Bourses trade deep in red in late afternoon session

Key benchmark indices traded deep in red in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index traded under heavy selling pressure. Traders continued monitor economic and geopolitical uncertainty. Besides, US Fed signaling rates will remain higher for longer than previously anticipated. Investors were worried as the Reserve Bank of India’s data (October 2023 bulletin) said net foreign direct investment (FDI) in India, inflows minus outflows, declined sharply in April-August this year to $2.99 billion from $18.03 billion in the same period last year on moderation in global activities and a rise in repatriation. On the global front, all Asian markets were trading lower as higher risks of broader conflict in the Middle East clouded market sentiment and higher bond yields pressured stocks. European markets were trading mostly in red ahead to a busy week for earnings and the European Central Bank’s latest monetary policy decision.

The BSE Sensex is currently trading at 65054.49, down by 343.13 points or 0.52% after trading in a range of 65022.53 and 65453.92. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.55%, while Small cap index was down by 3.09%.

The top losing sectoral indices on the BSE were Telecom down by 2.97%, Industrials down by 2.35%, Utilities down by 2.21%, Basic Materials down by 2.06% and Realty was down by 2.00%, while there were no gaining sectoral indices on the BSE.

The only gainers on the Sensex were ICICI Bank up by 0.96%, Bajaj Finance up by 0.87%, Mahindra & Mahindra up by 0.71% and Nestle up by 0.32%. On the flip side, Tata Steel down by 1.75%, TCS down by 1.74%, Larsen & Toubro down by 1.61%, NTPC down by 1.54% and Bajaj Finserv down by 1.30% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1699140 new jobs in the month of August 2023 as against revised figure of 1686224 in July 2023.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 6490 new jobs were created in less than 18 age group category, while 340603 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 404852, 235202, 364000 and 347993 new payrolls, respectively in August.

The CNX Nifty is currently trading at 19,412.20, down by 130.45 points or 0.67% after trading in a range of 19,404.20 and 19556.85. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 0.86%, ICICI Bank up by 0.85%, Mahindra & Mahindra up by 0.81%, Apollo Hospital up by 0.53% and Dr. Reddy's Lab up by 0.18%. On the flip side, LTIMindtree down by 3.32%, Adani Enterprises down by 2.50%, Hindalco down by 2.45%, Adani Ports down by 2.28% and Tata Steel down by 1.71% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 259.81 points or 0.84% to 30,999.55, Taiwan Weighted lost 189.36 points or 1.17% to 16,251.36, Jakarta Composite plunged 91.86 points or 1.34% to 6,757.31, Shanghai Composite weakened 43.77 points or 1.49% to 2,939.29, Straits Times fell 18.21 points or 0.59% to 3,058.48 and KOSPI was down by 17.98 points or 0.76% to 2,357.02.

European markets were trading mostly in red; UK’s FTSE 100 decreased 16.48 points or 0.22% to 7,385.66 and Germany’s DAX was down by 42.6 points or 0.29% to 14,755.87. On the flip side, France’s CAC rose 6.52 points or 0.1% to 6,822.74.