HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Markets continue to trade in red in late morning deals
Oct-03-2023

Domestic equity indices continued to trade in red in late morning deals on account of selling by funds and retail investors. Selling in Maruti Suzuki, Tata Motors and JSW Steel pressured the markets to trading in red. Weakness in other Asian markets weighed on the domestic sentiments. Traders were cautious as the dollar and U.S. Treasury yields surged in the wake of hawkish signals from Fed officials. Traders were concerned as a finance ministry report said the government’s total gross debt increased by 2.2 per cent quarter-on-quarter to Rs 159.53 lakh crore in April-June this fiscal. 

On the global front, Asian markets were trading mostly in red, following mixed cues from US markets overnight, as traders await key monthly US employment data later in the week for cues on the outlook for interest rates. Back home, oil exploration & production industry related stocks were trading lower as Brent crude prices slipped to $90 a barre.  ONGC and Oil India were trading lower in the range of 1.50-4.00%. 

The BSE Sensex is currently trading at 65505.52, down by 322.89 points or 0.49% after trading in a range of 65344.59 and 65813.50. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.19%, while Small cap index up by 0.51%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.61%, Capital Goods up by 0.23%, Industrials up by 0.20%, Healthcare up by 0.09% and FMCG up by 0.04%, while Auto down by 1.13%, Oil & Gas down by 0.85%, Energy down by 0.82%, Power down by 0.71% and Metal down by 0.64% were the top losing indices on BSE.

The top gainers on the Sensex were HCL up by 1.28%, Hindustan Unilever up by 1.24%, Asian Paints up by 1.19%, Titan up by 0.92% and Tech Mahindra up by 0.56%. On the flip side, Maruti Suzuki down by 2.15%, Tata Motors down by 1.44%, JSW Steel down by 1.05%, NTPC down by 1.04% and Tata Steel down by 0.93% were the top losers.

Meanwhile, the output of eight core industries rose to a 14-month high of 12.1 percent in August 2023 as against 4.2 percent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas.  Core sector growth in July 2023 was 8.4 percent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). 

Cement production, having 5.37 per cent weight increased by 18.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 12.7 per cent during April to August, 2023-24 over corresponding period of the previous year. Coal production, having 10.33 per cent weight increased by 17.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 11.5per cent during April to August, 2023-24 over corresponding period of the previous year. 

Crude Oil production having 8.98 per cent weight increased by 2.1 per cent in August, 2023 over August, 2022, while its cumulative index declined by 0.4 per cent during April to August, 2023-24over corresponding period of the previous year. Electricity generation having 19.85 per cent weight increased by 14.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 5.3 per cent during April to August, 2023-24 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 1.8 per cent in August, 2023 over August, 2022 and its cumulative index increased by 7.5 per cent during April to August, 2023-24 over corresponding period of the previous year. 

Natural Gas production having 6.88 per cent weight increased by 10.0 per cent in August, 2023 over August, 2022 and its cumulative index increased by 3.9 per cent during April to August, 2023-24 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 9.5 per cent in August, 2023 over August, 2022 and its cumulative index increased by 3.7 per cent during April to August, 2023-24 over corresponding period of the previous year. 

The CNX Nifty is currently trading at 19527.55, down by 110.75 points or 0.56% after trading in a range of 19479.65 and 19623.20. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were HCL up by 1.40%, Hindustan Unilever up by 1.26%, Asian Paints up by 1.15%, Titan up by 0.95% and Adani Ports & SEZ up by 0.62%. On the flip side, ONGC down by 3.88%, Eicher Motors down by 3.32%, Hindalco down by 2.36%, Maruti Suzuki down by 2.22% and Dr. Reddy's Lab down by 1.72% were the top losers.

Asian markets were trading mostly lower; Hang Seng declined 514.96 points or 2.89% to 17,294.70, Taiwan Weighted lost 102.97 points or 0.62% to 16,454.34, Straits Times fell 30.69 points or 0.96% to 3,178.17 and Nikkei 225 slipped 571.5 points or 1.8% to 31,188.38. However, Jakarta Composite gained 5.48 points or 0.08% to 6,966.94. 
  RELATED NEWS >>
Most Viewed >>
April 29 , 2025
Trading in block deal window in T+0 settlement
April 30 , 2025
Sebi cautions investors on opinion trading pla
May 03 , 2025
Bitcoin crosses $97,000 as institutional deman
April 30 , 2025
RBI launches 3 key surveys for monetary policy
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.