Domestic indices remain in red in late morning deals

Domestic equity indices remained in red and were trading lower with cut of around half a percent in late morning deals as traders were cautious amid the geopolitical tensions in the Middle East after Hamas' surprise violent attack on Israel over the weekend. Sentiments were also weak on account of rising crude oil prices. Besides, foreign fund outflows dented domestic sentiments. According to the provisional data available on the NSE, foreign institutional investors (FII) offloaded shares worth net Rs 90.29 crore on October 6, 2023. Automobile Industry related stocks were trading mostly lower despite the Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales in India surged over 20 per cent in September 2023 as demand soared across vehicle segments with the onset of festival season.

On the global front, Asian markets were trading mostly in red ahead of inflation readings and trade data out from China later this week as well as a monetary policy decision from Singapore’s central bank. Back home, on the BSE sectoral front, traders were seen pilling up position only in  TECK and IT, while selling was witnessed in Utilities, Power, Capital Goods, Industrials and PSU. 

The BSE Sensex is currently trading at 65684.64, down by 310.99 points or 0.47% 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 was down by 0.90%, while Small cap index down by 1.16%.

The only gaining sectoral indices on the BSE were TECK up by 0.41% and IT up by 0.40%, while Utilities down by 1.65%, Power down by 1.46%, Capital Goods down by 1.32%, Industrials down by 1.32% and PSU down by 1.31% were the top losing indices on BSE.

The top gainers on the Sensex were HCL up by 2.09%, TCS up by 1.17%, Hindustan Unilever up by 0.42%, Infosys up by 0.34% and Tech Mahindra up by 0.31%. On the flip side, Titan down by 1.51%, SBI down by 1.48%, JSW Steel down by 1.38%, Bajaj Finserv down by 1.37% and Bajaj Finance down by 1.22% were the top losers.

Meanwhile, the Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales in India surged over 20 per cent in September 2023 as demand soared across vehicle segments with the onset of festival season. Overall automobile registrations rose to 18,82,071 units in September from 15,63,735 units in September 2022.

FADA stated that the year-on-year (YoY) analysis reveals broad-based growth across segments as two-wheeler sales grew 22 per cent, three-wheeler retails soared 49 per cent, passenger vehicle sales grew 19 per cent, while commercial vehicles saw a sales growth of 5 per cent. However, tractor retail sales declined 10 per cent in September 2023, as compared to the same month last year. Passenger vehicle registrations rose 19 per cent YoY to 3,32,248 units in September 2023, as compared to 2,79,137 units in September 2022, as vehicle availability improved.  

It further said two-wheeler retail sales grew by 22 per cent to 13,12,101 units in September 2023 as against 10,78,286 units in September 2022. Commercial vehicle registrations rose by 5 per cent YoY to 80,804 units in September 2023. Three-wheeler sales saw an increase of 49 per cent to 1,02,426 units in September 2023, as against 68,937 units in September 2022. Tractor sales declined to 54,492 units, as compared to 60,321 units in September 2022.  

The CNX Nifty is currently trading at 19566.05, down by 87.45 points or 0.44% after trading in a range of 19480.50 and 19588.95. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were HCL up by 2.04%, Dr. Reddy's Lab up by 1.65%, TCS up by 1.20%, ONGC up by 1.07% and Eicher Motors up by 0.68%. On the flip side, Adani Ports down by 3.53%, BPCL down by 2.17%, Adani Enterprises down by 1.86%, SBI down by 1.47% and Bajaj Finserv down by 1.36% were the top losers.

Asian markets were trading mostly in red; Straits Times fell 4.69 points or 0.15% to 3,169.70 and Shanghai Composite weakened 17.77 points or 0.57% to 3,092.71. However, Jakarta Composite gained 22.2 points or 0.32% to 6,910.72.