Sensex, Nifty extend losses

Key Indian equity benchmarks remained under pressure in late afternoon session, with the both the larger peers extending their losses on reports that India has slipped two places to rank 53rd on a global annual talent ranking released by IMD Business School Switzerland. The top slot has been retained by the Alpine nation itself. Domestic sentiments got cautious as Sebi asked listed companies to disclose detailed reasons for delay in submission of financial results to the stock exchanges within one working day of the stipulated deadline. Adding more worries, a survey by the UK India Business Council (UKIBC) showed that ‘Quality of bureaucracy’ is rated as the weakest component of India’s business environment for the fourth year running. On the sectoral front, banking stocks were trading lower, impacted by Moody's Investors Service’s latest report indicating that the Reserve Bank of India's decision to allow lenders more time to adhere to additional capital buffer norms under Basel 3 is credit negative for the country's state-run banks, while stocks related to airlines industry fell, even though India's civil aviation minister ordered a safety audit of all domestic airlines, including struggling carrier Jet Airways.

On the global front, European markets were trading in red, as Eurozone's current account surplus decreased in September. The figures from the European Central Bank showed that the current account surplus fell to EUR 17 billion from EUR 24 billion in August. In the same month last year, the surplus was EUR 40 billion. On the price front, UK house prices declined sharply in November at the fastest monthly pace in seven years. As per figures from the property market data website Rightmove, average asking prices dropped GBP 5,222 or 1.7 percent month-on-month to GBP 302,023 in November. That was biggest November drop since 2012. Further, Asian markets were also trading in red, with investors closely monitored simmering trade tensions after the rivalry between Washington and Beijing overshadowed a summit of Asia-Pacific leaders over the weekend.

The BSE Sensex is currently trading at 35475.11, down by 299.77 points or 0.84% after trading in a range of 35468.61 and 35731.67. There were 4 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.97%, while Small cap index was down by 0.93%.

The top losing sectoral indices on the BSE were Metal down by 2.74%, Basic Materials down by 1.88%, IT down by 1.55%, Healthcare down by 1.52% and TECK down by 1.40%, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were Indusind Bank up by 1.38%, Adani Ports & SEZ up by 1.00%, Mahindra & Mahindra up by 0.79% and ITC up by 0.07%. On the flip side, Yes Bank down by 5.90%, Tata Steel down by 3.23%, Vedanta down by 2.94%, Wipro down by 2.48% and NTPC down by 1.96% were the top losers.

Meanwhile, highlighting benefits of industrial park rating system, Commerce and Industry Minister Suresh Prabhu has said that this initiative would help increase competitiveness of industries and promotion of the manufacturing sector. The proposed system will assess industrial parks in the country based on four pillars such as internal and external infrastructure, connectivity, environment and safety management, and business support services.

The minister also noted that infrastructure of industrial parks in the country would also get improved with this rating system. Suresh Prabhu further said that the system would also be a useful tool for policy makers and investors available ‘at the click of a button’.

The said system is being developed by the ministry and it would assess 200 industrial parks in the country in sectors including engineering, software, food processing and chemicals, on several parameters such as sewage effluent and treatment; and water treatment.

The CNX Nifty is currently trading at 10655.90, down by 107.50 points or 1.00% after trading in a range of 10655.30 and 10740.85. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were GAIL India up by 2.73%, Indusind Bank up by 1.42%, Adani Ports & SEZ up by 0.78%, Mahindra & Mahindra up by 0.61% and Bajaj Finance up by 0.48%. On the flip side, Yes Bank down by 6.40%, Hindalco down by 4.71%, Indiabulls Housing Finance down by 3.90%, Tech Mahindra down by 3.42% and Tata Steel down by 3.31% were the top losers.

All Asian markets were trading in red; Straits Times decreased 32.42 points or 1.07% to 3,032.65, KOSPI fell 17.98 points or 0.86% to 2,082.58, Shanghai Composite plunged 57.66 points or 2.18% to 2,645.85, Hang Seng lost 531.66 points or 2.06% to 25,840.34, Taiwan Weighted decreased 84.70 points or 0.87% to 9,743.99 and Nikkei 225 was down by 238.04 points or 1.1% to 21,583.12.

All European markets were trading in red; UK’s FTSE 100 dipped 30.59 points or 0.44% to 6,970.30, France’s CAC decreased 39.76 points or 0.8% to 4,945.69 and Germany’s DAX was down by 119.73 points or 1.08% to 11,124.81.