Bourses trade deep in red in late afternoon session

Key benchmark indices traded deep in red in late afternoon session. IT stocks dragged the markets lower. As for broader indices, the BSE Mid cap index continued to trade in red, while Small cap index traded marginally in green. Traders were worried after retail inflation for farm workers and rural labourers inched up marginally to 6.31 per cent and 6.16 per cent, respectively in June as compared to 5.99 per cent and 5.84 per cent in May this year. The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers for June 2023 increased by 10 points each to 1,196 points and 1,207 points, respectively. CPI-AL and CPI-RL were 1,186 points and 1,197 points in May 2023. On the global front, Asian markets were trading mixed as fresh U.S. labor market data spurred concerns that the Federal Reserve will keep interest rates higher for longer to rein inflation. European markets were trading mostly in green as investors digested a fresh round of corporate earnings and looked ahead to a crucial Spanish election over the weekend.

The BSE Sensex is currently trading at 66704.18, down by 867.72 points or 1.28% after trading in a range of 66649.21 and 67190.52. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.27%, while Small cap index was up by 0.03%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.49%, Industrials up by 1.14%, PSU up by 0.56%, Telecom up by 0.23% and Utilities was up by 0.13%, while IT down by 4.54%, TECK down by 4.02%, Consumer Durables down by 1.04%, FMCG down by 1.01% and Energy was down by 0.79% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 3.66%, NTPC up by 0.98%, SBI up by 0.94%, Tata Motors up by 0.84% and Kotak Mahindra Bank up by 0.75%. On the flip side, Infosys down by 8.70%, Tech Mahindra down by 4.59%, HCL Tech down by 4.09%, Hindustan Unilever down by 3.56% and Reliance Industries down by 3.43% 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 1630367 new jobs in the month of May 2023 as against revised figure of 1537511 in April 2023.

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, 9699 new jobs were created in less than 18 age group category, while 327523 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 387341, 234236, 350422 and 321146 new payrolls, respectively in May.

The CNX Nifty is currently trading at 19748.20, down by 230.95 points or 1.16% after trading in a range of 19732.80 and 19887.40. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 3.69%, ONGC up by 1.29%, NTPC up by 0.98%, SBI up by 0.93% and Hero MotoCorp up by 0.92%. On the flip side, Infosys down by 8.72%, Tech Mahindra down by 4.66%, HCL Tech down by 4.09%, Hindustan Unilever down by 3.62% and Reliance Industries down by 3.43% were the top losers.

Asian markets were trading mixed, Hang Seng advanced 147.24 points or 0.77% to 19,075.26, KOSPI increased 9.53 points or 0.37% to 2,609.76 and Jakarta Composite was up by 0.76 points or 0.01% to 6,864.95. On the flip side, Straits Times fell 0.48 points or 0.01% to 3,273.90, Shanghai Composite weakened 1.77 points or 0.06% to 3,167.75, Taiwan Weighted lost 134.19 points or 0.79% to 17,030.70 and Nikkei 225 was up by 186.27 points or 0.58% to 32,304.25.

European markets were trading mostly in green, UK’s FTSE 100 increased 4.53 points or 0.06% to 7,650.58 and France’s CAC was up by 9.61 points or 0.13% to 7,394.52. On the flip side, Germany’s DAX was down by 71.37 points or 0.44% to 16,132.85.