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Domestic indices magnify losses in afternoon session
Oct-17-2024

Domestic equity markets magnified their losses and traded near day’s low points in afternoon session on account of selling by funds and retail investors. Hectic selling in Mahindra & Mahindra, Bajaj Finserv, Maruti Suzuki, Ultratech Cement and Axis Bank dragged the markets lower. Meanwhile, broader indices underperformed their large peers with BSE Mid cap index and Small cap index falling in range of 1.10-1.20%. Traders were cautious as foreign institutional investors (FIIs) sold shares worth Rs 3,435.94 crore On October 16. Shares of automobiles companies were under pressure on profit booking amid a private report stating that the festive season has started on a weak note for them. As per the report, demand during the current festive season is a tad below expectations, with the industry pegged to clock growth of around 3-5% in sales volumes compared to the earlier expectation of a 5-8% YoY growth.

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Back home, in stock specific development, Mphasis rose after its Q2FY25 net profit jumped over 8%.

The BSE Sensex is currently trading at 81072.79, down by 428.57 points or 0.53% after trading in a range of 80998.12 and 81781.40. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.26%, while Small cap index down by 1.12%.

The few gaining sectoral indices on the BSE were IT up by 0.70% and TECK up by 0.31%, while Realty down by 3.47%, Auto down by 3.01%, Consumer Disc down by 2.11%, Consumer Durables down by 1.42% and Telecom down by 1.41% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.54%, SBI up by 1.11%, Tech Mahindra up by 0.84%, Power Grid up by 0.50% and Reliance Industries up by 0.40%. On the flip side, Mahindra & Mahindra down by 2.59%, Bajaj Finserv down by 2.07%, Maruti Suzuki down by 1.93%, Ultratech Cement down by 1.72% and Axis Bank down by 1.59% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September 2024 as against $34.41 billion a year ago. India's merchandise exports declined by 9.3 per cent year-on-year in August 2024. Imports increased by 1.6 per cent to $55.36 billion in September 2024 as compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.78 billion during the month under review. 

According to the data, merchandise exports during April-September 2024 were $213.22 billion as compared to $211.08 billion during April-September 2023. Merchandise imports during April-September 2024 were $350.66 billion as compared to $330.32 billion during April-September 2023. Merchandise trade deficit during April-September 2024 was $137.44 billion as compared to $119.24 billion during April-September 2023.  

It further stated that non-petroleum and non-gems & jewellery exports in September 2024 were $27.03 billion compared to $24.76 billion in September 2023. Non-petroleum and non-gems & jewellery exports in April-September 2024 were $162.77 billion, compared to $153.71 billion in April-September 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2024 were $36.49 billion compared to $34.21 billion in September 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-September 2024 were $222.72 billion, compared to $211.34 billion in April-September 2023.

The CNX Nifty is currently trading at 24781.05, down by 190.25 points or 0.76% after trading in a range of 24769.95 and 25029.50. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Infosys up by 1.40%, SBI up by 1.19%, Hindalco up by 0.65%, Tech Mahindra up by 0.55% and Reliance Industries up by 0.39%. On the flip side, Bajaj Auto down by 11.71%, Shriram Finance down by 3.14%, Hero MotoCorp down by 3.11%, Mahindra & Mahindra down by 2.71% and Adani Enterprises down by 2.64% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 41.51 points or 0.2% to 20,328.36, Jakarta Composite gained 74.31 points or 0.96% to 7,723.25, Straits Times rose 38.48 points or 1.06% to 3,629.10, KOSPI increased 2.51 points or 0.1% to 2,612.87 and Taiwan Weighted added 42.86 points or 0.19% to 23,053.84. However, Shanghai Composite weakened 6.26 points or 0.2% to 3,196.69 and Nikkei 225 slipped 269.11 points or 0.69% to 38,911.19. 

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