Bourses trim some gains in late afternoon session

Indian equity markets cut some of their gains but continued to trade in green in late afternoon session. Traders continued to take support as Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1720615 new jobs in the month of September 2023 as against revised figure of 1497410 in August 2023. Meanwhile, Moody's Investors Service has said that the Reserve Bank of India’s (RBI’s) decision to tighten norms for unsecured personal loans is credit positive because lenders will need to allocate higher capital for such loans, thus improving their loss-absorbing buffers. The RBI last week raised risk weights on unsecured retail loans, credit cards and lending to non-banking finance companies (NBFCs) by 25 percentage points.

On the global front, Asian markets were trading mostly in red as investors looked forward to minutes from Federal Reserve's latest meeting for more clarity on the rate outlook. European markets were trading mostly in red as investors remain in wait-and-see mode. 

The BSE Sensex is currently trading at 65950.66, up by 295.51 points or 0.45% after trading in a range of 65849.17 and 66082.36. There were 20 stocks advancing against 10 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 0.26%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.34%, Realty up by 1.30%, Basic Materials up by 0.77%, Healthcare up by 0.64% and Consumer Discretionary was up by 0.46%, while Energy down by 0.76%, PSU down by 0.67%, Oil & Gas down by 0.59%, Capital Goods down by 0.51% and Telecom was down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 1.74%, Titan Company up by 1.39%, Reliance Industries up by 1.27%, Tata Steel up by 1.21% and Sun Pharma up by 1.18%. On the flip side, NTPC down by 0.42%, Maruti Suzuki down by 0.34%, Tech Mahindra down by 0.34%, Indusind Bank down by 0.29% and Larsen & Toubro down by 0.27% 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 1720615 new jobs in the month of September 2023 as against revised figure of 1497410 in August 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, 6092 new jobs were created in less than 18 age group category, while 350685 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 415248, 244552, 367262 and 336776 new payrolls, respectively in September.

The CNX Nifty is currently trading at 19791.75, up by 97.75 points or 0.50% after trading in a range of 19754.05 and 19829.10. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were SBI Life up by 2.62%, Adani Enterprises up by 2.38%, HDFC Life Insurance up by 2.22%, Hindalco up by 2.02% and JSW Steel up by 1.72%. On the flip side, Coal India down by 3.85%, ONGC down by 3.26%, BPCL down by 0.52%, NTPC down by 0.46% and Maruti Suzuki down by 0.34% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 44.18 points or 0.25% to 17,733.89, Jakarta Composite plunged 41.64 points or 0.6% to 6,953.25, Nikkei 225 slipped 33.89 points or 0.1% to 33,354.14, Straits Times fell 17.1 points or 0.55% to 3,094.48 and Shanghai Composite was down by 0.39 points or 0.01% to 3,067.93. On the flip side, KOSPI increased 19.22 points or 0.77% to 2,510.42 and Taiwan Weighted was up by 206.23 points or 1.18% to 17,416.70.

European markets were trading mostly in red; UK’s FTSE 100 decreased 20.3 points or 0.27% to 7,476.06 and France’s CAC was down by 5.87 points or 0.08% to 7,241.06. On the flip side, Germany’s DAX was up by 25.27 points or 0.16% to 15,926.60.