Bourses add downward pressure in late afternoon session

Key benchmark indices added downward pressure in late afternoon session ahead of monthly F&O expiry. Adani group companies were on the priority list of the sellers after the non-profit Organized Crime and Corruption Reporting Project (OCCRP) released new details on allegations that the Adani Family partners had invested millions to buy own group shares through opaque investment funds based in the island nation of Mauritius. Traders took note of report that emphasizing digital capability upgradation of Regional Rural Banks (RRBs) by November 1, 2023, Union Finance Minister Nirmala Sitharaman has said that banks should map RRBs with MSME clusters and put greater thrust on increasing network of rural branches in cluster areas identified by the Ministry of Micro, Small and Medium Enterprises. 

On the global front, Asian markets were trading mostly in red as investors digested key data from China and Japan and looked ahead to forthcoming inflation readings in Europe and the U.S. for additional clues on the outlook for interest rates. European markets were trading mostly in green as investors react to better-than-expected Chinese PMI data and the latest batch of stimulus measures from Beijing to resurrect an economic revival. 

The BSE Sensex is currently trading at 64937.12, down by 150.13 points or 0.23% after trading in a range of 64891.03 and 65277.04. There were 13 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.01%, while Small cap index was up by 0.42%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.63%, IT up by 0.42%, Telecom up by 0.37%, Auto up by 0.32% and Realty was up by 0.31%, while Oil & Gas down by 1.06%, Utilities down by 0.81%, PSU down by 0.68%, FMCG down by 0.67% and Energy was down by 0.61% were the top losing indices on BSE.

The top gainers on the Sensex were JIO Financial up by 4.53%, Maruti Suzuki up by 2.94%, Tech Mahindra up by 1.36%, Titan Company up by 0.64% and Wipro up by 0.55%. On the flip side, Indusind Bank down by 2.05%, Nestle down by 1.70%, Sun Pharma down by 1.00%, ITC down by 0.86% and TCS down by 0.82% were the top losers.

Meanwhile, emphasizing digital capability upgradation of Regional Rural Banks (RRBs) by November 1, 2023, Union Finance Minister Nirmala Sitharaman has said that banks should map RRBs with MSME clusters and put greater thrust on increasing network of rural branches in cluster areas identified by the Ministry of Micro, Small and Medium Enterprises.

In a review meeting of Regional Rural Banks of Northern Region, Finance Minister also urged the RRBs to undertake removal of duplication of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and facilitate storage facility for apple growers particularly in J&K and Himachal Pradesh.

Sitharaman further emphasized on increasing penetration under Pradhan Mantri Mudra Yojana (PMMY) and Financial Inclusion and stated that a roadmap has to be prepared for completing the designated activities in a time bound manner.

The CNX Nifty is currently trading at 19278.30, down by 69.15 points or 0.36% after trading in a range of 19272.05 and 19388.20. There were 16 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were JIO Financial up by 4.97%, Maruti Suzuki up by 2.64%, Tech Mahindra up by 1.30%, LTIMindtree up by 1.00% and Hindalco up by 0.59%. On the flip side, Adani Enterprises down by 3.10%, Adani Ports down by 3.06%, BPCL down by 2.73%, Indusind Bank down by 1.97% and Nestle down by 1.78% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 100.8 points or 0.55% to 18,382.06, Taiwan Weighted lost 85.31 points or 0.51% to 16,634.51, Jakarta Composite plunged 25.67 points or 0.37% to 6,940.99, Shanghai Composite weakened 17.26 points or 0.55% to 3,119.88 and KOSPI was down by 4.95 points or 0.19% to 2,556.27. On the flip side, Straits Times rose 15.81 points or 0.49% to 3,236.03 and Nikkei 225 was up by 285.88 points or 0.88% to 32,619.34.

European markets were trading mostly in green; France’s CAC rose 10.43 points or 0.14% to 7,374.83 and Germany’s DAX was up by 94.43 points or 0.59% to 15,986.36. On the flip side, UK’s FTSE 100 was down by 1.6 points or 0.02% to 7,472.07.