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Bourses lose ground in late afternoon session
Sep-11-2024

Indian equity markets turned into red during late afternoon session ahead of India’s inflation data due on tomorrow. Besides, other Asian markets also pressurized the markets to enter into negative territory. The broader indices, the BSE Mid cap index and Small cap index traded in red. Sector wise, automobile stocks remained in focus as Chief Economic Advisor (CEA) V Anantha Nageswaran has asked automobile manufacturers to invest in Research and development (R&D) in order to make a world-class industry. He also asked them to focus on improving the global NCAP (New Car Assessment Programme) ratings of their products so that exports get further push.

On the global front, Asian markets were trading mostly in red as investors watched the latest updates on the Trump-Harris presidential debate and braced for U.S. consumer price inflation data that could influence the Federal Reserve's policy moves next week. European markets were trading mostly in green ahead of key U.S. consumer price inflation data due later in the day and a European Central Bank (ECB) policy meeting on Thursday. The ECB is expected to cut its deposit rate by 25 basis points on Sept. 12 and again in December. 

The BSE Sensex is currently trading at 81635.68, down by 285.61 points or 0.35% after trading in a range of 81552.83 and 82134.95. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.17%, while Small cap index was down by 0.33%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.35%, FMCG up by 0.27%, Healthcare up by 0.17% and Power was up by 0.04%, while Oil & Gas down by 2.38%, Energy down by 1.84%, PSU down by 1.42%, Metal down by 1.16% and Auto was down by 1.06% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 2.20%, Bajaj Finance up by 1.40%, Sun Pharma up by 0.65%, Bharti Airtel up by 0.53% and Bajaj Finserv up by 0.42%. On the flip side, Tata Motors down by 5.59%, Mahindra & Mahindra down by 1.56%, NTPC down by 1.46%, Larsen & Toubro down by 1.43% and SBI down by 1.28% were the top losers.

Meanwhile, Union heavy industries minister H D Kumaraswamy has said that the government has received investment proposals worth around Rs 75,000 crore under the auto Production Linked Incentive (PLI) Scheme of which close to Rs 18,000 crore has already been invested. He said the scheme has helped create around 30,000 jobs in the country.

The minister stated that in order to ensure continuous growth in electric mobility, the ministry is now focusing on charging infrastructure. He said ‘while developing the charging infrastructure, we are conscious that integrating this infrastructure with renewable energy sources is essential for maximising the environmental benefits of electric mobility.’

He noted that the government and the industry need to make dedicated efforts to help India achieve its sustainability goals while maintaining the desired growth path. He said ‘I can assure all of you that the government will continue to take initiatives to make the business ecosystem more industry-friendly.’ 

The CNX Nifty is currently trading at 24947.10, down by 94.00 points or 0.38% after trading in a range of 24923.60 and 25113.70. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 4.19%, Asian Paints up by 2.18%, Bajaj Finance up by 1.36%, Sun Pharma up by 0.75% and Britannia up by 0.71%. On the flip side, Tata Motors down by 5.60%, ONGC down by 4.03%, BPCL down by 1.82%, Hindalco down by 1.64% and Wipro down by 1.64% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 539.39 points or 1.51% to 35,619.77, Hang Seng declined 125.38 points or 0.73% to 17,108.71, Taiwan Weighted lost 33.08 points or 0.16% to 21,031.00, Shanghai Composite weakened 22.39 points or 0.82% to 2,721.80 and KOSPI was down by 10.06 points or 0.4% to 2,513.37. On the flip side, Jakarta Composite gained 1.97 points or 0.03% to 7,763.36 and Straits Times was up by 16.81 points or 0.48% to 3,529.48. 

European markets were trading mostly in green; France’s CAC rose 10.87 points or 0.15% to 7,418.42 and Germany’s DAX was up by 41.34 points or 0.23% to 18,307.26. On the flip side, UK’s FTSE 100 was down by 8.44 points or 0.1% to 8,197.54.
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