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Bourses add more losses in late afternoon session
Oct-07-2024

Indian equity markets added more losses in late afternoon session following weak cues from European markets. The broader indices, the BSE Mid cap index and Small cap index traded with heavy selling pressure.  Investors were cautious ahead of RBI Interest Rate Decision slated to be announced on October 09. Traders ignored Finance Minister Nirmala Sitharaman’s statement that India will witness the steepest rise in living standards of the common man on the back of the government’s initiatives and the efforts towards doubling per capita income in few years. She stressed that inequality in India has declined with the Gini coefficient, a statistical tool to measure inequity, showing improvement in urban as well as rural areas.  

On the global front, Asian markets were trading in green after robust U.S. jobs data signaled economic resilience but prompted trades to pare bets on aggressive Federal Reserve interest-rate cuts. European markets were trading lower after official data showed Germany's factory orders declined at a faster-than-expected pace in August. According to preliminary figures from data Destatis, incoming new orders contracted 5.8 percent on a monthly basis in August, reversing July's upwardly revised 3.9 percent expansion. Orders were expected to fall 1.9 percent.

The BSE Sensex is currently trading at 80908.55, down by 779.90 points or 0.95% after trading in a range of 80726.06 and 82137.77. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 2.21%, while Small cap index was down by 3.37%.

The only gaining sectoral indices on the BSE were TECK up by 0.33% and IT was up by 0.27%, while Utilities down by 4.26%, PSU down by 3.79%, Power down by 3.77%, Industrials down by 2.89% and Energy was down by 2.78% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 1.24%, Infosys up by 0.97%, Bharti Airtel up by 0.87%, Mahindra & Mahindra up by 0.40% and TCS was up by 0.39%. On the flip side, NTPC down by 4.57%, Adani Ports down by 4.39%, Power Grid down by 3.94%, SBI down by 3.30% and Axis Bank was down by 2.74% were the top losers.

Meanwhile, the Ministry of Labour & Employment has said that India has witnessed significant employment growth of nearly 36%, adding around 170 million jobs during 2016-17 and 2022-23. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.

Besides, it said that employment data from the Reserve Bank of India's KLEMS database, which relies on surveys like the Employment and Unemployment Survey (EUS) and Periodic Labour Force Survey (PLFS), indicates a steady rise in employment since the 1980s. The PLFS data from 2017 to 2023 also suggests that Worker Population Ratio (WPR) has increased by 9 percentage points or almost 26 percent during this period. 

The Ministry further noted that employment elasticity is a rational measure for checking the causal relation between growth and employment generation in an economy. The report’s estimates, based on a linear econometric model, show that for the period 2017-23, there was a 1.11 percent increase in jobs for a percent increase in value added.

The CNX Nifty is currently trading at 24732.85, down by 281.75 points or 1.13% after trading in a range of 24694.35 and 25143.00. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were ITC up by 1.25%, Infosys up by 0.94%, Bharti Airtel up by 0.94%, Trent up by 0.66% and Mahindra & Mahindra up by 0.38%. On the flip side, NTPC down by 4.75%, Adani Ports down by 4.48%, Bharat Electronics down by 4.02%, Coal India down by 4.02% and Power Grid down by 4.01% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 697.12 points or 1.77% to 39,332.74, Taiwan Weighted added 399.85 points or 1.76% to 22,702.56, Hang Seng advanced 362.91 points or 1.57% to 23,099.78, KOSPI increased 40.67 points or 1.56% to 2,610.38, Straits Times rose 3.08 points or 0.09% to 3,592.21 and Jakarta Composite was up by 2.76 points or 0.04% to 7,498.85.

European markets were trading lower; UK’s FTSE 100 decreased 4.07 points or 0.05% to 8,276.56, France’s CAC fell 10.84 points or 0.14% to 7,530.52 and Germany’s DAX was down by 56.81 points or 0.3% to 19,064.12.
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