Sensex, Nifty see sharp fall

Key Indian bourses saw sharp fall in late afternoon session, on the back of weak opening in European markets. Losses led by Consumer Durables, Power and IT stocks also weighed on the markets. Trading sentiments got hit after a private report showed that India's industrial activity is expected to remain subdued in the near term, owing to muted domestic demand, weak global economic outlook and uncertainty among businesses over the outcome of Lok Sabha elections, 2019. The street overlooked reports that the commerce ministry sought stakeholders' views on a report submitted by a panel to revive special economic zones (SEZs).  On the sectoral front, power stocks were in focused, with Power Minister R K Singh’s statement that the government will soon approve the power tariff policy which would provide for a penalty for unscheduled power cuts by distribution companies from April 1.

On the global front, European markets were trading in red, as UK budget deficit for December exceeded street’s expectations. The figures from the Office for National Statistics showed that the public sector net borrowing, or PSNB, was GBP 3 billion in December, which was GBP 0.3 billion more than a year ago. The PSNB was GBP 35.9 billion in the year-to-date period, which was GBP 13.1 billion less than the same period in 2017. Asian markets were trading mixed, with mounting signs of slowing global growth and concerns over a yet-unresolved Sino-US trade dispute kept investors on edge.

The BSE Sensex is currently trading at 36314.86, down by 129.78 points or 0.36% after trading in a range of 36309.59 and 36521.47. There were 14 stocks advancing against 17 stocks declining on the index.

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

The top gaining sectoral indices on the BSE were Metal up by 0.90%, Healthcare up by 0.45%, Basic Materials up by 0.34%, Oil & Gas up by 0.31% and Telecom up by 0.08%, while Consumer Durables down by 0.72%, Power down by 0.59%, IT down by 0.57%, Auto down by 0.44% and TECK down by 0.41% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 3.03%, Yes Bank up by 2.92%, Tata Steel up by 1.77%, Hindustan Unilever up by 1.45% and Bajaj Finance up by 0.92%. On the flip side, Infosys down by 1.42%, ITC down by 1.31%, NTPC down by 1.23%, Mahindra & Mahindra down by 1.16% and HDFC down by 1.12% were the top losers.

Meanwhile, the Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest ‘Net Payroll Data’ report has showed that India created 7.32 lakh new jobs in the month of November 2018. The job creation increased from the revised figure of 666437 in October to 732083 in November.

As per the report, the maximum jobs were created in the age bracket of 18-21 and in this bracket the top 10 sectors which have created more fresh jobs include Expert Services, Trading - Commercial Establishments, Electric-Mechanical-or General Engineering Products, Building & Construction Industry, Engineers- Engineering Contractors, establishments engaged in Manufacturing- Marketing Servicing- Usage of Computers, Textiles, Garments Making, Establishments Engaged In Cleaning & Sweeping Services and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 6558 new jobs were created in less than 18 age group category, while 218346 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 203154, 84076, 114085 and 105864 new payrolls respectively in November 2018.

The CNX Nifty is currently trading at 10889.45, down by 33.30 points or 0.30% after trading in a range of 10889.35 and 10944.80. There were 25 stocks advancing against 24 stocks declining, while 1 stock remained unchanged on the index.

The top gainers on Nifty were Yes Bank up by 2.94%, Sun Pharma up by 2.79%, Zee Entertainment up by 2.56%, Wipro up by 2.16% and Tata Steel up by 1.87%. On the flip side, Grasim Industries down by 2.41%, Indiabulls Housing Finance down by 1.80%, Infosys down by 1.66%, ITC down by 1.28% and TCS down by 1.28% were the top losers.

Asian markets were trading mixed; Hang Seng increased 2.75 points or 0.01% to 27,008.20, KOSPI rose 10.01 points or 0.47% to 2,127.78, and Shanghai Composite gained 0.21 points or 0.01% to 2,579.91. On the flip side, Straits Times trembled 13.73 points or 0.43% to 3,178.98, Nikkei 225 slipped 29.19 points or 0.14% to 20,593.72, Taiwan Weighted dropped 48.26 points or 0.49% to 9,846.40 and Jakarta Composite was down by 14.30 points or 0.22% to 6,454.26.

All European markets were trading in red; France’s CAC fell 10.36 points or 0.21% to 4,837.17, Germany’s DAX lost 46.90 points or 0.42% to 11,043.21 and UK’s FTSE 100 was down by 35.98 points or 0.52% to 6,865.41.