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Bourses extend losses in late afternoon session
Oct-21-2021

Indian equities added losses in late afternoon session. Markets traded near the lowest points of the day and breached their crucial 60,600 (Sensex) and 18100 (Nifty) levels. Sentiment remained largely negative after Oil Minister Hardeep Singh Puri said India's oil import bill has climbed from $8.8 billion in June 2020 quarter to $24 billion this year because of a spike in global oil prices. He also said ‘India believes energy access has to be reliable, affordable and sustainable’, and added that economic recovery after a devastating pandemic has been fragile and it is further being threatened by high prices. Sector wise, Metal Sector remained in focused, as ICRA, a rating agency, said that it has revised non-ferrous metals sector outlook to positive from stable. The agency has revised outlook despite a near-term concern of coal availability and increased cost of production for the non-ferrous metal companies.

On the global front, Asian markets were trading mostly in red after major Chinese property developer Evergrande said a plan to sell its property management arm to a smaller rival had fallen through. European markets were trading lower as investors concerned about inflation and China’s economic slowdown took advantage of an earnings season rally to bank some gains.

The BSE Sensex is currently trading at 60591.88, down by 668.08 points or 1.09% after trading in a range of 60555.06 and 61621.20. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.01%, while Small cap index was down by 0.97%.

The only gaining sectoral indices on the BSE were Bankex up by 0.46% and Power was up by 0.01%, while Metal down by 2.51%, IT down by 2.48%, TECK down by 2.29%, Energy down by 2.09% and Consumer discretionary was down by 1.93% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 5.22%, HDFC up by 1.16%, Power Grid up by 0.36%, NTPC up by 0.31% and ICICI Bank up by 0.05%. On the flip side, Asian Paints down by 6.84%, Dr. Reddy's Lab down by 3.16%, Reliance Industries down by 3.03%, Infosys down by 2.59% and Indusind Bank down by 2.44% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1480918 new jobs in the month of August 2021.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Gujarat, Tamil Nadu, Haryana and Delhi.

According to the data report, 7728 new jobs were created in less than 18 age group category, while 325055 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 403322, 213119, 290166 and 241528 new payrolls, respectively in August 2021.

The CNX Nifty is currently trading at 18077.00, down by 189.60 points or 1.04% after trading in a range of 18064.65 and 18384.20. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 5.46%, Grasim Industries up by 1.98%, BPCL up by 1.97%, HDFC up by 1.43% and Tata Motors up by 1.29%. On the flip side, Asian Paints down by 6.99%, Hindalco down by 3.56%, Dr. Reddy's Lab down by 3.08%, Reliance Industries down by 3.08% and Hero MotoCorp down by 2.98% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 546.97 points or 1.87% to 28,708.58, Hang Seng decreased 118.49 points or 0.45% to 26,017.53, Jakarta Composite lost 23.03 points or 0.35% to 6,632.97, Straits Times trembled 9.36 points or 0.29% to 3,188.72 and KOSPI was down by 5.80 points or 0.19% to 3,007.33. On the flip side, Taiwan Weighted strengthened 1.69 points or 0.01% to 16,889.51 and Shanghai Composite was up by 7.78 points or 0.22% to 3,594.78.

European markets were trading lower, UK’s FTSE 100 decreased 26.21 points or 0.36% to 7,196.89, France’s CAC decreased 27.67 points or 0.41% to 6,677.94 and Germany’s DAX was down by 34.52 points or 0.22% to 15,488.40.
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