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Bourses trade deep in red in late afternoon session
Sep-06-2024

Indian equity markets traded deep in red in late afternoon session, as investors sold off their riskier assets. Weakness in global markets forced Indian markets to trade lower. Investors kept close eye on GST Goods and Services Tax (GST) Council meeting. Sector wise, steel industry remained in focus as Commerce and Industry Minister Piyush Goyal has mooted the idea of introduction of border adjustment tax and suggested discussions on this with the steel industry with a view to protect the domestic players by providing a level-playing field against increasing imports.

On the global front, Asian markets were trading mostly in red as investors awaited key U.S. jobs data later in the day that could influence the pace and magnitude of rate cuts by the Federal Reserve in the remining months of 2024.  European markets were trading lower as growth worries persist ahead of key Eurozone and U.S. economic data due later in the day. Industrial production and foreign trade data from Germany along with U.K. house price data may influence investor sentiment as the day progresses.

The BSE Sensex is currently trading at 81094.11, down by 1107.05 points or 1.35% after trading in a range of 81075.88 and 82254.79. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.41%, while Small cap index was down by 1.03%.

The top losing sectoral indices on the BSE were Telecom down by 3.04%, PSU down by 2.54%, Oil & Gas down by 2.24%, Energy down by 2.15% and Bankex was down by 1.80%, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were Asian Paints up by 0.81%, JSW Steel up by 0.58% and Bajaj Finance up by 0.36%. On the flip side, SBI down by 3.98%, HCL Tech down by 2.70%, Tata Motors down by 2.59%, NTPC down by 2.50% and ITC down by 2.43% were the top losers.

Meanwhile, recognizing the outstanding work of States and UTs in enhancing the ease of doing business, Union Minister of Commerce & Industry, Piyush Goyal has said that a genuine rational single window is key for ease of doing business in the country. He said that if all States and Union Territories (UTs) come to one platform for approvals and facilities, it would attract global investment in each state. Goyal said that approvals to industries in states should be time bound and should be easy. He said ‘We are experimenting with a system whereby people should not need to come to government offices for approvals and compliances.’ He said that Centre and States can work together in all sectors and push towards greater employment opportunities.

The Minister noted that many states have shared their best practices and stated that healthy competition and collaboration is key to the progress of the nation. Orissa has reformed its mines sector, UP has started promoting investment, Maharashtra is attracting FDI by improving infrastructure, Sikkim is adding value to the organic farming. He said that each state should study the industry policies of other states and try to improve themselves, adding that Rajasthan can teach other states on ways to improve their policies to make themselves more attractive to tourism.

Minister of Commerce & Industry further said that the government is making sincere efforts to promote India as the investment destination for the world and attract Foreign Direct Investment (FDI) across different States and UTs. He said ‘The Union Government has created a level playing field for all the States and UTs to attract FDI. The investments coming from abroad are going to different states and each of them is beneficiary of our efforts to attract FDI’.

The CNX Nifty is currently trading at 24833.10, down by 312.00 points or 1.24% after trading in a range of 24821.10 and 25168.75. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 0.79%, LTIMindtree up by 0.70%, JSW Steel up by 0.51%, Bajaj Finance up by 0.42% and Hero MotoCorp up by 0.24%. On the flip side, SBI down by 4.05%, HCL Tech down by 2.64%, Tata Motors down by 2.59%, ITC down by 2.47% and NTPC down by 2.39% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 265.62 points or 0.73% to 36,391.47, KOSPI dropped 31.22 points or 1.23% to 2,544.28, Shanghai Composite weakened 22.5 points or 0.81% to 2,765.81 and Straits Times was down by 8.87 points or 0.26% to 3,449.79. On the flip side, Jakarta Composite gained 50.33 points or 0.65% to 7,731.37 and Taiwan Weighted was up by 247.48 points or 1.15% to 21,435.19. 

European markets were trading lower; UK’s FTSE 100 decreased 44.83 points or 0.54% to 8,196.88, France’s CAC fell 44.95 points or 0.6% to 7,387.01 and Germany’s DAX was down by 151.88 points or 0.82% to 18,424.62.
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