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Benchmarks continue to trade lower in morning deals
Oct-18-2024

Indian equity benchmarks continued to trade lower in morning deals, due to muted global cues as Middle East tensions persisted, and investors trimmed their bets on Federal Reserve interest-rate cuts this year. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,421.40 crore on Thursday. Traders overlooked World Bank president Ajay Banga’s statement that India's growth rate is the shiniest part in the global economy. He noted that a lot of this is driven by the domestic market. Meanwhile, direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest ‘Time Series Data’ released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. On the global front, Asian markets are trading mostly in green even as China posted its slowest growth in a year and a half on Friday as authorities come under pressure to follow up a recent slew of stimulus with more action to reignite the world's number two economy. 

The BSE Sensex is currently trading at 80690.94, down by 315.67 points or 0.39% after trading in a range of 80409.25 and 80806.32. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.43%, while Small cap index was down by 0.81%.

The top gaining sectoral indices on the BSE were Bankex up by 0.85%, Metal up by 0.26%, Auto up by 0.19% and Healthcare up by 0.01%, while IT down by 1.99%, TECK down by 1.78%, Oil & Gas down by 1.07%, FMCG down by 1.06% and Energy down by 0.94% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 4.56%, Tata Motors up by 1.35%, ICICI Bank up by 0.89%, Tata Steel up by 0.69% and Sun Pharma up by 0.66%. On the flip side, Infosys down by 4.29%, Tech Mahindra down by 2.76%, ITC down by 1.78%, Nestle down by 1.55% and Hindustan Unilever down by 1.34% were the top losers.

Meanwhile, Moody's Ratings in its report titled ‘Carbon Transition - India’ has said India has made rapid progress building its renewables capacity, but its fast-growing economy and expanding population will drive up carbon-intensive product demand. Moody's expects India to remain one of the fastest growing economies in the world with real GDP growing 7.2 per cent in 2024 and 6.6 per cent in 2025. The country is likely to sustain similarly high rates of growth over the next decade.

It stated ‘With a rising population and industrialisation, this will drive higher energy needs. Increasing household incomes will also bolster demand for energy-intensive products such as automobiles.’ India's share of global greenhouse gas (GHG) emissions increased to 7.5 per cent in 2022, from 6.7 per cent in 2019.

Further, it said the government's ability to attract private investment and address negative spillovers from decarbonization, including job losses in legacy industries, will determine whether India's credit exposure to carbon transition and social risks rises further. India has committed to achieve net-zero emissions by 2070, and some progress has been made toward its 2030 interim decarbonization milestones. But, the country's fast-expanding economy will continue to drive up GHG emissions. Moreover, it said India was the world's third-largest GHG emitter as of 2022, but its per capita emissions are still lower than other major economies, highlighting scope for further gains.

The CNX Nifty is currently trading at 24674.20, down by 75.65 points or 0.31% after trading in a range of 24567.65 and 24705.90. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 4.61%, Wipro up by 3.75%, Eicher Motors up by 3.21%, Tata Motors up by 1.39% and HDFC Life Insurance up by 1.09%. On the flip side, Infosys down by 4.24%, Tech Mahindra down by 2.80%, ITC down by 1.83%, BPCL down by 1.55% and Nestle down by 1.55% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 27.96 points or 0.07% to 38,939.15, Taiwan Weighted added 388.02 points or 1.68% to 23,441.86, Hang Seng advanced 150.84 points or 0.75% to 20,229.94, Straits Times rose 8.97 points or 0.25% to 3,634.22, Jakarta Composite gained 0.93 points or 0.01% to 7,735.97 and Shanghai Composite strengthened 21.25 points or 0.67% to 3,190.63.

On the flip side, KOSPI dropped 18.49 points or 0.71% to 2,590.81.
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