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Indian equity benchmarks extend losses in early noon deals
Oct-31-2024

Indian equity benchmarks extended their losses during early afternoon deals, with both Sensex and Nifty falling over half a percent, on account of heavy selling at IT and TECK counters, as traders were cautious ahead of key U.S. economic data due this week and next week's US presidential election. There was anxiety among investors, as in a cautious outlook for the upcoming fiscal year, India Ratings and Research (Ind-Ra) projects a decline in inflation for FY25, yet it emphasizes that immediate rate cuts from the Reserve Bank of India (RBI) are unlikely.

On the global front, Asian markets were trading mostly in green, after China's manufacturing activity expanded for the first time in six months in October, underpinned by strong domestic demand. The survey data from the National Bureau of Statistics showed that the official manufacturing Purchasing Managers' Index rose to 50.1 in October from 49.8 in September. 

The BSE Sensex is currently trading at 79384.25, down by 557.93 points or 0.70% after trading in a range of 79383.52 and 80044.95. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.87%, while Small cap index was up by 0.76%.

The top gaining sectoral indices on the BSE were Capital Goods up by 2.17%, Industrials up by 1.82%, Healthcare up by 1.47%, Utilities up by 0.50% and Power up by 0.12%, while IT down by 2.64%, TECK down by 2.36%, Consumer Durables down by 1.18%, FMCG down by 0.91% and Realty down by 0.87% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 6.89%, Sun Pharma up by 0.58%, JSW Steel up by 0.25%, Power Grid up by 0.22% and Tata Steel up by 0.13%. On the flip side, Tech Mahindra down by 4.94%, HCL Technologies down by 3.04%, TCS down by 2.47%, Infosys down by 2.39% and Maruti Suzuki down by 1.52% were the top losers.

Meanwhile, the data released by the Controller General of Accounts (CGA) has showed that the Centre’s fiscal deficit at the end of the first half of financial year FY25 touched 29.4 per cent of the full-year target. In absolute terms, fiscal deficit - the gap between government’s expenditure and revenue - was at Rs 4,74,520 crore at September-end. The deficit stood at 39.3 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24.

In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal. The revenue-expenditure data of the Union government for the first six months of 2024-25 showed that the net tax revenue was Rs 12.65 lakh crore or 49 per cent of BE for the current fiscal. The net tax revenue collection was 49.8 per cent at September-end 2023.

The central government’s total expenditure in the six months through September stood at Rs 21.11 lakh crore or 43.8 per cent of BE. Expenditure was 47.1 per cent of BE in the year-ago period. Of the total expenditure, Rs 16.96 lakh crore was in the revenue account and Rs 4.15 lakh crore in the capital account. 

The CNX Nifty is currently trading at 24202.40, down by 138.45 points or 0.57% after trading in a range of 24197.60 and 24372.45. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Cipla up by 9.65%, Larsen & Toubro up by 6.84%, Hero MotoCorp up by 1.95%, ONGC up by 1.68% and Dr. Reddy's Lab up by 1.23%. On the flip side, Tech Mahindra down by 4.95%, HCL Technologies down by 3.03%, Shriram Finance down by 2.63%, TCS down by 2.47% and Infosys down by 2.41% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 4.76 points or 0.02% to 20,385.40, Jakarta Composite gained 13.23 points or 0.17% to 7,583.08 and Shanghai Composite strengthened 13.9 points or 0.42% to 3,280.14, while KOSPI dropped 37.64 points or 1.47% to 2,556.15 and Nikkei 225 slipped 196.14 points or 0.5% to 39,081.25.
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