Bourses add losses in late afternoon session

The Indian equity benchmarks added more losses in late afternoon session amid a military conflict in the Middle East. The broader indices, the BSE Mid cap index and Small cap index traded deep in red. Besides, traders remained sidelines ahead of Index of industrial production (IIP) data for August and Consumer price index (CPI) data for September slated to be announced on October 12. On the global front, Asian markets were trading mixed as a sharp jump in oil prices along with stronger-than-expected U.S. jobs data and hawkish comments from a Federal Reserve official rekindled worries about inflation and interest-rate hikes. European markets were mostly trading in red as military clashes in the Middle East sparked a rush to safe-haven assets such as bonds and gold, while also boosting oil prices by over 3%. 

The BSE Sensex is currently trading at 65488.36, down by 507.27 points or 0.77% after trading in a range of 65434.61 and 65789.98. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.28%, while Small cap index was down by 1.68%.

The top losing sectoral indices on the BSE were Utilities down by 2.03%, PSU down by 1.81%, Power down by 1.71%, Industrials down by 1.56% and Capital Goods was down by 1.55%.

The top gainers on the Sensex were HCL Tech up by 1.42%, Hindustan Unilever up by 0.45% and TCS up by 0.42%. On the flip side, Mahindra & Mahindra down by 2.06%, Tata Steel down by 1.95%, SBI down by 1.83%, Bajaj Finance down by 1.57% and JSW Steel down by 1.47% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its bi-monthly consumer confidence survey (CCS) has showed that consumer confidence for the September reverted to its recovery path after a brief pause in July 2023 round of the survey. The current situation index (CSI) reached a four-year high on the back of respondents' better assessment of current general economic situation and employment conditions in September 2023.

As per the report, general economic outlook as well as the prospects for employment, income and spending are expected to improve further over the next one year. The future expectations index (FEI) also reached a four-year high in the latest survey round. Households remain highly optimistic on future earnings even though their sentiment on current earnings remained around its July 2023 level. 

RBI survey report further noted that respondents were less pessimistic on prevailing price levels and inflation, when compared to a year ago. Though price expectations for the year ahead remain negative, respondents’ pessimism on this front has moderated in the latest survey round.

The CNX Nifty is currently trading at 19500.05, down by 153.45 points or 0.78% after trading in a range of 19480.50 and 19588.95. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 1.47%, HCL Tech up by 1.40%, ONGC up by 0.50%, Hindustan Unilever up by 0.50% and TCS up by 0.40%. On the flip side, Adani Ports down by 5.11%, Hero MotoCorp down by 2.93%, HDFC Life Insurance down by 2.32%, BPCL down by 2.23% and Mahindra & Mahindra down by 2.16% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 31.42 points or 0.18% to 17,517.40 and Jakarta Composite was up by 8.41 points or 0.12% to 6,896.93. On the flip side, Straits Times fell 8.72 points or 0.27% to 3,165.67 and Shanghai Composite was down by 13.56 points or 0.44% to 3,096.92.

European markets were mostly trading in red; France’s CAC declined 22.46 points or 0.32% to 7,037.69 and Germany’s DAX was down by 70.77 points or 0.41% to 15,169.88, while UK’s FTSE 100 increased 29.52 points or 0.39% to 7,523.94.