Sensex, Nifty remain weak in early noon deals

Weak trade persisted over the Dalal Street in early afternoon deals, with both Sensex and Nifty lingering in red terrain, on the back of selling at Consumer Durables and IT counters. Sentiments remained pessimistic, amid reports that foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. The street overlooked Union Minister for Micro, Small and Medium Enterprises (MSMEs) Narayan Rane’s statement that the MSME sector has achieved a significant milestone by generating over 15 crore employment opportunities. He further stated that this significant milestone is a testament to the resilience and dedication of MSMEs. The government's continued support and initiatives will further strengthen the MSME sector, contributing to India's economic growth and prosperity.

On the global front, Asian markets were trading mostly in green, after producer prices in Japan were down 0.4 percent on month in October, after easing an upwardly revised 0.2 percent in September (originally -0.3 percent). On a yearly basis, producer prices rose 0.8 percent - slowing from the upwardly revised 2.2 percent in the previous month (originally 2.0 percent). Back home, auto stocks were in watch, as Society of Indian Automobile Manufacturers (SIAM) said that passenger vehicle wholesales surged to a record high in October 2023 riding on robust festive season demand. The overall passenger vehicle dispatches to dealers in October 2023 rose 16 per cent year on year to 3,89,714 units as compared to 3,36,330 units in October 2022. 

The BSE Sensex is currently trading at 64941.65, down by 317.80 points or 0.49% after trading in a range of 64853.36 and 65176.96. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.02%, while Small cap index was down by 0.10%.

The top gaining sectoral indices on the BSE were PSU up by 1.21%, Metal up by 0.90%, Utilities up by 0.74%, Power up by 0.45% and Energy up by 0.29%, while Consumer Durables down by 0.80%, IT down by 0.79%, TECK down by 0.64%, Healthcare down by 0.63% and FMCG down by 0.44% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.53%, Power Grid up by 0.80%, Indusind Bank up by 0.78%, Mahindra & Mahindra up by 0.47% and Bharti Airtel up by 0.03%. On the flip side, Bajaj Finance down by 1.26%, Tech Mahindra down by 0.91%, ICICI Bank down by 0.87%, TCS down by 0.83% and Nestle down by 0.81% were the top losers.

Meanwhile, Society of Indian Automobile Manufacturers (SIAM) has said that passenger vehicle wholesales surged to a record high in October 2023 riding on robust festive season demand. The overall passenger vehicle dispatches to dealers in October 2023 rose 16 per cent year on year to 3,89,714 units as compared to 3,36,330 units in October 2022. 

Similarly, the threewheeler segment also witnessed the highest ever monthly dispatches in October 2023 at 76,940 units, a growth of 42 per cent over 54,154 units in the yearago period. Total twowheeler sales rose to 18,95,799 units in October 2023, a 20 per cent increase from 15,78,383 units in the same month last year.

SIAM President Vinod Aggarwal has said that both passenger vehicles and threewheelers have posted the highest ever sales of October, while the twowheeler segment has also posted good sales in the month of October 2023. He added that all the three segments have posted doubledigit growth and this growth momentum is encouraging for the industry which has been enabled by sustained conducive policies of the government and the ongoing festive season.

The CNX Nifty is currently trading at 19439.35, down by 86.20 points or 0.44% after trading in a range of 19414.75 and 19494.40. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.37%, Eicher Motors up by 1.83%, NTPC up by 1.66%, Hindalco up by 1.13% and Power Grid up by 0.78%. On the flip side, SBI Life Insurance down by 1.95%, Apollo Hospital down by 1.30%, Bajaj Finance down by 1.26%, HDFC Life Insurance down by 1.07% and Dr. Reddy's Lab down by 1.02% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 59.27 points or 0.34% to 17,262.53, Taiwan Weighted added 156.62 points or 0.93% to 16,839.29, Jakarta Composite gained 37.32 points or 0.55% to 6,846.58, Shanghai Composite strengthened 7.56 points or 0.25% to 3,046.53 and Nikkei 225 surged 17 points or 0.05% to 32,585.11, while KOSPI dropped 5.90 points or 0.25% to 2,403.76.