Bourses trim some losses in late afternoon session

Indian benchmarks trimmed some of their losses in late afternoon session amid a day of weekly F&O expiry. India VIX was up 0.30%. Heavy selling in IT, Metal and Auto stocks pulled down the markets lower. Markets remained in red even after bank credit grew by 7.14 per cent to Rs 111.64 lakh crore and deposits increased by 11.42 per cent to Rs 160.49 lakh crore in the fortnight ended November 15, 2021. In scrip specific development, Sapphire Foods - an operator of KFC and Pizza Hut outlets in the country - debuted at a premium, while Paytm debuted at discount on the bourses. On the global front, Asian markets were trading mostly in red tracking losses on Wall Street fuelled by growing inflation concerns and talk that central banks will have to tighten their monetary policies quicker than anticipated. European markets were trading mostly in green after a strong earnings season fuelled a series of all-time highs, while weakness in oil and metal prices hit commodity-related stocks.

The BSE Sensex is currently trading at 59713.70, down by 294.63 points or 0.49% after trading in a range of 59376.50 and 60177.52. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.47%, while Small cap index was down by 1.23%.

The only gaining sectoral indices on the BSE were Energy was up by 0.24%, while Metal down by 2.41%, Auto down by 1.94%, Basic Materials down by 1.58%, Capital Goods down by 1.57% and Industrials was down by 1.41% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.26%, Asian Paints up by 0.62%, SBI up by 0.61%, Reliance Industries up by 0.53% and HDFC Bank up by 0.44%. On the flip side, HCL Tech down by 2.72%, Mahindra & Mahindra down by 2.69%, Tata Steel down by 2.46%, Indusind Bank down by 2.41% and Larsen & Toubro down by 2.34% were the top losers.

Meanwhile, urging the industry to seize the opportunities presented by Atmanirbhar Bharat, ramp up capacities, create job opportunities and empower people with skill sets, Minister of Finance and Corporate Affairs, Nirmala Sitharaman has said that the Union government's intention is to make the business landscape easy and facilitative.

Finance Minister requested India Inc to venture into new areas, find partners to upgrade technologically, invest in infrastructure and adopt a growth-oriented focus. Also, Finance Minister outlined some of the priority areas for the government which include infrastructure building and technology driven infrastructure.

Nirmala Sitharaman further noted that Fintech and Bharat Net are reaching the farthest corners of the country which present collateral benefits for growth. She also added that Start-ups and new-age technology will make a big difference to the economy.

The CNX Nifty is currently trading at 17803.10, down by 95.55 points or 0.53% after trading in a range of 17688.50 and 17945.60. There were 8 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 1.36%, Indian Oil up by 1.01%, Reliance Industries up by 0.85%, SBI up by 0.74% and Asian Paints up by 0.61%. On the flip side, Tata Motors down by 3.46%, HCL Tech down by 2.50%, Mahindra & Mahindra down by 2.49%, Tata Steel down by 2.46% and Hero MotoCorp down by 2.34% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 330.36 points or 1.29% to 25,319.72, Nikkei 225 slipped 89.67 points or 0.3% to 29,598.66, Jakarta Composite lost 39.33 points or 0.59% to 6,636.47, Shanghai Composite declined 16.66 points or 0.47% to 3,520.71 and KOSPI was down by 15.04 points or 0.51% to 2,947.38. On the flip side, Straits Times advanced 3.45 points or 0.11% to 3,236.13 and Taiwan Weighted was up by 77.33 points or 0.44% to 17,841.37.

European markets were trading mostly in green, France’s CAC increased 13.89 points or 0.19% to 7,170.74 and Germany’s DAX was up by 32.76 points or 0.2% to 16,283.89. On the flip side, UK’s FTSE 100 decreased 12.97 points or 0.18% to 7,278.23.