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Sensex, Nifty turn negative; Realty top loser
Oct-17-2018

Erasing all of their early gains, Indian equity benchmarks turned genitive in late afternoon session, despite firm opening in European markets. The markets lost gaining momentum on the back of losses led by Realty and Auto stocks. The boarder markets were too contributing to the losses in late noon deals, while Yes Bank declined the most among all other industry leaders on the BSE. Domestic sentiments got hit with Commerce and industry minister Suresh Prabhu’s statement that India is the ‘worst sufferer’ of declining trade and slow global economic growth as the country has a huge stake and its share in world trade is rising. Adding some concerns, the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) hit a nearly nine-and-a-half year low of Rs 79,548 crore in September 2018. Some cautiousness also came after Niti Aayog CEO Amitabh Kant said that the country needs to work a lot on exports and gender parity so as to grow at 9-10% annually in the next three decades, ensuring that India has growth with equity.

On the global front, European markets were trading in green, despite Germany's economic confidence weakened in October. As per survey data from the Centre for European Economic Research, or ZEW, the economic sentiment index fell sharply by 14.1 points to (-) 24.7 in October. Besides, Germany's import prices rose at a steady pace in August. The figures from Destatis showed that import prices advanced 4.8% year-on-year in August, the same pace of increase as seen in July. Further, Asian markets were also trading in green, even though China's inflation rose to a 7-month high in September on higher energy prices. The data from the National Bureau of Statistics revealed that consumer prices advanced 2.5% year-on-year in September, in line with expectations but faster than the 2.3% rise in August. This was the highest increase since last February. Nonetheless, inflation remains well below the government's full year-target of around 3%. Back home, in scrip specific development, Jammu & Kashmir Bank gained after reporting 30.86% rise in its net profit at Rs 93.75 crore for the quarter ended September 30, 2018 as compared to Rs 71.64 crore for the same quarter in the previous year.

The BSE Sensex is currently trading at 34957.12, down by 205.36 points or 0.58% after trading in a range of 34957.12 and 35605.43. There were 8 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.68%, while Small cap index was down by 1.59%.

The few gaining sectoral indices on the BSE were IT up by 0.42%, FMCG up by 0.13% and TECK up by 0.09%, while Realty down by 2.65%, Auto down by 2.56%, Telecom down by 2.05%, Consumer Disc down by 1.74% and Industrials down by 1.71% were the top losing indices on BSE.

The top gainers on the Sensex were Wipro up by 1.95%, Hindustan Unilever up by 1.93%, Infosys up by 1.62%, Coal India up by 1.50% and Kotak Mahindra Bank up by 0.88%. On the flip side, Yes Bank down by 6.61%, Adani Ports & SEZ down by 4.53%, Hero MotoCorp down by 3.13%, SBI down by 3.03% and Mahindra & Mahindra down by 2.85% were the top losers.

Meanwhile, mentioning about the challenges for India in achieving higher rate growth, Niti Aayog CEO Amitabh Kant has said that the country needs to work a lot on exports and gender parity so as to grow at 9-10% annually in the next three decades, ensuring that India has growth with equity.

Niti Aayog CEO further pointed that only 24% of women work in India, while world average is 48% and therefore men need to push for gender parity in the country. Besides, he said that Indians should find solutions for their problems be it providing seed and fertiliser to farmers depending on soil and weather conditions, converting waste into energy, providing clean drinking water and others.

Amitabh Kant also listed the courtiers which have achieved 9-10% growth and further added that “There is no reason when you have a very young population and light dependency burdens that India should not achieve this, India must achieve this.”

The CNX Nifty is currently trading at 10476.40, down by 108.35 points or 1.02% after trading in a range of 10471.40 and 10710.15. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were HCL Tech. up by 2.45%, Wipro up by 2.08%, Infosys up by 1.92%, Coal India up by 1.23% and Hindustan Unilever up by 1.21%. On the flip side, Indiabulls Housing Finance down by 11.51%, Yes Bank down by 7.61%, BPCL down by 5.79%, Bajaj Finance down by 5.50% and Adani Ports & SEZ down by 4.84% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 soared 291.88 points or 1.28% to 22,841.12, Jakarta Composite gained 52.13 points or 0.89% to 5,852.95, Shanghai Composite increased 15.28 points or 0.6% to 2,561.61, KOSPI rose 22.39 points or 1.03% to 2,167.51 and Straits Times surged 41.01 points or 1.33% to 3,075.32. On the flip side, Taiwan Weighted was down by 1.96 points or 0.02% to 9,979.14.

European markets were trading mostly in green; UK’s FTSE 100 added 15.26 points or 0.22% to 7,074.66 and France’s CAC was up by 10.09 points or 0.19% to 5,183.14. On the flip side, Germany’s DAX was down by 31.79 points or 0.27% to 11,744.76.
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