Benchmarks remain in red in morning deals

Indian equity benchmarks remained in red in morning deals, following weak global market trends and continuous foreign fund outflow. As per exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 453.91 crore. However, losses remain capped as some support came with Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) stating that the Indian industry is ready to catch the momentum of the country’s growth story and be a part of its march to 2047 to become a developed nation. He said India has emerged as a bright spot in the world economy. Meanwhile, the GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming.

On the global front, Asian markets are trading mostly in red following the broadly negative cues from global markets, as traders remained concerned about a global recession after data showed a sharp acceleration in UK inflation. A jump in US treasury yields to its highest closing level in over fourteen years also strengthened the US dollar against Asian currencies. Back home, metal stocks remained in watch as the World Steel Association (WSA) said global steel demand will erode this year by 2.3% due to surging inflation and climbing interest rates, downgrading their forecast.

The BSE Sensex is currently trading at 58953.81, down by 153.38 points or 0.26% after trading in a range of 58791.28 and 59022.63. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.66%, while Small cap index was down by 0.20%.

The top gaining sectoral indices on the BSE were IT up by 0.38%, TECK up by 0.38%, FMCG up by 0.24%, Healthcare up by 0.04% and Oil & Gas up by 0.01%, while Consumer Durables down by 1.50%, Bankex down by 0.85%, Auto down by 0.85%, PSU down by 0.56% and Realty down by 0.51% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.06%, HCL Technologies up by 0.73%, TCS up by 0.65%, Hindustan Unilever up by 0.64% and Power Grid Corporation up by 0.58%. On the flip side, Indusind Bank down by 3.99%, Titan Company down by 1.81%, Bajaj Finance down by 1.26%, SBI down by 1.22% and HDFC Bank down by 0.84% were the top losers.

Meanwhile, Indian Bureau of Mines (IBM) in its provisional data has showed that the country's mineral output registered a cumulative growth of 4.2 per cent in the first five months of this fiscal compared to the year-ago period.

However, it also showed the index of mineral production of mining and quarrying sector during August was at 99.6, which was 3.9 per cent lower as compared to the level in August last year.  The output of important minerals in August includes coal 580 lakh tonnes, lignite 29 lakh tonnes, natural gas (utilised) 2,829 million cum, petroleum (crude) 24 lakh tonnes and bauxite 14.5 lakh tonnes.

It mentioned Coal, lead conc, zinc conc and limestone are important minerals which have shown positive growth in August. The important minerals that have shown negative growth includes natural gas (U), manganese ore, petroleum (crude) and magnesite.

The CNX Nifty is currently trading at 17473.55, down by 38.70 points or 0.22% after trading in a range of 17421.00 and 17487.65. There were 22 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Cipla up by 1.38%, Nestle up by 1.31%, UPL up by 1.06%, HDFC Life Insurance up by 0.90% and HCL Technologies up by 0.82%. On the flip side, Indusind Bank down by 3.97%, Titan Company down by 1.76%, Coal India down by 1.28%, Bajaj Finance down by 1.21% and SBI down by 1.16% were the top losers.

Asian markets are trading mostly in red; Hang Seng decreased 288.90 points or 1.75% to 16,222.38, Taiwan Weighted dropped 183.44 points or 1.41% to 12,793.32, Nikkei 225 slipped 171.19 points or 0.63% to 27,086.19, KOSPI fell 14.03 points or 0.63% to 2,223.41, Shanghai Composite declined 8.47 points or 0.28% to 3,035.91 and Straits Times trembled 4.59 points or 0.15% to 3,018.21.

On the global front, Jakarta Composite soared 104.56 points or 1.52% to 6,964.98.