Sensex, nifty witness further cut in gains; trade near day’s low points

Indian equity benchmarks witnessed further cut in gains in early afternoon deals, with both Sensex and Nifty trading near their intraday low points. Traders got cautious amid a private report stating that financials, information technology (IT) and fast-moving consumer goods (FMCG) stocks accounted for most of the sell-off by foreign portfolio investors (FPIs) during the first fortnight of October. However, markets managed to keep their heads in green, as Union Minister of Finance & Corporate Affairs Nirmala Sitharaman said that despite exogenous threats, India’s well-targeted policy mix, accompanied by major structural reforms and sound external balance sheet, have aided its growth to remain resilient.

On the global front, Asian markets were trading mostly in green, after South Korea's gross domestic product improved a seasonally adjusted 0.3 percent on quarter in the third quarter of 2022. That exceeded expectations for an increase of 0.1 percent following the 0.7 percent growth in the previous three months. On an annualized basis, GDP was up 3.1 percent - again beating forecasts for 2.8 percent and up from 2.9 percent in the three months prior.

Back home, pharma industry stocks were in watch as the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) will not impose anti-dumping duty on a Chinese chemical used in pharma industry as the finance ministry has not accepted the recommendations of DGTR for imposing the levy.

The BSE Sensex is currently trading at 59628.21, up by 84.25 points or 0.14% after trading in a range of 59619.02 and 59959.94. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.27%, while Small cap index was up by 0.22%.

The top gaining sectoral indices on the BSE were Metal up by 2.74%, Realty up by 2.23%, Telecom up by 0.94%, Utilities up by 0.84% and Power up by 0.81%, while IT down by 0.46% and TECK down by 0.01% were the only losing sectoral indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.82%, Bharti Airtel up by 2.14%, Sun Pharma up by 1.52%, Titan Company up by 1.26% and Mahindra & Mahindra up by 1.19%. On the flip side, Bajaj Finance down by 1.75%, Nestle down by 1.54%, Bajaj Finserv down by 1.49%, Asian Paints down by 1.35% and Tech Mahindra down by 0.96% were the top losers on the Sensex.
 
Meanwhile, underscoring the remarkable progress, India has made through its Digitalization Mission, utilizing technology to facilitate social protection and boost financial inclusion, Union Minister of Finance & Corporate Affairs Nirmala Sitharaman has said that despite exogenous threats, India’s well-targeted policy mix, accompanied by major structural reforms and sound external balance sheet, have aided its growth to remain resilient.

Finance Minister further emphasized that India has embarked on the path of a self-reliant economy and therefore has been successful in mitigating the negative effects of the pandemic. Finance Minister also highlighted that Prime Minister Narendra Modi is actively leading India’s climate change response efforts through various programs such as ‘Lifestyle for Environment’ (or LiFE), among many others.

Besides, Finance Minister suggested that in order to ensure meaningful impact is achieved and resources are not scattered in multiple areas, AIIB (Asian Infrastructure Investment Bank) needs to scale-up investments in key priority areas including clean energy and energy efficiency, disaster resilient infrastructure, social infrastructure with a special focus on education and health, and digital infrastructure.

The CNX Nifty is currently trading at 17687.65, up by 31.30 points or 0.18% after trading in a range of 17683.75 and 17783.90. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 4.58%, Hindalco up by 3.15%, Tata Steel up by 2.82%, Bharti Airtel up by 1.84% and Sun Pharma up by 1.60%. On the flip side, Bajaj Finance down by 1.73%, Bajaj Finserv down by 1.50%, Nestle down by 1.49%, Asian Paints down by 1.29% and Tech Mahindra down by 1.00% were the top losers.

Asian markets were trading mostly in green; KOSPI rose 39.22 points or 1.74% to 2,288.78, Straits Times advanced 5.33 points or 0.18% to 3,013.71, Jakarta Composite soared 15.98 points or 0.23% to 7,059.92, Taiwan Weighted strengthened 197.32 points or 1.55% to 12,926.37 and Hang Seng increased 149.78 points or 0.98% to 15,467.45, while Shanghai Composite declined 14.33 points or 0.48% to 2,985.17 and Nikkei 225 slipped 86.60 points or 0.32% to 27,345.2.