Bourses trade at day’s low levels in late afternoon session

Indian equity markets traded near day’s low levels in late afternoon session ahead of Consumer Price Index (CPI) and Index of Industrial Production (IIP) data due later in a day. Besides, US Fed's policy outcome is due on tomorrow, while the European Central Bank (ECB) and the Bank of England (BoE) will meet on Thursday. Sector wise, automobile industry remained in focus as Industry body, the Society of Indian Automobile Manufacturers (SIAM) in its latest report has showed that domestic passenger vehicle wholesales rose by around 4 per cent year-on-year to 3,34,130 units in November 2023 from 3,22,268 units in same month last year, on the back of robust demand for utility vehicles. 

On the global front, all Asian markets were trading higher as the U.S. Federal Reserve is widely expected to hold rates, with investors awaiting Chair Jerome Powell's press conference as well as the central bank's dot plot and economic projections for additional clues on the Fed's rate trajectory. European markets were trading higher as investors drew comfort from softer-than-expected UK wage growth data and looked forward to a crucial U.S. inflation report later in the day.

The BSE Sensex is currently trading at 69658.66, down by 269.87 points or 0.39% after trading in a range of 69630.05 and 70033.64. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.33%, while Small cap index was down by 0.09%.

The few gaining sectoral indices on the BSE were Metal up by 0.54%, Basic Materials up by 0.44% and IT was up by 0.10%, while Oil & Gas down by 1.52%, Realty down by 1.46%, Energy down by 1.29%, Power down by 1.26% and Utilities was down by 1.22% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 2.22%, JSW Steel up by 1.43%, Wipro up by 1.01%, Axis Bank up by 0.98% and TCS up by 0.87%. On the flip side, Sun Pharma down by 1.87%, Titan Company down by 1.48%, Maruti Suzuki down by 1.27%, NTPC down by 1.22% and Indusind Bank down by 1.12% were the top losers.

Meanwhile, Industry body, the Society of Indian Automobile Manufacturers (SIAM) in its latest report has showed that domestic passenger vehicle wholesales rose by around 4 per cent year-on-year to 3,34,130 units in November 2023 from 3,22,268 units in same month last year, on the back of robust demand for utility vehicles.

According to the report, two-wheeler sales rose to 16,23,399 units in November 2023, a growth of 31 per cent as compared to 12,36,282 units in November 2022, while three-wheeler dispatches also rose to 59,738 units in November 2023, registering an increase of 31 per cent over 45,664 units in last November.

Meanwhile, SIAM President Vinod Aggarwal said that all segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November, adding that the automobile industry is optimistic in ending the year 2023 on a high note and expects the trend to continue into 2024, supported by strong economic growth.

The CNX Nifty is currently trading at 20932.75, down by 64.35 points or 0.31% after trading in a range of 20931.95 and 21037.90. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.86%, Ultratech Cement up by 2.34%, Bajaj Auto up by 2.00%, SBI Life up by 1.91% and Hero MotoCorp up by 1.69%. On the flip side, BPCL down by 3.59%, Apollo Hospital down by 2.04%, Sun Pharma down by 1.95%, Titan Company down by 1.47% and Eicher Motors down by 1.45% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 173.01 points or 1.06% to 16,374.50, Nikkei 225 surged 51.9 points or 0.16% to 32,843.70, Jakarta Composite gained 33.42 points or 0.47% to 7,122.21, Taiwan Weighted added 32.29 points or 0.19% to 17,450.63, Shanghai Composite strengthened 12 points or 0.4% to 3,003.44, KOSPI increased 9.91 points or 0.39% to 2,535.27 and Straits Times was down by 9.49 points or 0.31% to 3,099.69.

European markets were trading higher; UK’s FTSE 100 increased 39.95 points or 0.53% to 7,584.84, France’s CAC rose 14.38 points or 0.19% to 7,565.91 and Germany’s DAX was up by 15.78 points or 0.09% to 16,810.21.