Bourses continue to trade in red in late afternoon session

The Indian benchmarks continued to trade in red in late afternoon session, as traders were on sidelines ahead of Consumer price index (CPI) data. Sentiments remained pessimistic after India's industrial production growth decelerated to 5.8 per cent in September from 10.3 per cent in August, though on an annual basis. Traders overlooked report that the Income Tax department has said the provisional figures of Direct Tax collections up to November 09, 2023 in current financial year (FY24) continue to register steady growth. On the global front, Asian markets were trading mostly in green as investors took their lead from Wall Street's Friday rally, shrugging off a Moody's downgrade to the U.S. credit outlook. European markets were trading higher aided by healthcare, with investors awaiting a slew of data throughout the week for clarity on the economic outlook as major central banks talk up restrictive monetary policies.

The BSE Sensex is currently trading at 64969.44, down by 290.01 points or 0.44% after trading in a range of 64853.36 and 65176.96. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.19%, while Small cap index was up by 0.06%.

The top gaining sectoral indices on the BSE were PSU up by 1.21%, Metal up by 1.02%, Utilities up by 0.73%, Power up by 0.45% and Energy was up by 0.39%, while Consumer Durables down by 0.79%, IT down by 0.73%, TECK down by 0.61%, Healthcare down by 0.56% and FMCG was down by 0.35% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 0.94%, Mahindra & Mahindra up by 0.81%, Power Grid up by 0.76%, Indusind Bank up by 0.58% and JSW Steel up by 0.28%. On the flip side, Bajaj Finance down by 1.42%, Tech Mahindra down by 1.05%, Nestle down by 0.86%, ICICI Bank down by 0.77% and Infosys down by 0.76% were the top losers.

Meanwhile, Union Minister for Micro, Small and Medium Enterprises (MSMEs) Narayan Rane has said 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.

The Minister highlighted the important role of the Udyam portal in facilitating this achievement with the registration of over 3 crore MSME units on the Udyam portal, including 99 lakh informal MSME units registered on the Udyam Assist portal. Out of these 3 crore registered MSMEs, more than 41 lakh are women owned MSMEs.

Rane also emphasized the significant contribution of women workers in the MSME sector. He noted that among the 15 crore employment opportunities generated, over 3.4 crore are held by women. He said this reflects the government's commitment to promote women entrepreneurship and empower women through the MSME sector.

Attributing this success to the visionary leadership of Prime Minister Narendra Modi, whose unwavering support for the MSME sector has been instrumental in its growth and development, Rane added that under the Prime Minister's guidance, the MSME Ministry is actively promoting micro, small, and medium entrepreneurs, creating new livelihoods and empowering individuals across the country.

The CNX Nifty is currently trading at 19454.25, down by 71.30 points or 0.37% after trading in a range of 19414.75 and 19494.40. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.73%, Eicher Motors up by 2.05%, NTPC up by 1.08%, Hindalco up by 0.99% and Mahindra & Mahindra up by 0.91%. On the flip side, SBI Life down by 2.19%, Bajaj Finance down by 1.40%, Tech Mahindra down by 1.09%, HDFC Life Insurance down by 1.06% and Apollo Hospital down by 0.98% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 222.95 points or 1.28% to 17,426.21, Taiwan Weighted added 156.62 points or 0.93% to 16,839.29, Jakarta Composite gained 26.86 points or 0.39% to 6,836.12, Nikkei 225 surged 17 points or 0.05% to 32,585.11 and Shanghai Composite was up by 7.56 points or 0.25% to 3,046.53. On the flip side, KOSPI was down by 5.90 points or 0.25% to 2,403.76.

European markets were trading higher; UK’s FTSE 100 increased 48.09 points or 0.65% to 7,408.64, France’s CAC rose 44.29 points or 0.63% to 7,089.33 and Germany’s DAX was up by 58.28 points or 0.38% to 15,292.67.