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Lackluster trade continues in Indian markets during noon deals
Nov-08-2024

A lackluster trade continued in Indian equity markets during early afternoon session, with both Sensex and Nifty trading lower with notable losses, on the back of selling at Oil & Gas and Energy counters, amid mixed cues from other Asian markets. Investors were cautious, amid a private report stating that a 21% increase in onion prices in just four days to a five-year high of more than Rs 60 per kg in several markets is likely to weigh on inflation data for November. Potato and cooking oil prices are also expected to stay higher this month.

On the global front, Asian markets were trading mixed, as the average of household spending in Japan was down 1.1 percent on year in September, coming in at 287,963 yen. That beat forecasts for a decline of 1.8 percent following the 1.9 percent drop in August. On a monthly basis, spending fell 1.3 percent - shy of expectations for a decline of 0.7 percent following the 2.0 percent increase in the previous month.

Back home, coal sector stocks were in watch, as the Ministry of Coal has launched the Mine Opening Permission module on the Single Window Clearance System (SWCS) portal, with an aim to simplify and accelerate the approval process for opening coal mines. SWCS, launched on January 11, 2021, provides a unified platform for obtaining all necessary clearances and approvals required to operationalize coal mines.

The BSE Sensex is currently trading at 79421.03, down by 120.76 points or 0.15% after trading in a range of 79117.37 and 79807.26. There were 15 stocks advancing against 14 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.93%, while Small cap index was down by 1.13%.

The few gaining sectoral indices on the BSE were IT up by 0.74%, Consumer Durables up by 0.57% and TECK up by 0.49%, while Oil & Gas down by 2.22%, Energy down by 2.18%, Realty down by 1.62%, PSU down by 1.59% and Utilities down by 1.40% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.81%, Mahindra & Mahindra up by 1.76%, Tech Mahindra up by 1.74%, Titan up by 1.28% and Hindustan Unilever up by 0.96%. On the flip side, Asian Paints down by 2.18%, NTPC down by 1.77%, Tata Motors down by 1.74%, Reliance Industries down by 1.68% and ICICI Bank down by 1.62% were the top losers.

Meanwhile, the consumer affairs ministry said that Brazil has emerged as a supplier of urad in recent years and has the potential to become a major source for the import of India’s black gram (urad) and pigeon peas (tur) for the country. The quantity of urad import from Brazil has increased from 4,102 tonnes in the 2023 calendar year to over 22,000 tonnes till October end of 2024.

According to the ministry, trade in pulses with countries like Brazil and Australia has been uniquely advantageous because of the contrast in cropping seasons vis-a-vis India, which allows these countries to plan their cropping pattern based on India's crop prospects. It said take the case of chickpeas (chana), when India notified duty-free import of the commodity in May 2024, following lower rabi-2024 production, Australia responded with a massive increase in sowing area as the period coincided with the sowing season in that country.

It said Australia's chana production in the current year is estimated at 13.3 lakh tonne against 4.9 lakh tonne in 2023, basically for export to India. The arrival of a fresh crop of chana from Australia from the last week of October has augmented domestic availability and helped in dampening prices in the primary markets. India imports 3-4 million tonnes of various types of pulses annually to meet the domestic shortages.

The CNX Nifty is currently trading at 24140.25, down by 59.10 points or 0.24% after trading in a range of 24066.65 and 24276.15. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Wipro up by 1.81%, Infosys up by 1.78%, Tech Mahindra up by 1.75%, Mahindra & Mahindra up by 1.72% and Hindalco up by 1.47%. On the flip side, Coal India down by 2.68%, Trent down by 2.21%, Asian Paints down by 2.20%, Shriram Finance down by 2.02% and Eicher Motors down by 1.94% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 67.81 points or 0.93% to 7,311.67, Straits Times rose 61.64 points or 1.68% to 3,735.13, Nikkei 225 surged 118.96 points or 0.3% to 39,500.37 and  Taiwan Weighted added 145.07 points or 0.62% to 23,553.89, while Hang Seng declined 173.19 points or 0.83% to 20,780.15, Shanghai Composite weakened 21.99 points or 0.63% to 3,448.67 and KOSPI dropped 3.48 points or 0.14% to 2,561.15. 
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