HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Weak trade continues over Dalal Street
Oct-04-2023

Weak trade continued over the Dalal Street in morning deals, in line with weak global market trends and unabated foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,034.14 crore on Tuesday, according to exchange data. Traders remained cautious as Engineering Exports Promotion Council (EEPC) stated that overall exports of engineering goods from the country have been affected by the global slowdown. It said during April to August in 2023, overall engineering exports dropped 4.55 per cent to $44.62 billion as against $ 46.74 billion in the previous similar period of 2022. Some pessimism also came as Crisil Ratings indicated that while rating upgrades continue to outnumber the downgrades substantially due to robust domestic demand and government capital expenditure from April to September 2023, sluggish exports are beginning to add pressures to the credit quality of some Indian firms. It also said export-oriented sectors such as textiles (cotton spinning) and diamond polishing might experience a contraction in operating cash flows. On the global front, Asian markets are trading in red after the August U.S. job openings survey signaled a tight labor market, keeping the risks tiled toward another Fed rate hike. 

The BSE Sensex is currently trading at 65161.65, down by 350.45 points or 0.53% after trading in a range of 64978.97 and 65332.52. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.90%, while Small cap index was down by 0.17%.

The lone gaining sectoral index on the BSE was FMCG up by 0.23%, while Metal down by 1.11%, Bankex down by 1.07%, Realty down by 1.03%, PSU down by 0.95% and Healthcare down by 0.86% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.34%, HDFC Bank up by 1.06%, Hindustan Unilever up by 0.42%, ITC up by 0.34% and Asian Paints up by 0.01%. On the flip side, Indusind Bank down by 3.18%, Axis Bank down by 2.60%, Bajaj Finserv down by 2.08%, Maruti Suzuki down by 1.74% and Tech Mahindra down by 1.61% were the top losers.

Meanwhile, in view of security concerns and public safety, the Department for Promotion of Industry and Internal Trade (DPIIT) has said that the government has decided to ban manufacturing, possession and imports of electric detonator from April 1, 2025. 

DPIIT has said that the central government is of the opinion that electric detonator is of a ''dangerous'' character. It stated that it is expedient for the security concerns and public safety to prohibit the manufacturing, possession and import of electric detonator.

It added that the government, after consultation with stakeholders of explosives industry, in the public interest has decided that its production shall be completely phased out by the end of 2024-2025.

The CNX Nifty is currently trading at 19425.60, down by 103.15 points or 0.53% after trading in a range of 19375.40 and 19457.80. There were 10 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Nestle up by 1.35%, HDFC Bank up by 1.09%, BPCL up by 0.91%, Adani Enterprises up by 0.77% and Eicher Motors up by 0.56%. On the flip side, Indusind Bank down by 3.20%, Axis Bank down by 2.68%, Bajaj Finserv down by 2.05%, Maruti Suzuki down by 1.88% and Tech Mahindra down by 1.64% were the top losers.

Asian markets are trading in red; Nikkei 225 slipped 540.58 points or 1.76% to 30,697.36, Taiwan Weighted lost 162.42 points or 1% to 16,291.92, Hang Seng declined 179.61 points or 1.05% to 17,151.61, Jakarta Composite plunged 73.2 points or 1.07% to 6,867.69, KOSPI dropped 53.11 points or 2.2% to 2,411.96 and Straits Times fell 45.01 points or 1.43% to 3,147.34.
  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.