Bourses continue to trade with hefty losses in late afternoon session

The Indian benchmarks continued to trade with hefty losses in late afternoon session on account of selling in frontline counters. As for broader indices, Small cap index remained in green, while BSE Mid cap index continued to trade in red. Traders failed to take any support eith Niti Aayog Vice-Chairman Rajiv Kumar’ statement that India will still grow at 6-7 per cent in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions amid growing fears of the world slipping into a recession. Kumar further said there is a synchronized downturn in the US, Europe, Japan and also in China and that could take the global economy into a recession in the coming months. In scrip specific development, Five Star Business Finance has debuted at Rs 449.95 on the BSE, down by 24.05 points or 5.07% from its issue price of Rs 474 and Archean Chemical Industries has debuted at Rs 449.00 on the BSE, up by 42 points or 10.32% from its issue price of Rs 407.

On the global front, Asian markets were trading mostly in red as China battled a record number of COVID-19 cases and Russian officials in control of Europe's largest nuclear site accused Kyiv of shelling the area. European markets were trading lower with economically sensitive sectors like miners and industrials leading the losses on worries about the impact of surging COVID-19 cases in China.

The BSE Sensex is currently trading at 61108.36, down by 555.12 points or 0.90% after trading in a range of 61073.75 and 61456.33. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.24%, while Small cap index was up by 0.11%.

The only gaining sectoral indices on the BSE were Telecom was up by 0.58%, while Realty down by 1.41%, Power down by 1.35%, Utilities down by 1.32%, Energy down by 1.25% and Oil & Gas was down by 1.20% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.40%, Axis Bank up by 0.93%, Hindustan Unilever up by 0.63%, HCL Tech up by 0.21% and ICICI Bank up by 0.11%. On the flip side, Reliance Industries down by 1.92%, HDFC down by 1.82%, Bajaj Finance down by 1.67%, TCS down by 1.46% and Dr. Reddy's Lab down by 1.45% 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 1682353 new jobs in the month of September 2022.

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, 5992 new jobs were created in less than 18 age group category, while 342075 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 432350, 243743, 348623 and 309570 new payrolls, respectively in September.

The CNX Nifty is currently trading at 18150.15, down by 157.50 points or 0.86% after trading in a range of 18136.00 and 18262.30. There were 8 stocks advancing against 41 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were BPCL up by 2.04%, Bharti Airtel up by 1.41%, Axis Bank up by 0.93%, Hindustan Unilever up by 0.62% and Britannia up by 0.26%. On the flip side, ONGC down by 4.44%, Reliance Industries down by 1.92%, Adani Ports down by 1.91%, HDFC down by 1.80% and SBI Life down by 1.79% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 336.63 points or 1.87% to 17,655.91, Taiwan Weighted dropped 55.60 points or 0.38% to 14,449.39, KOSPI fell 24.98 points or 1.02% to 2,419.50, Straits Times trembled 21.53 points or 0.66% to 3,250.70, Jakarta Composite lost 18.93 points or 0.27% to 7,063.25 and Shanghai Composite was down by 12.20 points or 0.39% to 3,085.04. On the flip side, Nikkei 225 was up by 45.02 points or 0.16% to 27,944.79.

European markets were trading lower, UK’s FTSE 100 decreased 22.44 points or 0.3% to 7,363.08, France’s CAC decreased 10.93 points or 0.16% to 6,633.53 and Germany’s DAX was down by 49.24 points or 0.34% to 14,382.62.