Bears tighten grip over Dalal Street

Bears have tighten their grip over Dalal Street in late afternoon session, despite firm cues from European markets. In line with the larger peers, the broader indices too remained under pressure in late noon deals. Domestic sentiments remained downbeat, amid a private report stating that India's economic growth is set to slow further in the April-June quarter of this year to 5.7 per cent amid contraction in consumption, weak investments and an under-performing service sector.

On the global front, European markets were trading in green, after Estonia's producer prices fell in July. The data from Statistics Estonia showed that the producer price index declined 0.2 percent year-on-year in July, after a 0.5 percent rise in June. Asian markets were trading mixed.

Back home, tea sector stocks were under pressure, with a report that the tea industry has been under severe stress with increasing production costs and stagnating prices, which threatened the long term viability of the sector.

The BSE Sensex is currently trading at 37060.43, down by 267.58 points or 0.72% after trading in a range of 37022.52 and 37406.55. There were 7 stocks advancing against 23 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.18%, while Small cap index was down by 1.36%.

The only gaining sectoral index on the BSE was IT up by 0.24%, while Metal down by 2.98%, Industrials down by 2.17%, PSU down by 2.17%, Basic Materials down by 2.12% and Capital Goods down by 2.04% were the top losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 1.34%, Infosys up by 0.80%, Bajaj Auto up by 0.69%, Tech Mahindra up by 0.51% and Hindustan Unilever up by 0.49%. On the flip side, Tata Motors down by 9.49%, Yes Bank down by 8.42%, Tata Motors - DVR down by 7.92%, Tata Steel down by 4.19% and ONGC down by 3.12% were the top losers.

Meanwhile, the Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 12,23,675 new jobs in the month of June 2019 as against 8,56,870 in May 2019.

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, Engineers- Engineering Contractors, Building & Construction Industry, 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 Tamil Nadu, Karnataka, Gujarat, Haryana and Delhi.

According to the data report, 10982 new jobs were created in less than 18 age group category, while 346917 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 325634, 148492, 207907 and 183743 new payrolls respectively in June 2019.

The CNX Nifty is currently trading at 10914.90, down by 102.10 points or 0.93% after trading in a range of 10906.65 and 11034.20. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 1.24%, Infosys up by 0.78%, Bajaj Auto up by 0.58%, Eicher Motors up by 0.54% and Tech Mahindra up by 0.45%. On the flip side, Tata Motors down by 9.65%, Yes Bank down by 8.36%, Indiabulls Housing Finance down by 6.56%, Tata Steel down by 4.40% and Grasim Industries down by 3.77% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 58.65 points or 0.28% to 20,618.57, Jakarta Composite lost 39.16 points or 0.62% to 6,256.58, Straits Times trembled 9.33 points or 0.3% to 3,126.62 and Shanghai Composite was down by 1.45 points or 0.05% to 2,878.55. On the flip side, Hang Seng increased 1.60 points or 0.01% to 26,233.14, Taiwan Weighted strengthened 3.30 points or 0.03% to 10,525.80 and KOSPI was up by 4.40 points or 0.22% to 1,964.65.

All European markets were trading in green; FTSE gained 72.02 points or 1.01% to 7,197.02, CAC rose 81.03 points or 1.52% to 5,425.67 and DAX was up by 138.01 points or 1.18% to 11,789.19.