Bourses once again add losses in late afternoon session

Local equity benchmarks once again added losses in late afternoon session. IT, TECK and Healthcare stocks were witnessing selling interest. Investors awaited the Reserve Bank of India's monetary policy decision due later in the week. Traders failed to take support, as India’s services sector witnessed strong growth in the month of November, as business activity and sales rose at faster rates. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index surged to 56.4 in November from 55.1 in October. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- improved to 56.7 in November from 55.5 in October. Sector wise, oil and gas sector remained in limelight after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude.

On the global front, Asian markets were trading mostly in green as Chinse and Hong Kong stocks surged as businesses reopened and testing requirements were relaxed in several cities, including Beijing and Shanghai. European markets were trading mostly in red ahead of the release of key activity data, with caution key even as more Chinese cities relaxed mobility restrictions.

The BSE Sensex is currently trading at 62659.43, down by 209.07 points or 0.33% after trading in a range of 62507.88 and 62939.63. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.09%, while Small cap index was up by 0.25%.

The top gaining sectoral indices on the BSE were Metal up by 2.10%, PSU up by 0.74%, Realty up by 0.59%, Bankex up by 0.21% and Utilities was up by 0.09%, while IT down by 0.72%, TECK down by 0.68%, Healthcare down by 0.60%, Telecom down by 0.55% and Auto was down by 0.48% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.17%, NTPC up by 1.80%, SBI up by 1.40%, Indusind Bank up by 1.32% and Power Grid up by 0.71%. On the flip side, Reliance Industries down by 1.46%, Tech Mahindra down by 1.27%, Dr. Reddy's Lab down by 1.21%, TCS down by 0.84% and Mahindra & Mahindra down by 0.82% were the top losers.

Meanwhile, India’s services sector witnessed strong growth in the month of November, as business activity and sales rose at faster rates. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index surged to 56.4 in November from 55.1 in October. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- improved to 56.7 in November from 55.5 in October.

The report further noted that new orders placed with service providers in India rose for the sixteenth consecutive month in November. The rate of expansion was marked and the fastest since August. Sales were boosted by favourable underlying demand and fruitful advertising. The rise in total new orders was supported by a renewed increase in international sales. November data showed the first upturn in new business from abroad since the onset of COVID-19 in early-2020.

Sustained expansions in new work intakes and demand buoyancy continued to promote job creation in the service economy. Employment rose at a solid pace that was among the quickest in over three years. On the inflation front, there was another substantial increase in input costs, the second-fastest since July, which underpinned the strongest upturn in selling charges in just under five-and-a-half years.

The CNX Nifty is currently trading at 18647.35, down by 48.75 points or 0.26% after trading in a range of 18591.35 and 18728.60. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.48%, Tata Steel up by 3.39%, UPL up by 2.42%, NTPC up by 1.89% and Coal India up by 1.79%. On the flip side, Apollo Hospital down by 2.03%, Tata Motors down by 1.68%, Reliance Industries down by 1.49%, Tech Mahindra down by 1.32% and SBI Life down by 1.24% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 842.94 points or 4.51% to 19,518.29, Shanghai Composite gained 55.67 points or 1.76% to 3,211.81, Nikkei 225 surged 42.50 points or 0.15% to 27,820.40, Taiwan Weighted strengthened 10.06 points or 0.07% to 14,980.74 and Straits Times was up by 9.08 points or 0.28% to 3,268.22. On the flip side, KOSPI fell 15.01 points or 0.62% to 2,419.32 and Jakarta Composite was down by 32.31 points or 0.46% to 6,987.33.

European markets were trading mostly in red, France’s CAC decreased 16.66 points or 0.25% to 6,725.59 and Germany’s DAX was down by 47.90 points or 0.33% to 14,481.49. On the flip side, UK’s FTSE 100 was up by 2.03 points or 0.03% to 7,558.26.