Markets add losses in late afternoon session

Indian equity markets widened their losses in late afternoon session amid weak global cues. The broader indices, the BSE Mid cap index and Small cap index were losing above a percent each in trade. Bajaj Finserv was down above 4%, followed by Tech Mahindra, and Tata Steel. Traders failed to took support after in a bid to spur capital expenditure, the Finance Ministry has relaxed spending norms for the fourth quarter with a view to boost economic activities slowed down due to the impact of COVID-19. As per the existing guidelines, more than 33 per cent and 15 per cent of the budget estimates (BE) shall be permissible to be spent by ministries and departments in the last quarter and last month of the financial year, respectively. Sector wise, mineral sector remained in focus, as India’s mineral production rose five per cent in November 2021 compared to the year-ago period. The index of mineral production of mining and quarrying sector for November 2021 stood at 111.9, which was five per cent higher compared to the level in November 2020.

On the global front, Asian markets were trading mostly in red, as traders returned their focus to the Federal Reserve's plans to ramp up interest rates, while oil prices sank from their seven-year highs. European markets were trading lower, following on from losses in Asia and a late slump in the U.S. as fears about the pace of monetary policy tightening and a batch of weaker-than-expected earnings knocked investor confidence again.

The BSE Sensex is currently trading at 58,853.90, down by 610.72 points or 1.03% after trading in a range of 58683.01 and 59329.63. 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 1.35%, while Small cap index was down by 1.14%.

The only gaining sectoral indices on the BSE were Auto up by 0.10% and FMCG was up by 0.10%, while Telecom down by 2.53%, Consumer Durables down by 2.52%, Capital Goods down by 2.01%, PSU down by 1.91% and Realty was down by 1.76% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 2.16%, Maruti Suzuki up by 2.08%, HDFC up by 0.70%, HDFC Bank up by 0.38% and Nestle up by 0.10%. On the flip side, Bajaj Finserv down by 4.75%, Tech Mahindra down by 3.85%, Tata Steel down by 2.96%, Bharti Airtel down by 2.70% and Infosys down by 2.35% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1395475 new jobs in the month of November 2021.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 5727 new jobs were created in less than 18 age group category, while 280643 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 364050, 199369, 289671 and 256015 new payrolls, respectively in November 2021.

The CNX Nifty is currently trading at 17,579.60, down by 177.40 points or 1.00% after trading in a range of 17525.35 and 17707.60. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 4.56%, Tata Consumer up by 2.16%, Hindustan Unilever up by 2.13%, Maruti Suzuki up by 1.90% and Hindalco up by 1.69%. On the flip side, Bajaj Finserv down by 4.83%, Shree Cement down by 4.03%, Coal India down by 3.94%, Tech Mahindra down by 3.86% and Divi's Lab down by 3.81% were the top losers.

Asian markets were trading mostly in red, Taiwan Weighted dropped 318.98 points or 1.75% to 17,899.30, Nikkei 225 slipped 250.67 points or 0.9% to 27,522.26, Shanghai Composite declined 32.49 points or 0.91% to 3,522.57, KOSPI fell 28.39 points or 0.99% to 2,834.29 and Straits Times was down by 5.14 points or 0.16% to 3,289.68. On the flip side, Hang Seng increased 13.20 points or 0.05% to 24,965.55 and Jakarta Composite was up by 99.50 points or 1.5% to 6,726.37.

European markets were trading lower, UK’s FTSE 100 decreased 83.87 points or 1.11% to 7,501.14, France’s CAC decreased 107.97 points or 1.5% to 7,086.19 and Germany’s DAX was down by 237.29 points or 1.49% to 15,675.04.