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Markets continue to trade in red in early noon deals
Nov-21-2019

Indian bourses continued to trade in red in the early noon session on account of selling witnessed in telecom, energy and metal stocks amid negative clues from other Asian Markets. Sentiments got dented with a private report stating that India’s economic growth probably hit a new low last quarter, with early forecasts showing expansion below 5%. However, losses remained capped as gain in capital goods, industrials and auto stocks provided much needed support to the domestic benchmarks. Among the sectoral indices, capital goods was top gaining index up by around 0.94%, while Telecom was top losing index trading down by around 2.41%. Besides, broader indices were marginally down the major indices as both mid cap and small cap indices were trading down by 0.09% and 0.02% respectively.

On the global front, Asian markets were trading negative, with weak cues from US stocks overnight amid the possibility that the US and China may not reach a trade deal before next year. Back on street, Infra stocks jumped as after the Union Cabinet amended rules regarding the Toll-Operate-Transfer (TOT) model of the highway monetisation programme. Under the new rules, projects which are operational and have toll revenue generation history of one year, as against the earlier criteria of two years, after the Commercial Operations Date (COD) shall be monetised through the TOT model.

The BSE Sensex is currently trading at 40583.11, down by 68.53 points or 0.17% after trading in a range of 40558.54 and 40744.85. There were 12 stocks advancing against 18 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.09%, while Small cap index was down by 0.02%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.94%, Industrials up by 0.66%, Auto up by 0.25%, IT up by 0.25% and Consumer Discretionary was up by 0.03%, while Telecom down by 2.41%, Energy down by 1.07%, Metal down by 0.97%, Oil & Gas down by 0.74% and PSU was down by 0.69% were the losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.73%, TCS up by 0.81%, Bajaj Auto up by 0.79%, Hero MotoCorp up by 0.70% and ICICI Bank was up by 0.68%. On the flip side, Bharti Airtel down by 2.46%, ONGC down by 1.57%, NTPC down by 1.49%, Indusind Bank down by 1.45% and Axis Bank was down by 1.28% were the top losers.

Meanwhile, The Reserve Bank of India (RBI) in its latest data has showed that bank credit rose by 8.07 percent to Rs 98.47 trillion, while deposits grew 9.92 percent to Rs 129.98 trillion in the fortnight ended November 6. In the year ago fortnight, deposits were at Rs 118.257 trillion and advances stood at Rs 91.11 trillion.

In the previous fortnight ended October 25, 2019, credit had increased by 8.90 percent to Rs 98.39 trillion and deposits grew by 10.25 percent to Rs 129.78 trillion. On a year-on-year (y-o-y) basis, non-food bank credit growth decelerated to 8.1 percent in September 2019 from 11.3 percent in September 2018. Loans to agriculture & allied activities rose by 7 percent in September 2019 as compared with an increase of 5.8 percent last year same period.

Advances to the services sector decelerated sharply to 7.3 percent in September 2019 from 24 percent in the same month last year. Credit growth to industry accelerated to 2.7 percent in September 2019 from 2.3 percent in September 2018. Personal loans growth accelerated to 16.6 percent in September 2019 from 15.1 percent in the year ago period.

The CNX Nifty is currently trading at 11974.30, down by 24.80 points or 0.21% after trading in a range of 11965.05 and 12028.20. There were 17 stocks advancing against 32 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Zee Entertainment up by 5.15%, Larsen & Toubro up by 1.71%, Eicher Motors up by 1.47%, Adani Ports &Special up by 1.47% and Cipla was up by 1.23%. On the flip side, Bharti Infratel down by 2.64%, Bharti Airtel down by 2.45%, BPCL down by 2.15%, Coal India down by 1.75% and ONGC was down by 1.65% were the top losers.

All Asian markets were trading lower, Straits Times trembled 26.25 points or 0.81% to 3,203.53, Nikkei 225 slipped 104.23 points or 0.45% to 23,044.34, Jakarta Composite lost 52.06 points or 0.85% to 6,103.05, KOSPI fell 35.86 points or 1.69% to 2,089.46, Hang Seng decreased 437.75 points or 1.63% to 26,451.86, Taiwan Weighted dropped 72.93 points or 0.63% to 11,558.27 and Shanghai Composite was down by 6.87 points or 0.24% to 2,904.18.
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