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Benchmarks trade marginally lower in morning deals
Nov-08-2024

Indian equity benchmarks were trading marginally lower in morning deals, amid continuous foreign fund outflows and weak trends in blue-chip stocks Reliance Industries and ICICI Bank. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,888.77 crore on Thursday, according to exchange data. Traders remained cautious as S&P Global’s report stated that fight for deposits in an eventually declining rate cycle in India will add pressures on the net interest margins (NIM) for banks by 20 basis points. It said banks may see a further margin squeeze if credit and deposit growth remains steady. However, traders took support as Piyush Goyal, Union Minister of Commerce and Industry, commended EEPC India’s target to reach $300 billion in engineering exports by 2030, calling it a bold testament to the courage and conviction of new India. Goyal highlighted the crucial role of the engineering sector in realizing India’s vision of Viksit Bharat and emphasized the government’s ongoing efforts to streamline regulations, promote ease of doing business, and support sustainable, high-quality manufacturing. On the global front, Asian markets are trading mostly in green tracking Wall Street's overnight rise to record highs, as investors digested the Federal Reserve's message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump. 

The BSE Sensex is currently trading at 79493.57, down by 48.22 points or 0.06% after trading in a range of 79117.37 and 79807.26. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.37%, while Small cap index was down by 0.53%.

The top gaining sectoral indices on the BSE were IT up by 0.93%, TECK up by 0.67%, Consumer Durables up by 0.44%, Telecom up by 0.38% and Healthcare up by 0.19%, while Oil & Gas down by 1.68%, Energy down by 1.51%, PSU down by 1.05%, Utilities down by 0.88% and Power down by 0.73% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.73%, Tech Mahindra up by 1.51%, HCL Technologies up by 0.79%, Kotak Mahindra Bank up by 0.75% and Hindustan Unilever up by 0.70%. On the flip side, ICICI Bank down by 1.22%, Reliance Industries down by 1.19%, Tata Motors down by 1.08%, Maruti Suzuki down by 1.04% and SBI down by 0.91% were the top losers.

Meanwhile, credit rating agency ICRA in its latest report has said that domestic air passenger traffic in India reached 138.5 lakh in October, marking a 6.3% rise compared to 130.3 lakh in the previous month. It stated year-on-year, domestic air passenger traffic grew by 9.6% in October, with figures 12.8% higher than pre-COVID levels of 122.8 lakh in October 2019.

It stated for the first seven months of current fiscal (April-October), domestic air passenger traffic stood at 932.0 lakh, reflecting a 5.9% year-on-year increase. In the first half this fiscal (H1 FY25), international passenger traffic for Indian carriers reached 162.6 lakh, showing a robust 16% year-on-year growth. Further, it said airlines’ capacity deployment in October 2024 was 7.6% higher than in October 2023 and rose by 5.2% over September 2024.

Besides, it said that the outlook for the Indian aviation industry remains stable, driven by expectations of moderate growth in domestic air passenger traffic and a relatively stable cost environment in FY25. The pace of recovery in industry earnings is expected to be gradual due to the high fixed-cost nature of the business.

The CNX Nifty is currently trading at 24177.95, down by 21.40 points or 0.09% after trading in a range of 24066.65 and 24276.15. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Wipro up by 2.14%, Infosys up by 1.68%, Tech Mahindra up by 1.54%, Hindalco up by 1.43% and HDFC Life Insurance up by 0.97%. On the flip side, Trent down by 2.91%, BPCL down by 2.06%, Shriram Finance down by 1.26%, Coal India down by 1.25% and ICICI Bank down by 1.23% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 65.47 points or 0.17% to 39,446.88, Taiwan Weighted added 110.58 points or 0.47% to 23,519.40, Straits Times rose 55.2 points or 1.5% to 3,728.69 and Jakarta Composite gained 67.81 points or 0.93% to 7,311.67.

On the global front, Shanghai Composite weakened 17.42 points or 0.5% to 3,453.24, Hang Seng declined 185.7 points or 0.89% to 20,767.64 and KOSPI dropped 5.85 points or 0.23% to 2,558.78.
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