Bourses continue weak trade in late afternoon session

Indian equity markets continued their weak trade in late afternoon session amid mixed trend in global markets. Traders remain worried as foreign direct investment (FDI) equity inflows in India declined 24 per cent to $20.48 billion in April-September 2023, dragged by lower inflows in computer hardware and software, telecom, auto and pharma, according to government data. Investors overlooked report that Hamas and Israel have agreed to a Qatar-mediated pause in fighting, helping ease Middle East tensions. On the global front, Asian markets were trading mixed after the FOMC (Federal Open Market Committee) meeting minutes largely reaffirmed the U.S. central bank's more cautious stance on interest rates. European markets were trading higher led by media and real estate stocks, with software firm Sage jumping to a record high following a strong annual operating profit. 

The BSE Sensex is currently trading at 65798.29, down by 132.48 points or 0.20% after trading in a range of 65664.85 and 66057.32. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.05%, while Small cap index was down by 0.75%.

The top gaining sectoral indices on the BSE were Power up by 1.08%, Healthcare up by 0.52%, Consumer Durables up by 0.25%, Auto up by 0.15% and Utilities was up by 0.09%, while Realty down by 1.12%, Metal down by 0.96%, Telecom down by 0.92%, Basic Materials down by 0.80% and Bankex was down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.29%, Titan Company up by 0.82%, NTPC up by 0.82%, Tech Mahindra up by 0.59% and Bajaj Finserv up by 0.57%. On the flip side, Indusind Bank down by 2.32%, Mahindra & Mahindra down by 1.53%, Kotak Mahindra Bank down by 1.18%, JSW Steel down by 1.18% and SBI down by 1.03% were the top losers.

Meanwhile, Union Minister for Information and Broadcasting Anurag Singh Thakur has said that India’s growth from 10th to the 5th largest media and entertainment economy has been phenomenal and given the talent and volume of film and media content produced in the country, India will soon become the 3rd largest Media and Entertainment Industry in the world.

Thakur further said India is embracing new technological interventions and innovations in film production, adding ’India is the most sought-after destination for film shoots and post production backed by the talent of our youth and children and the innovation of our industry leaders.’

While inaugurating the VFX and Tech Pavilion as part of the 54th International Film Festival of India (IFFI) in Goa, he also noted that India is a hub of post-production and the newly established VFX and Tech Pavilion will further augment the post production in film making.

The CNX Nifty is currently trading at 19753.25, down by 30.15 points or 0.15% after trading in a range of 19703.85 and 19825.55. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were BPCL up by 2.91%, Cipla up by 1.45%, Power Grid up by 1.29%, Hero MotoCorp up by 1.09% and Apollo Hospital up by 1.03%. On the flip side, Indusind Bank down by 2.16%, Adani Enterprises down by 1.67%, Hindalco down by 1.49%, Mahindra & Mahindra down by 1.44% and Adani Ports down by 1.35% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 97.69 points or 0.29% to 33,451.83, Straits Times rose 17.69 points or 0.57% to 3,114.03, KOSPI increased 1.28 points or 0.05% to 2,511.70 and Hang Seng was up by 0.71 points or 0% to 17,734.60. On the flip side, Shanghai Composite weakened 24.32 points or 0.8% to 3,043.61, Jakarta Composite plunged 48.33 points or 0.69% to 6,913.46 and Taiwan Weighted was down by 106.44 points or 0.61% to 17,310.26.

European markets were trading higher; UK’s FTSE 100 increased 16.22 points or 0.22% to 7,498.21, France’s CAC rose 32.35 points or 0.45% to 7,261.80 and Germany’s DAX was up by 43.1 points or 0.27% to 15,943.63.