Indian equity markets sell off intensified during the late afternoon session amid October F&O expiry. Sentiments remained weak as rising U.S. Treasury yields intensified fears of interest rates staying higher for longer. Further, worsening of geo-political tension also dented market’s sentiments. Investors overlooked report that investment in the Indian capital markets through participatory notes rose over a six-year high at Rs 1.33 lakh crore at September-end, making it the seventh consecutive monthly increase, on the back of robust macroeconomic fundamentals. On the global front, Asian markets were trading mostly in red tracking steep losses on Wall Street overnight on surging bond yields and mixed earnings news. European markets were trading lower hit by a rise in U.S. Treasury yields and a slew of weak earnings reports including from Standard Chartered in the run up to the European Central Bank's policy decision later in the day.
The BSE Sensex is currently trading at 63204.79, down by 844.27 points or 1.32% after trading in a range of 63119.21 and 63774.16. There were 5 stocks advancing against 25 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index declined 1.43%, while Small cap index was down by 0.91%.
The top losing sectoral indices on the BSE were Realty down by 2.01%, Oil & Gas down by 1.86%, Auto down by 1.73%, PSU down by 1.72% and Energy was down by 1.67%, while there were no gaining sectoral indices on the BSE.
The top gainers on the Sensex were Axis Bank up by 1.36%, ITC up by 0.68%, HCL Tech up by 0.62%, Hindustan Unilever up by 0.36% and Indusind Bank up by 0.16%. On the flip side, Mahindra & Mahindra down by 3.50%, Bajaj Finance down by 3.29%, Tech Mahindra down by 2.72%, Nestle down by 2.59% and Asian Paints down by 2.49% were the top losers.
Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) has approved inclusion of Jamrani Dam Multipurpose Project of Uttarakhand under Pradhan Mantri Krishi Sinchayee Yojana-Accelerated Irrigation Benefit Programme (PMKSY-AIBP) of Department of Water Resources, River Development and Ganga Rejuvenation. The CCEA has approved central support of Rs 1,557.18 crore to Uttarakhand for completion of the project with estimated cost of Rs 2,584.10 crore by March, 2028.
The project envisages construction of a dam near Jamrani village across river Gola, a tributary of river Ram Ganga, in Nainital district of Uttarakhand. The dam would feed the existing Gola barrage, through its 40.5 km length of canal system and 244 km long canal system, which was completed in 1981. The project envisages additional irrigation of 57,065 ha (9,458 ha in Uttarakhand and 47,607 ha in Uttar Pradesh) in Nainital & Udham Singh Nagar districts of Uttarakhand, and Rampur & Bareilly districts in Uttar Pradesh.
Apart from construction of two new feeder canals, 207 km of existing canals are to be renovated and 278 km pucca field channels are also to be taken up under the project. In addition, the project also envisages hydro power generation of 14 MW, as well as provision of 42.70 million cubic metre (MCM) of drinking water to Haldwani and nearby areas benefitting more than 10.65 lakh population.
The CNX Nifty is currently trading at 18865.05, down by 257.10 points or 1.34% after trading in a range of 18843.30 and 19041.70. There were 6 stocks advancing against 44 stocks declining on the index.
The top gainers on Nifty were Axis Bank up by 1.35%, ITC up by 0.69%, HCL Tech up by 0.60%, Hindustan Unilever up by 0.37% and Indusind Bank up by 0.16%. On the flip side, Mahindra & Mahindra down by 3.59%, Bajaj Finance down by 3.33%, UPL down by 2.82%, Tech Mahindra down by 2.81% and Nestle down by 2.66% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 668.14 points or 2.18% to 30,601.78, Taiwan Weighted lost 285.15 points or 1.77% to 16,073.74, Jakarta Composite plunged 110.75 points or 1.62% to 6,723.64, KOSPI dropped 64.09 points or 2.79% to 2,299.08, Hang Seng declined 40.72 points or 0.24% to 17,044.61 and Straits Times was down by 12.97 points or 0.42% to 3,065.81. On the flip side, Shanghai Composite was up by 14.19 points or 0.47% to 2,988.30.
European markets were trading lower; UK’s FTSE 100 decreased 66.6 points or 0.9% to 7,347.74, France’s CAC fell 65.87 points or 0.95% to 6,849.20 and Germany’s DAX was down by 190.13 points or 1.28% to 14,702.05.
