Indian equity benchmarks continued to trade in red in morning deals, as escalating tensions in Middle East triggered a risk-off in the market. Traders remained cautious as the RBI data showed that India's forex reserves drop by $3.79 billion to $586.91 billion for the week ended September 29. Traders overlooked Reserve Bank of India Governor Shaktikanta Das’ statement that India is poised to become the new growth engine of the world, as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy. Meanwhile, the commerce ministry's arm Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty of up to 82 per cent on imports of wheel loaders from China for five years to protect domestic players. On the global front, Asian markets are trading mostly in red amid rising geopolitical tensions in the Middle East and uncertainty over the Federal Reserve's rate hike path.
The BSE Sensex is currently trading at 65721.58, down by 274.05 points or 0.42% after trading in a range of 65434.61 and 65789.98. There were 8 stocks advancing against 22 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index fell 0.82%, while Small cap index was down by 0.92%.
The few gaining sectoral indices on the BSE were IT up by 0.33% and TECK up by 0.21%, while Utilities down by 1.42%, Power down by 1.24%, PSU down by 1.17%, Capital Goods down by 1.12% and Telecom down by 1.10% were the top losing indices on BSE.
The top gainers on the Sensex were HCL Technologies up by 1.67%, TCS up by 1.13%, Wipro up by 0.42%, Hindustan Unilever up by 0.37% and Tech Mahindra up by 0.35%. On the flip side, Titan Company down by 1.49%, Asian Paints down by 1.37%, JSW Steel down by 1.33%, SBI down by 1.30% and Tata Steel down by 1.27% were the top losers.
Meanwhile, plastics Export Promotion Council (Plexconcil) in its latest data has said that India's plastic exports declined by 6.9 per cent to $34.5 billion in August 2023, compared to the same month last year due to difficult global economic factors. The overall plastic exports stood at $37.0 billion in August 2022.
It stated exports of plastic raw materials were also impacted in August, which witnessed a decline of 27.7 per cent to $239.4 million, compared to $331 million in the corresponding period last year due to a decline in sales of polyethylene terephthalate and polypropylene. It added India is among the top five exporters of polyethylene terephthalate resin in the world.
According to the data, there was a mixed performance among product categories as flooring, leather, laminates, medical plastics, consumer and houseware products, fishnets and monofilaments, writing instruments and stationery, and human hair and related products reported an increase in exports. However, woven sacks, woven fabrics, Tarpaulin, plastic films and sheets, plastic pipes and fittings, and miscellaneous products and items witnessed decline in shipments. As per data, floor coverings, leather cloth and laminates exports in August went up by 51 per cent to $66.7 million from $44.2 million in the same month last year, achieving the highest-ever monthly shipments from India.
The CNX Nifty is currently trading at 19571.00, down by 82.50 points or 0.42% after trading in a range of 19480.50 and 19588.95. There were 14 stocks advancing against 36 stocks declining on the index.
The top gainers on Nifty were HCL Technologies up by 1.48%, Dr. Reddy's Lab up by 1.16%, TCS up by 0.99%, ONGC up by 0.83% and Bajaj Auto up by 0.53%. On the flip side, Adani Ports &SEZ down by 3.09%, BPCL down by 2.23%, Adani Enterprises down by 1.63%, Titan Company down by 1.45% and Asian Paints down by 1.37% were the top losers.
Asian markets are trading mixed; Straits Times fell 7.87 points or 0.25% to 3,166.52 and Shanghai Composite weakened 21.54 points or 0.7% to 3,088.94, while Jakarta Composite gained 22.2 points or 0.32% to 6,910.72.
