Domestic indices trade slightly in red in late morning deals

Domestic equity indices traded in red with marginal cut in late morning deals despite positive cues from global markets. Selling in NTPC, Infosys, Bharti Airtel and ITC companies’ stocks dragged the markets lower. Meanwhile, broader indices on the BSE were trading mixed. Traders ignored report that S&P Global Market Intelligence said in its latest issue of PMI that India, the world’s fifth largest economy in the world, is likely to overtake Japan to become the world’s third-largest economy with a GDP of $7.3 trillion by 2030. On the BSE sectoral front, traders were seen pilling up position in Metal, Consumer Durables, Auto, Basic Materials and Bankex, while selling was witnessed in Power, Utilities, TECK, IT and Capital Goods. 

On the global front, Asian markets were trading mostly in green following positive cues from US markets overnight. Traders got some encouragement as the Japanese government is considering spending around $33 billion for pay-outs to low-income households and an income tax cut in a package of measures to cushion the blow to households from rising living costs. Back home, in the stock specific development, Mahindra Logistics fell after the company reported consolidated loss of Rs 16 crore in the September quarter (Q2FY24) due to flat revenue growth.

The BSE Sensex is currently trading at 64518.45, down by 53.43 points or 0.08% after trading in a range of 64502.57 and 64787.08. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.01%, while Small cap index up by 0.21%.

The top gaining sectoral indices on the BSE were Metal up by 1.29%, Consumer Durables up by 0.39%, Auto up by 0.34%, Basic Materials up by 0.29% and Bankex up by 0.27%, while Power down by 0.71%, Utilities down by 0.70%, TECK down by 0.59%, IT down by 0.30% and Capital Goods down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.58%, JSW Steel up by 1.14%, SBI up by 1.10%, Nestle up by 0.81% and Kotak Mahindra Bank up by 0.75%. On the flip side, NTPC down by 1.97%, Infosys down by 1.92%, Bharti Airtel down by 0.93%, ITC down by 0.87% and ICICI Bank down by 0.51% were the top losers.

Meanwhile, the provisional data from the Indian Bureau of Mines (IBM) has stated that India’s mineral output increased by 12.3 per cent in the month of August 2023 as compared to the same month a year ago. The index of mineral production of the mining and quarrying sector for the month of August 2023 at 111.9, is 12.3 per cent higher as compared to the level in the month of August 2022.

The mines ministry said the cumulative growth for the April- August period over the corresponding period of the previous financial year is 8.3 per cent. In the month of August, the country’s coal output was 684 lakh tonnes, lignite production was 28 lakh tonnes, bauxite was 14.28 lakh tonnes among others.

Minerals like gold, phosphorite, manganese ore and iron ore showed positive growth. Minerals showing negative growth include bauxite, zinc conc, lignite and lead.

The CNX Nifty is currently trading at 19256.10, down by 25.65 points or 0.13% after trading in a range of 19246.85 and 19347.30. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 2.04%, Tata Steel up by 1.46%, LTIMindtree up by 1.12%, SBI up by 1.08% and JSW Steel up by 1.04%. On the flip side, NTPC down by 2.26%, Infosys down by 2.02%, Cipla down by 1.58%, HDFC Life Insurance down by 1.42% and Apollo Hospital down by 1.40% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 151.89 points or 0.89% to 17,143.42, Nikkei 225 surged 157.64 points or 0.51% to 31,219.99, Taiwan Weighted added 68.62 points or 0.42% to 16,378.38, Straits Times rose 3.21 points or 0.1% to 3,087.09, Shanghai Composite strengthened 12.91 points or 0.44% to 2,975.15 and Jakarta Composite gained 53.03 points or 0.77% to 6,859.79. However, KOSPI dropped 17.21 points or 0.72% to 2,366.30.