 5.49%, Bajaj Finance down by 5.41%, Mahindra & Mahindra down by 4.91% and Tata Motors Passenger Vehicles down by 4.76% were the top losers.

Asian equity markets were trading lower; Nikkei 225 slipped 2067.4 points or 3.89% to 53,172.00, Taiwan Weighted lost 658.9 points or 1.96% to 33,689.68, Hang Seng declined 569.42 points or 2.24% to 25,456.00, KOSPI dropped 161.81 points or 2.81% to 5,763.22, Straits Times fell 41.61 points or 0.84% to 4,960.56 and Shanghai Composite weakened 56.43 points or 1.41% to 4,006.55. Meanwhile, Indonesian market was closed on account of holiday.

All European equity markets were trading lower; UK’s FTSE 100 decreased 172.84 points or 1.71% to 10,132.45, France’s CAC fell 125.18 points or 1.6% to 7,844.70 and Germany’s DAX lost 473.55 points or 2.01% to 23,028.70.