Post Session: Quick Review

Indian equity benchmarks ended lower on Tuesday. After a cautious start of the trading day, markets traded in green terrain, as domestic rating agency Brickwork Ratings revised its growth estimate for the country's gross domestic product (GDP) to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth. It said many economic growth indicators are suggesting a faster-than-expected revival in economic activities.

However, key indices soon cut their gains and turned volatile. There was some cautiousness as Rating agency Crisil’s latest report stated that higher diesel prices will shave off the overall profitability of transporters despite an improvement in freight rates since last month following the withdrawal of the monsoons, consumption recovery and higher infrastructure activity.

Volatile trade continued over the Dalal Street during the trading session and finally key indices ended trading day in red terrain. Traders remained cautious, as India, speaking on behalf of the BASIC group, warned that lack of a serious approach to climate finance will jeopardise the enhanced mitigation and adaptation ambition as well as net zero pledges of parties.

On the global front, European markets were trading mostly in green as strong corporate earnings supported sentiment, while investors awaited fresh U.S. inflation data for clues on the interest rate outlook. Asian markets ended mostly higher on Tuesday, after Japan posted a current account surplus of 1,033.7 billion yen in September, the Ministry of Finance said on Tuesday. That missed forecasts for a surplus of 1,060.1 billion yen and was down from 1,665.6 billion yen in August.

The BSE Sensex ended at 60433.45, down by 112.16 points or 0.19% after trading in a range of 60213.64 and 60670.47. There were 14 stocks advancing against 16 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.82%, while Small cap index up by 0.67%. (Provisional)

The top gaining sectoral indices on the BSE were Industrials up by 1.39%, Capital Goods up by 1.07%, Auto up by 1.04%, Oil & Gas up by 0.92% and Energy up by 0.76%, while Metal down by 0.91%, Consumer Durables down by 0.45%, Bankex down by 0.28% and FMCG down by 0.27% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Mahindra & Mahindra up by 3.92%, SBI up by 1.16%, Larsen & Toubro up by 0.88%, ICICI Bank up by 0.82% and Reliance Industries up by 0.72%. On the flip side, HDFC Bank down by 1.82%, HDFC down by 1.44%, Maruti Suzuki down by 1.42%, Bajaj Finance down by 1.39% and NTPC down by 1.28% were the top losers. (Provisional)

Meanwhile, lauding Prime Minister Narendra Modi's consistent focus on infrastructure, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that India is committed to build modern infrastructure for the 21st century, at a pace never seen before.

The Minister said that the inputs given by Logistics Ease Across Different States Report 2021 can lead the way to bring down logistics cost by 5% over the next 5 years. Referring to the recently launched PM GatiShakti Master Plan, he said that it would revolutionise the next generation of multimodal infrastructure development in the country.

Besides, Goyal emphasized that efficient logistics was pivotal to bring ease and empowerment to businesses as well as citizens. He observed that logistics contributed immensely in fight against COVID-19 by taking essential supplies including liquid Medical Oxygen throughout the country during the 2nd wave.

The CNX Nifty ended at 18044.25, down by 24.30 points or 0.13% after trading in a range of 17983.05 and 18112.60. There were 26 stocks advancing against 24 stocks declining on the index. (Provisional)

The top gainers on Nifty were Mahindra & Mahindra up by 3.80%, Tata Motors up by 1.65%, Hero MotoCorp up by 1.17%, ONGC up by 1.13% and SBI up by 1.13%. On the flip side, Britannia down by 2.58%, HDFC Bank down by 1.75%, Maruti Suzuki down by 1.39%, Power Grid  down by 1.37% and JSW Steel down by 1.34% were the top losers. (Provisional)

European markets were trading mostly in green, UK’s FTSE 100 increased 7.03 points or 0.1% to 7,307.43 and Germany’s DAX was up by 13.47 points or 0.08% to 16,059.99. On the flip side, France’s CAC was down by 6.58 points or 0.09% to 7,040.90.

Asian markets ended mostly higher on Tuesday tracking Wall Street gains overnight following passage of a $1 trillion infrastructure bill in the United States, but investors globally are stayed cautious ahead of the inflation data from the United States. Chinese shares gained despite concerns around Evergrande's debt crisis. The US Central bank Fed also warned that stresses in the Chinese real-estate sector from Evergrande's debt crisis could spill over to the United States. Reports suggested that Evergrande has raised around $145m (£107m) just before a deadline for a fresh debt interest payment. Seoul shares settled slightly higher amid institutional buying. However, Japanese shares declined with stronger yen, while some disappointing earnings updates also denting market sentiments.