HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Domestic indices trade lower in late morning deals
Nov-08-2024

Domestic equity indices traded lower in late morning deals despite positive cues from the global markets. Meanwhile, broader indices underperformed their large peers with BSE Mid cap index and Small cap index falling in the range of 0.70-0.90%. Selling in Tech Mahindra, Infosys, Hindustan Unilever, Mahindra & Mahindra and Titan companies' stocks weighed on the domestic sentiment. Depreciation in Indian rupee against dollar also weighed down on sentiments. Rupee weakened by 5 paise to 84.37 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks. On the BSE sectoral front, traders were seen pilling up positions in IT, TECK and Consumer Durables, while selling was witnessed in Oil & Gas, Energy, Realty, PSU and Utilities. 

On the global front, Asian markets were trading higher following positive cues from the US markets overnight. However, Japan’s household spending in September declined at a slower pace than expected. Real household spending fell 1.1%, less than the 2.1% decline expected by street. Back home, in the stock specific development, Tata Motors fell ahead of its earnings release.

The BSE Sensex is currently trading at 79426.95, down by 114.84 points or 0.14% after trading in a range of 79117.37 and 79807.26. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.73%, while Small cap index was down by 0.90%.

The few gaining sectoral indices on the BSE were IT up by 0.91%, TECK up by 0.64% and Consumer Durables up by 0.21%, while Oil & Gas down by 2.04%, Energy down by 2.01%, Realty down by 1.45%, PSU down by 1.34% and Utilities down by 1.12% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.96%, Infosys up by 1.85%, Hindustan Unilever up by 1.07%, Mahindra & Mahindra up by 0.98% and Titan up by 0.77%. On the flip side, ICICI Bank down by 1.71%, Reliance Industries down by 1.71%, Tata Motors down by 1.38%, Asian Paints down by 1.28% and NTPC down by 1.15% were the top losers.

Meanwhile, Chairman of Asian Tea Alliance (ATA) Hemant Bangur has said that tea producers of Asia are now targeting the ‘untapped’ African market to shore up exports for which they plan to work out a strategy in this regard. ATA countries include India, Bangladesh, Indonesia, Nepal, and Sri Lanka.

He said ‘Africa is a huge untapped and unpenetrated market. The existing export markets of Europe have become saturated. Asian tea producers consider Africa as a focussed market and we will work towards this’. He noted that the ATA also strongly discourages the promotion of genetically modified clones in the tea industry. The alliance countries will collaborate to produce more climate resilient clones to produce sustainable tea. The industry also plans to promote regenerative agriculture which will focus on water retention and carbon sequestration.

He further said that there is a global oversupply of tea for which there is a need to increase consumption, adding that Africa seems to look like a bright destination for this. He added that there is a need to promote generic promotion of tea in the African continent, particularly the western part. 

The CNX Nifty is currently trading at 24146.45, down by 52.90 points or 0.22% after trading in a range of 24066.65 and 24276.15. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Wipro up by 1.98%, Tech Mahindra up by 1.95%, Infosys up by 1.81%, Hindalco up by 1.23% and Hindustan Unilever up by 1.09%. On the flip side, Coal India down by 2.42%, Trent down by 2.37%, BPCL down by 1.83%, Shriram Finance down by 1.82% and Reliance Industries down by 1.75% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 67.81 points or 0.93% to 7,311.67, Shanghai Composite strengthened 2.91 points or 0.08% to 3,473.57, Straits Times rose 58.15 points or 1.56% to 3,731.64, Nikkei 225 surged 143.01 points or 0.36% to 39,524.42 and Taiwan Weighted added 112.04 points or 0.48% to 23,520.86. However, KOSPI dropped 2.69 points or 0.1% to 2,561.94 and Hang Seng declined 71.01 points or 0.34% to 20,882.33. 
  RELATED NEWS >>
Most Viewed >>
November 11 , 2024
International fund took lead, offer upto 8% re
November 12 , 2024
Nifty sulking but mutual fund investors make u
November 12 , 2024
Shriram Mutual Fund to launch industry-first m
November 12 , 2024
Equity fund inflows surge 21% to Rs.41,887 cro
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.