Indian equity benchmarks extended their losses in late afternoon session, tracking weak European markets. In line with larger peers, the broader indices were too performing lackluster in late noon deals, while the realty sector stocks fell the most among all major sectoral indices on the BSE. Domestic sentiments remained weak, as State Bank of India’s (SBI) Economic Research Department in its Ecowrap report sharply cut India’s Gross Domestic Product (GDP) growth forecast to 5% for Fiscal Year 2019-20 (FY20) from the earlier projection of 6%. The street paid no heed towards Finance Minister Nirmala Sitharaman’s statement that the Government of India’s top priority is to put the farmers’ concerns and rural development on a larger landscape.
On the global front, European markets were trading in red, as France economic growth is expected to slow slightly in the fourth quarter. The survey data from the Bank of France showed that gross domestic product is forecast to grow 0.2 percent in the fourth quarter, which is slower than the 0.3 percent expansion seen in the third quarter. Asian markets were also trading in red, even though Japan's money supply increased at a faster pace in October. The data from the Bank of Japan showed that the monetary aggregate M2 expanded 2.5 percent year-on-year, following August's 2.4 percent increase. This was the fastest growth in five months. The rate was forecast to remain unchanged at 2.4 percent.
Back home, textile sector stocks were in watch, after the Home Textile Exporters' Welfare Association (HEWA) sought Prime Minister Narendra Modi's intervention for release of pending dues under the Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups (RoSCTL), taxes and levies rebate scheme.
The BSE Sensex is currently trading at 40223.76, down by 121.32 points or 0.30% after trading in a range of 40200.95 and 40447.17. There were 9 stocks advancing against 22 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index was down by 0.64%, while Small cap index was down by 1.00%.
The few gaining sectoral indices on the BSE were Energy up by 1.66%, Consumer Durables up by 0.24%, Auto up by 0.10% and IT up by 0.10%, while Realty down by 1.85%, Metal down by 1.64%, Capital Goods down by 1.60%, PSU down by 1.53% and Industrials down by 1.42% were the top losing indices on BSE.
The top gainers on the Sensex were TCS up by 3.52%, Reliance Industries up by 3.03%, ONGC up by 0.47%, Hindustan Unilever up by 0.46% and Tata Steel up by 0.34%. On the flip side, Yes Bank down by 3.77%, SBI down by 2.72%, Tech Mahindra down by 2.28%, Sun Pharma down by 2.00% and Vedanta down by 2.00% were the top losers.
Meanwhile, Finance Minister Nirmala Sitharaman, at 6th World Congress on Rural and Agricultural Finance, has said that the Government of India’s top priority is to put the farmers’ concerns and rural development on a larger landscape. The event was jointly organized by National Bank for Agriculture and Rural Development (NABARD) and Asia - Pacific Rural Agricultural and Credit Association (APRACA) on November 12, 2019.
Emphasizing on the immediate need for taking up water management and water-related stress points, Sitharaman noted that the government is looking at acknowledging huge dependence on rural life and agriculture. She further expressed need for the farmers contributing in solar energy generation, participation in wind energy, installing solar panels in his farms, etc. and also to become an Urjadaata from Annadata.
Besides, Finance Minister said that the government is focusing on the priorities of fishermen in the coastal and inland water areas. She encouraged NABARD to focus on marketing of nutrients in the coastal areas. She said NABARD can work with the FPOs and SHGs in these areas to help increase nutritional input of the area, which could be well-received in the wellness industry.
The CNX Nifty is currently trading at 11871.40, down by 42.05 points or 0.35% after trading in a range of 11860.55 and 11946.80. There were 15 stocks advancing against 35 stocks declining on the index.
The top gainers on Nifty were Britannia up by 4.28%, TCS up by 3.51%, Reliance Industries up by 2.91%, Bajaj Finserv up by 1.14% and ONGC up by 0.58%. On the flip side, GAIL India down by 4.76%, Adani Ports & SEZ down by 3.91%, Zee Entertainment down by 3.83%, Yes Bank down by 3.77% and Hindalco down by 3.37% were the top losers.
Asian markets were trading in red; Nikkei 225 plunged 200.14 points or 0.85% to 23,319.87, Jakarta Composite lost 21.75 points or 0.35% to 6,159.24, KOSPI fell 18.47 points or 0.86% to 2,122.45, Shanghai Composite declined 14.06 points or 0.48% to 2,900.76, Straits Times trembled 25.13 points or 0.77% to 3,242.67, Taiwan Weighted dropped 52.54 points or 0.46% to 11,467.83 and Hang Seng was down by 552.35 points or 2.04% to 26,512.93.
All European markets were trading in red; FTSE lost 20.91 points or 0.28% to 7,344.53, CAC fell 11.89 points or 0.20% to 5,907.86 and DAX was down by 54.05 points or 0.41% to 13,229.46.
