Bourses once again fall broadly in late afternoon session

In volatile trading session, Indian equity markets once again fell broadly in late afternoon session amid concerns about global economic slowdown due to surging interest rates, and further imminent increases from central banks. The overall market breadth was negative as 2105 shares were declining and 1381 were advancing, while 132 shares were unchanged on the BSE. There were no gaining sectoral indices on the BSE. Selling in PSU and Power counters pulled down the markets lower. Sentiments got hit after report stated that investments by private equity and venture capital funds have declined by 42 per cent year-on-year to $4 billion in November. Traders failed to take support from report that government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices. On the global front, Asian markets were trading mostly in red and European markets were trading lower after a slew of central banks raised interest rates and warned there were more hikes to come next year.

The BSE Sensex is currently trading at 61535.74, down by 263.29 points or 0.43% after trading in a range of 61364.17 and 61893.22. 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 1.29%, while Small cap index was down by 0.62%.

The top losing sectoral indices on the BSE were Power down by 1.43%, PSU down by 1.35%, Utilities down by 1.20%, Auto down by 1.11%, Realty down by 1.03% were the losing indices on BSE, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were HDFC Bank up by 0.46%, Bajaj Finance up by 0.38%, Larsen & Toubro up by 0.28%, Reliance Industries up by 0.26% and Nestle up by 0.03%. On the flip side, Mahindra & Mahindra down by 2.64%, Dr. Reddy's Lab down by 2.10%, Asian Paints down by 1.64%, Sun Pharma down by 1.35% and ITC down by 1.34% were the top losers.

Meanwhile, emphasizing that technology companies, start-ups and government will be partners to catalyse India as semiconductor nation and major player in electronics global value chains, the Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar has said that the Government under PM Narendra Modi has been giving capital support for research and development efforts for India to take the leap from being a tech consumer and back-office support to becoming a leading tech producer of the world.

The Minister further noted that India will soon launch future labs to channel R&D capital for semiconductor and deep tech development. These labs will embed with C-DAC and will encourage industry and academia collaborations. Meanwhile, the Minister inaugurated the IEEE-Ansys Centre for Skill Development in RF and

Microwave and Ansys Innovation Space (AIS) Portal at Reva University in Bengaluru. The Centre will help skilling of workforce in electronics, semiconductors, and A&D sectors to accelerate Prime Minister Narendra Modi’s Atmanirbhar Bharat vision.

The Centre for Skill Development in RF & Microwave is designed for developing and accelerating innovation and development capabilities for both professionals and students. It is focused on the adaption of the most advanced trends in Radio Frequency (RF) and Microwave engineering into the existing system. This facility will be able to provide training and knowledge to more than 1500+ students and professionals every year.

The CNX Nifty is currently trading at 18313.00, down by 101.90 points or 0.55% after trading in a range of 18270.95 and 18440.95. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were ONGC up by 0.78%, Eicher Motors up by 0.52%, HDFC Bank up by 0.48%, Larsen & Toubro up by 0.25% and Bajaj Finance up by 0.22%. On the flip side, Mahindra & Mahindra down by 2.58%, Dr. Reddy's Lab down by 2.05%, BPCL down by 1.92%, Coal India down by 1.88% and Asian Paints down by 1.80% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 524.58 points or 1.87% to 27,527.12, Taiwan Weighted dropped 205.58 points or 1.4% to 14,528.55, Straits Times trembled 29.74 points or 0.91% to 3,244.01, KOSPI fell 0.95 points or 0.04% to 2,360.02 and Shanghai Composite was down by 0.79 points or 0.02% to 3,167.86. On the flip side, Jakarta Composite soared 60.33 points or 0.89% to 6,812.19 and Hang Seng was up by 82.08 points or 0.42% to 19,450.67.

European markets were trading lower, UK’s FTSE 100 decreased 31.93 points or 0.43% to 7,394.24, France’s CAC decreased 44.94 points or 0.69% to 6,477.83 and Germany’s DAX was down by 68.20 points or 0.49% to 13,918.03.