Local equities extend losses in late afternoon session

Indian equity markets extended their losses in late afternoon session. Selling was witnessed in Metal, Basic Materials and PSU sector stocks. The market got hit after Reserve Bank of India's (RBI) data showed that country's foreign exchange reserves declined by $1.34 billion to $641.113 billion in the week ended September 10, 2021. In the previous week ended September 3, the reserves had surged by $8.895 billion to a life time high of $642.453 billion. During the reporting week ended September 10, the fall in the reserves was on account of a decline in Foreign Currency Assets (FCAs), a major component of the overall reserves. Traders took note of report that in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, the Central Government has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961. 

On the global front, Asian markets fell in thin holiday trade on Monday, with markets in China, Japan, South Korea and Taiwan closed for holidays. European markets were trading lower amid concerns about the health of property giant China Evergrande Group and ahead of the week’s crucial Federal Reserve meeting.

The BSE Sensex is currently trading at 58717.49, down by 298.40 points or 0.51% after trading in a range of 58525.89 and 59202.56. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was declined 1.06%, while Small cap index was down by 1.04%.

The only gaining sectoral indices on the BSE were FMCG up by 0.77% and TECK was up by 0.04%, while Metal down by 4.95%, Basic Materials down by 2.94%, PSU down by 2.12%, Power down by 1.41% and Healthcare was down by 1.31% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 2.54%, HCL Tech up by 1.40%, Bajaj Finserv up by 1.38%, ITC up by 1.23% and Bajaj Finance up by 0.97%. On the flip side, Tata Steel down by 7.28%, SBI down by 2.87%, HDFC down by 2.30%, Indusind Bank down by 1.90% and Dr. Reddy's Lab down by 1.88% were the top losers.

Meanwhile, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, the Central Government has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961.

As per the notification, time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from September 30, 2021 to March 31, 2022. The due date for completion of penalty proceedings under the Act has also been extended from September 30, 2021 to March 31, 2022.

Further, the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has also been extended to March 31, 2022.

The CNX Nifty is currently trading at 17470.25, down by 114.90 points or 0.65% after trading in a range of 17425.30 and 17622.75. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 2.61%, HCL Tech up by 1.58%, Bajaj Finserv up by 1.38%, ITC up by 1.12% and Bajaj Finance up by 0.93%. On the flip side, Tata Steel down by 7.31%, Hindalco down by 5.12%, UPL down by 4.37%, JSW Steel down by 4.06% and BPCL down by 2.93% were the top losers.

Asian markets were trading in red, Hang Seng decreased 3.30 points or 24640.43% to 821.62, Jakarta Composite lost 0.93 points or 6132.03% to 56.93 and Straits Times was down by 0.87 points or 3071.39% to 26.66.

European markets were trading lower, UK’s FTSE 100 decreased 108.45 points or 1.56% to 6,855.19, France’s CAC decreased 129.27 points or 1.97% to 6,440.92 and Germany’s DAX was down by 330.32 points or 2.13% to 15,159.85.