Benchmarks wipe out all gains in late afternoon session

Indian benchmarks erased all the gains to turn negative in late afternoon session. Both Sensex and Nifty were trading below their crucial 55,700 and 16,600 marks, respectively. Realty, metal and banking counters were on the priority list of the sellers. Sentiment on the street weakened, as CMIE’s latest data showed that unemployment rate in urban India has been on the rise since the beginning of the current month. From 8.03% for the week ended August 1, it jumped to 9.96% in the next week and further to an eight-week high of 10.23% for the week ended August 15. At a time when the rural joblessness is hovering between 6-7% since July - it touched 7.01% for the week ended August 15, the spike in urban unemployment rate to double-digit reflects the continued labour market stress in the non-agricultural sectors. Sector wise, textile sector remained in focus, as ICRA in its latest report has said that home textile exporters are set to clock a 20-25 per cent growth in current financial year (FY22) with healthy margins.

On the global front, all Asian markets were trading higher despite Wall Street fell on weak retail sales as investors awaited an update from the Federal Reserve on possible plans to reduce US stimulus. European markets were trading lower, making muted moves following a larger-than-expected drop in consumer price index figures in the UK.

The BSE Sensex is currently trading at 55,550.52, down by 241.75 points or 0.43% after trading in a range of 55588.41 and 56118.57. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index gained 0.36%, while Small cap index was down by 0.23%.

The top gaining sectoral indices on the BSE were Power up by 0.35%, Oil & Gas up by 0.31%, Utilities up by 0.27%, PSU up by 0.15% and Healthcare was up by 0.11%, while Metal down by 0.89%, Bankex down by 0.68%, Realty down by 0.63%, Telecom down by 0.52% and TECK was down by 0.32% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 2.79%, Bajaj Finserv up by 2.37%, Bajaj Finance up by 1.76%, Bajaj Auto up by 0.92% and Dr. Reddy's Lab up by 0.64%. On the flip side, ICICI Bank down by 1.90%, Kotak Mahindra Bank down by 1.58%, HDFC down by 1.18%, Indusind Bank down by 0.93% and HCL Tech down by 0.79% were the top losers.

Meanwhile, Minister of Commerce and Industry, Consumer Affairs & Food & Public Distribution and Textiles Piyush Goyal has said that today, technology & ideas are the twin engines of growth, IPR is the fuel that powers them and this award not only recognises the innovative ideas of individuals & institutions but also serves as an inspiration for others. He said there is need to bring an IP revolution for Inclusive Progress in the nation and strengthening IPR laws. He said it will boost job creation, quality, competitiveness & manufacturing.

Further, the Minister said that powered by Intellectual Property, India can be the 'Innovation Powerhouse' of the world. Goyal said that Intellectual Property Rights actually translates into India’s progress in real-time and extend Intellectual Property Right to India’s Prosperity Right. He also said “we must aim to make India the Design hub of World”.

Besides, he said one major initiative in this direction has been - National IPR Policy for “Creative India, Innovative India”. He said other key initiatives are Fee Concessions like 10% rebate on online filing, 80% fee concession for Start-ups & Small Entities. The Minister said that IPR filing procedures are now more compact, time-bound, user-friendly & compatible for e-transactions. He said that comprehensive e-Filing facility, Electronic processing of Patents & Trademarks applications, are bringing transparency & ease of access for those IPR seekers.

The CNX Nifty is currently trading at 16,556.60, down by 58.00 points or 0.35% after trading in a range of 16556.10 and 16701.85. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.91%, Ultratech Cement up by 2.81%, Bajaj Finserv up by 2.50%, Adani Ports up by 2.09% and Bajaj Finance up by 1.79%. On the flip side, Hindalco down by 2.47%, ICICI Bank down by 1.95%, Kotak Mahindra Bank down by 1.64%, SBI Life down by 1.64% and Tata Motors down by 1.26% were the top losers.

All Asian markets were trading higher, Nikkei 225 surged 161.44 points or 0.59% to 27,585.91, Hang Seng increased 121.14 points or 0.47% to 25,867.01, Straits Times advanced 11.87 points or 0.38% to 3,130.38, Shanghai Composite gained 1.11 points or 3442.35% to 38.31, Taiwan Weighted strengthened 0.99 points or 16630.99% to 164.91, Jakarta Composite soared 0.50 points or 6109.56% to 30.24 and KOSPI was up by 0.50 points or 3141.98% to 15.84.

European markets were trading lower, UK’s FTSE 100 decreased 30.24 points or 0.42% to 7,150.87, France’s CAC decreased 26.07 points or 0.38% to 6,793.77 and Germany’s DAX was down by 39.22 points or 0.25% to 15,882.73.