Bourses add losses in late afternoon session

Indian equity markets once again added losses in late afternoon session. Consumer Durables, FMCG and Realty counters were on the priority list of the sellers. The broader indices, the BSE Mid cap index and Small cap index were also trading lower. Sentiments remained downbeat after India’s forex reserves dropped by USD 4.854 billion to USD 532.664 billion as on September 30, 2022. The reserves, which have been dipping as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments, had declined by over USD 8.134 billion to USD 537.518 billion in the previous reporting week. In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. On the global front, all Asian markets were trading lower as better-than-expected U.S. jobs data released on Friday cemented bets of more large Federal Reserve rate hikes. European markets were trading lower amid heightened geopolitical tensions and expectations that the Federal Reserve will move ahead with further interest rate hikes.

The BSE Sensex is currently trading at 57738.29, down by 453.00 points or 0.78% after trading in a range of 57365.68 and 58125.01. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.26%, while Small cap index was down by 0.78%.

The only gaining sectoral indices on the BSE were IT was up by 0.09%, while Consumer Durables down by 1.71%, FMCG down by 1.41%, Realty down by 1.31%, Power down by 1.30% and Capital Goods was down by 1.22% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 1.86%, TCS up by 1.34%, Maruti Suzuki up by 0.40%, Power Grid up by 0.29% and Dr. Reddy's Lab up by 0.07%. On the flip side, Asian Paints down by 2.26%, Titan Company down by 2.19%, ITC down by 2.19%, HDFC Bank down by 1.49% and HDFC down by 1.45% were the top losers.

Meanwhile, with an aim to further improve ease of doing business and ease of living, Department for Promotion of Industry and Internal Trade (DPIIT) is inviting suggestions from businesses and citizens on issues in starting and running a business. It further noted that any minor violation under different provisions/sections can be suggested for decriminalization.

The aim of this move is to make ‘New India’ a preferred investment destination across the globe and ensure hassle-free service delivery to the ultimate beneficiary. Some suggestive broad areas that can be seen to further improve ease of doing business and ease of living include Applying for Incentives, Payment of Incentives, Procedural/Guidelines related and Payment mechanism.

Meanwhile, the Government of India is committed to improve ease of doing business and ease of living across the country. Multitude of reforms have been implemented over the last few years to improve Government’s interface with businesses and citizens.

The CNX Nifty is currently trading at 17159.35, down by 155.30 points or 0.90% after trading in a range of 17064.70 and 17280.15. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 1.89%, TCS up by 1.34%, Maruti Suzuki up by 0.51%, Eicher Motors up by 0.35% and HDFC Life Insurance up by 0.31%. On the flip side, Tata Motors down by 4.22%, Tata Consumer down by 3.13%, Hero MotoCorp down by 2.84%, Asian Paints down by 2.24% and ITC down by 2.21% were the top losers.

All Asian markets were trading lower, Hang Seng decreased 523.39 points or 2.95% to 17,216.66, Shanghai Composite declined 50.24 points or 1.66% to 2,974.15, Straits Times trembled 35.96 points or 1.14% to 3,109.85 and Jakarta Composite was down by 32.38 points or 0.46% to 6,994.40.

European markets were trading lower, UK’s FTSE 100 decreased 65.04 points or 0.93% to 6,926.05, France’s CAC decreased 68.30 points or 1.16% to 5,798.64 and Germany’s DAX was down by 54.14 points or 0.44% to 12,218.86.