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Bourses trim losses in late afternoon session
Oct-04-2023

The Indian benchmarks trimmed some of their losses but continued to trade under pressure in late afternoon session amid weak global cues. The broader indices, the BSE Mid cap index and Small cap index traded deep in red. Traders took note of private report that India’s monetary policy committee is widely expected to keep key rates on hold when it announces its decision on October 06 but the recent uptick in global crude oil prices and sustained economic growth are likely to keep its focus on inflation. On the global front, Asian markets were trading in red as signs of a strong U.S. job market added to fears that high interest rates could weigh on global growth. European markets were trading mostly in green after a survey showed activity in Germany's services sector edged up slightly in September, following a drop in the previous month. 

The BSE Sensex is currently trading at 65052.59, down by 459.51 points or 0.70% after trading in a range of 64878.77 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 declined 1.68%, while Small cap index was down by 1.14%.

The top losing sectoral indices on the BSE were Realty down by 2.41%, Metal down by 2.07%, PSU down by 1.90%, Healthcare down by 1.63% and Telecom was down by 1.61%, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were Nestle up by 2.51%, Hindustan Unilever up by 1.17%, HDFC Bank up by 1.16%, Asian Paints up by 0.41% and Infosys up by 0.09%. On the flip side, Axis Bank down by 4.34%, Indusind Bank down by 2.80%, NTPC down by 2.76%, SBI down by 2.45% and Ultratech Cement down by 2.43% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its monthly data report on ‘India’s International Trade in services’ has showed that India's services exports surged 8.4% year-on-year to $28,719 million in August 2023, while imports of services during August 2023 fell 0.8% to $15,103 million.

The RBI’s report further noted that services exports of the country were up 8.1% at $26,228 million in July 2023, 3.3% up in June 2023 at $27,796 million, 7.4% up in May 2023 at $26,997 million and 7.2% up in April 2023 at $25,781 million. 

As per the report, imports of services during July 2023 were 2.2% down at $13,754 million, in June 2023 down by 1.0% at $15,609 million. However, in May 2023, imports of services were up 4.5% at $15,881 million. Meanwhile, the data for July-August are provisional while those for April-June are revised on pro-rata basis using balance of payments statistics of Q1:2023-24 released on September 28, 2023.

The CNX Nifty is currently trading at 19389.10, down by 139.65 points or 0.72% after trading in a range of 19333.60 and 19457.80. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.55%, Nestle up by 2.62%, Eicher Motors up by 1.48%, Hindustan Unilever up by 1.26% and HDFC Bank up by 1.13%. On the flip side, Axis Bank down by 4.44%, NTPC down by 2.82%, Indusind Bank down by 2.75%, SBI down by 2.47% and Ultratech Cement down by 2.47% were the top losers.

Asian markets were trading in red; Nikkei 225 slipped 711.06 points or 2.33% to 30,526.88, Taiwan Weighted lost 180.96 points or 1.11% to 16,273.38, Hang Seng declined 135.38 points or 0.79% to 17,195.84, Jakarta Composite plunged 82.76 points or 1.21% to 6,858.13, KOSPI dropped 59.38 points or 2.47% to 2,405.69 and Straits Times was down by 44.57 points or 1.42% to 3,147.78. 

European markets were trading mostly in green; UK’s FTSE 100 increased 10.84 points or 0.15% to 7,481.00 and France’s CAC was up by 5.31 points or 0.08% to 7,002.36. On the flip side, Germany’s DAX was down by 27.7 points or 0.18% to 15,057.51.
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