Markets continue to trade with minor losses in late afternoon session

The Indian equity benchmarks continued to trade near neutral lines with negative bias in late afternoon session. Investors maintained risk-averse approach ahead of Consumer Price Index (CPI) or retail inflation and Index of Industrial Production (IIP) data to be out later in the day. Sentiments were cautious as IT stocks witnessed selling pressure after TCS reported a decline in its US Dollar revenue for the first time in over three years or 13 quarters. Investors now turned their focus towards Infosys and HCL Technologies Q2 earnings. However, losses were limited as banking and auto stocks traded higher after US Federal Reserve's meeting minutes released on Wednesday suggested that the US central bank would not raise interest rates in the near future amid uncertain economic conditions. On the global front, all Asian markets were trading higher with sentiment helped by dovish Fed commentary and move by China's sovereign wealth fund to buy shares of the country's largest banks. European markets were trading higher as they built on positive global momentum this week. 

The BSE Sensex is currently trading at 66432.01, down by 41.04 points or 0.06% after trading in a range of 66342.53 and 66577.60. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.35%, while Small cap index was up by 0.56%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.34%, Energy up by 1.15%, Metal up by 0.95%, PSU up by 0.72% and Basic Materials was up by 0.66%, while IT down by 1.12%, TECK down by 1.05%, Capital Goods down by 0.12%, Realty down by 0.08% and Telecom was down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.51%, Maruti Suzuki up by 1.44%, Power Grid up by 1.26%, JSW Steel up by 0.73% and Tata Steel up by 0.72%. On the flip side, Tech Mahindra down by 2.37%, HCL Tech down by 2.17%, TCS down by 1.61%, Infosys down by 1.17% and Wipro down by 0.96% were the top losers.

Meanwhile, the Federation of Automobile Dealers Associations (FADA) in its latest report has showed that automobile retail sales in India rose by 9 per cent year on year in the April-September period of this fiscal to 1,10,79,116 units as compared with 1,01,79,072 units in the same period of the 2022-23 fiscal, on the back of highest-ever registrations of passenger vehicles and three-wheelers.

According to the report, passenger vehicle (PV) retail sales grew by 6 per cent to 18,08,311 units in the first half of the current fiscal as against 17,02,905 units in the year-ago period, while three-wheeler registrations rose 66 per cent to 5,33,353 units in the April-September period from 3,21,964 units in the same period last fiscal.

The report further noted that two-wheeler retail sales saw a jump of 7 per cent year on year to 78,28,015 units in the first half of the current financial year. Commercial vehicle sales rose to 4,65,097 units in the first half, up 3 per cent from 4,50,458 units in the year-ago period, while tractor registrations rose 14 per cent year on year to 4,44,340 units in the April-September period.

The CNX Nifty is currently trading at 19795.15, down by 16.20 points or 0.08% after trading in a range of 19772.65 and 19843.30. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were BPCL up by 1.90%, Coal India up by 1.89%, NTPC up by 1.47%, Maruti Suzuki up by 1.36% and Power Grid up by 1.28%. On the flip side, Apollo Hospital down by 2.96%, Tech Mahindra down by 2.53%, HCL Tech down by 2.20%, TCS down by 1.63% and Cipla down by 1.39% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 558.15 points or 1.72% to 32,494.66, Hang Seng advanced 345.11 points or 1.89% to 18,238.21, Taiwan Weighted added 153.88 points or 0.91% to 16,825.91, KOSPI increased 29.74 points or 1.2% to 2,479.82, Shanghai Composite strengthened 28.94 points or 0.93% to 3,107.90, Jakarta Composite gained 28.06 points or 0.4% to 6,959.81 and Straits Times was up by 22.61 points or 0.7% to 3,215.48.

European markets were trading higher; UK’s FTSE 100 increased 52.61 points or 0.69% to 7,672.64, France’s CAC rose 34.98 points or 0.49% to 7,166.19 and Germany’s DAX was up by 92.97 points or 0.6% to 15,552.98.