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Domestic indices add more losses in late morning deals
Oct-31-2024

Indian equity markets added more losses in late morning deals on account of selling by funds and retail investors. Hectic selling in Tech Mahindra, HCL, TCS, Infosys and Bharti Airtel companies’ stocks dragged the markets to trade near low points of day. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.25-0.75%. Muted cues from the global markets also weighed on the domestic sentiments. Sentiments remained weak as exchange data showed that foreign institutional investors (FIIs) offloaded equities worth Rs 4,613.65 crore on October 30. On the BSE sectoral front, traders were seen pilling up positions in Capital Goods, Industrials, Healthcare, Utilities and Power, while selling was witnessed in IT, TECK, Consumer Durables, Telecom and FMCG. 

On the global front, Asian markets were trading mixed amid negative cues from the US markets overnight. Meanwhile, the Bank of Japan (BOJ) held its benchmark policy rate at 0.25%, unchanged from the previous meeting. The bank released a two-line statement simply stating the decision, with no clues on the timing of its next rate hike. In the stock specific development, Zydus Wellness soared after the company has acquired 100 per cent stake in Naturell (India) (NIPL), including its wholly owned subsidiary, for Rs 390 crore.

The BSE Sensex is currently trading at 79576.39, down by 365.79 points or 0.46% after trading in a range of 79538.02 and 80044.95. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index was down by 0.28%, while Small cap index up by 0.74%.

The top gaining sectoral indices on the BSE were Capital Goods up by 2.48%, Industrials up by 2.02%, Healthcare up by 1.21%, Utilities up by 0.83% and Power up by 0.47%, while IT down by 2.63%, TECK down by 2.39%, Consumer Durables down by 1.01%, Telecom down by 0.62% and FMCG down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 6.95%, JSW Steel up by 0.69%, Power Grid up by 0.61%, NTPC up by 0.45% and Sun Pharma up by 0.33%. On the flip side, Tech Mahindra down by 4.61%, HCL down by 2.82%, TCS down by 2.78%, Infosys down by 2.38% and Bharti Airtel down by 1.45% were the top losers.

Meanwhile, the Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries slowed down to 2 per cent in September 2024 as against 9.5 per cent in the same month last year. However, the output growth is positive against a contraction of 1.6 per cent in August 2024. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Steel production having 17.92 per cent weight increased by 1.5 per cent in September, 2024 over September, 2023 and its cumulative index increased by 6.1 per cent during April to September, 2024-25 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 1.9 per cent in September, 2024 over September, 2023 and its cumulative index increased by 1.7 per cent during April to September, 2024-25 over corresponding period of the previous year. 

Cement production having 5.37 per cent weight increased by 7.1 per cent in September, 2024 over September, 2023 and its cumulative index increased by 1.6 per cent during April to September, 2024-25 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 5.8 per cent in September, 2024 over September, 2023 and its cumulative index increased by 2.3 per cent during April to September, 2024-25 over corresponding period of the previous year.

However, coal production having 10.33 per cent weight declined by 3.9 per cent in September, 2024 over September, 2023, and its cumulative index declined by 2.1 per cent during April to September, 2024-25 over corresponding period of the previous year. Electricity generation having 19.85 per cent weight declined by 0.5 per cent in September, 2024 over September, 2023, while its cumulative index increased by 5.9 per cent during April to September, 2024-25 over corresponding period of the previous year. 

Natural Gas production having 6.88 per cent weight declined by 1.3 per cent in September, 2024 over September, 2023, while its cumulative index increased by 2.0 per cent during April to September, 2024-25 over corresponding period of the previous year. Crude Oil production having 8.98 per cent weight declined by 3.9 per cent in September, 2024 over September, 2023 and its cumulative index declined by 2.1 per cent during April to September, 2024-25 over corresponding period of the previous year.

The CNX Nifty is currently trading at 24250.70, down by 90.15 points or 0.37% after trading in a range of 24234.30 and 24372.45. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Cipla up by 9.64%, Larsen & Toubro up by 6.83%, ONGC up by 2.50%, Hero MotoCorp up by 2.28% and BPCL up by 1.17%. On the flip side, Tech Mahindra down by 4.67%, HCL down by 2.84%, TCS down by 2.78%, Infosys down by 2.44% and Wipro down by 2.43% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 14.9 points or 0.07% to 20,395.54, Jakarta Composite gained 14.12 points or 0.19% to 7,583.97 and Shanghai Composite strengthened 9.12 points or 0.28% to 3,275.36. However, KOSPI dropped 27.22 points or 1.05% to 2,566.57 and Nikkei 225 slipped 129.6 points or 0.33% to 39,147.79.
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