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Benchmarks remain in red in morning deals
Sep-28-2022

Indian equity benchmarks continued to trade in red in morning deals, as global markets remained jittery on worries over a global recession. Investors also awaited the outcome of a key meeting of the RBI's Monetary Policy Committee due this week. Some concern also came as the fourth round of the Quarterly Employment Survey (QES) released by the Labour Ministry showed that employment generation in nine non-farm sectors slowed down in the March quarter of FY22, possibly under the impact of Omicron variant of Covid-19, with additional job creation dipping to 350,000 during the quarter, from 390,000 in the preceding December quarter of the financial year. Traders overlooked Securities and Exchange Board of India (SEBI) data showing that with a drop in oil and commodity prices, investment in the Indian capital markets through participatory notes rose to Rs 84,810 crore at the end of August, after three consecutive monthly declines.

On the global front, Asian markets are trading mostly in red as surging borrowing costs intensified fears of a global recession, spooking investors into the arms of the safe-haven dollar and punishing currencies across the region. Back home, stocks related to travel and tourism industry remained in watch as report stated that the travel and tourism industry has witnessed 28 per cent growth in job postings during June-August.

The BSE Sensex is currently trading at 56841.06, down by 266.46 points or 0.47% after trading in a range of 56498.72 and 57017.26. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.03%, while Small cap index was up by 0.04%.

The top gaining sectoral indices on the BSE were Telecom up by 0.55%, Auto up by 0.49%, Healthcare up by 0.36%, Consumer Durables up by 0.17% and Capital Goods up by 0.16%, while Metal down by 0.87%, PSU down by 0.71%, Bankex down by 0.69%, Energy down by 0.62% and Oil & Gas down by 0.55% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.03%, Mahindra & Mahindra up by 1.34%, Dr. Reddy's Lab up by 0.93%, Asian Paints up by 0.52% and Nestle up by 0.46%. On the flip side, NTPC down by 1.98%, ITC down by 1.75%, Axis Bank down by 1.53%, HDFC down by 1.49% and Reliance Industries down by 1.44% were the top losers.

Meanwhile, with an aim to guard domestic players from cheap imports from the neighbouring country, the Directorate General of Trade Remedies (DGTR) works under the commerce ministry has recommended imposition of anti-dumping duty on Chinese steel tubes and pipes for five years.

DGTR has recommended the duty on imports of 'stainless-steel seamless tubes and pipes' from China after concluding in its probe that the product has been exported at dumped prices into India, which impacted the domestic industry. The recommended duty ranges between USD 114 per tonne and USD 3,801 per tonne. The finance ministry takes the final call to impose these duties.

The imposition of anti-dumping duty is permissible under the World Trade Organisation (WTO) regime. India and China both are members of this Geneva-based multi-lateral body. The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. It is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators, including nuclear and thermal power. DGTR had conducted the probe following a complaint from Chandan Steel, Tubacex Prakash India and Welspun Specialty Solutions about the dumping and initiation of the investigation.

The CNX Nifty is currently trading at 16926.45, down by 80.95 points or 0.48% after trading in a range of 16825.40 and 16976.90. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 1.98%, Mahindra & Mahindra up by 1.35%, Dr. Reddy's Lab up by 0.98%, Tata Motors up by 0.71% and Eicher Motors up by 0.69%. On the flip side, ONGC down by 2.13%, NTPC down by 1.86%, JSW Steel down by 1.65%, Hero MotoCorp down by 1.61% and ITC down by 1.61% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 599.09 points or 2.25% to 25,972.78, Hang Seng decreased 426.73 points or 2.39% to 17,433.58, Taiwan Weighted dropped 320.41 points or 2.32% to 13,506.18, KOSPI fell 70.98 points or 3.19% to 2,152.88, Straits Times trembled 38.80 points or 1.23% to 3,126.70 and Shanghai Composite declined 26.76 points or 0.86% to 3,067.10.

On the flip side, Jakarta Composite soared 18.51 points or 0.26% to 7,130.96.

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