Domestic indices extend losses in afternoon session

Domestic equity indices extended their losses in afternoon session as markets participants indulged in reducing their positions. Hectic selling in Mahindra & Mahindra, Nestle, Titan, Tata Motors and Adani Ports dragged the markets lower. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.30-0.45%. Foreign fund outflows dented domestic sentiments. On October 15, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,748.71 crore. Traders overlooked report that Reserve Bank of India (RBI) deputy governor Michael Debabrata Patra has said the retail inflation is projected to average 4.5 per cent in 2024-25 and align with the target on a durable basis by 2025-26. Most of the sectoral indices on BSE were trading in red, with only exception of Telecom counter. Stocks from Auto, IT, Consumer Disc, TECK and Realty counters were the prominent losers.

On the global front, Asian markets were trading mixed following weak cues from the US markets overnight. In the stock specific development, Jindal Drilling and Industries surged after the company said that the oil rig ‘Jindal Supreme’ owned by the company has commenced operations with Oil and Natural Gas Corporation (ONGC). The project will last for a period of three years at an Effective Day Rate (EDR) of $86,327.

The BSE Sensex is currently trading at 81464.84, down by 355.28 points or 0.43% after trading in a range of 81358.26 and 81932.15. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.41%, while Small cap index was down by 0.31%.

The only gaining sectoral index on the BSE was Telecom up by 0.54%, while Auto down by 1.16%, IT down by 1.04%, Consumer Discretionary down by 1.01%, TECK down by 0.73% and Realty down by 0.66% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 1.04%, Bharti Airtel up by 0.50%, Power Grid up by 0.24%, Asian Paints up by 0.21% and SBI up by 0.05%. On the flip side, Mahindra & Mahindra down by 2.82%, Nestle down by 2.00%, Titan down by 1.59%, Tata Motors down by 1.46% and Adani Ports down by 1.33% were the top losers.

Meanwhile, terming the telecom sector of the country as 'aggressive' and 'ambitious', Communications minister Jyotiraditya Scindia has said that India is resolved to lead the world in 6G. He said with the Bharat 6G Alliance, India hopes to contribute at least 10 per cent patents to 6G standardisation. He asserted ‘It is our belief and our commitment -- India followed the world in 4G, we marched with the world in 5G, but we shall lead the world in 6G.’

With the fastest 5G rollout in India wherein 98 per cent of districts and 90 per cent of all villages were covered in a span of just 21 months, the minister said it is the government’s effort of not just embracing, but bracing the country to become the first-mover in 6G technology.

He noted that the recent changes to the Telecommunications Act 2023 have been designed in such a way so as to modernise India's telecom framework, drawing light upon hitherto unaddressed areas such as the high potential sector of satellite communications, addressing the challenges of the digital era, the most important being cyber security. He said ‘the telecom sector, much like other growth-critical sectors in India, is aggressive, is ambitious, and its outlook in our journey from Amrit Kaal to Shatabdi Kaal is to lead the world.’

The CNX Nifty is currently trading at 24944.95, down by 112.40 points or 0.45% after trading in a range of 24908.45 and 25093.40. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 2.27%, Grasim Industries up by 1.27%, HDFC Bank up by 1.15%, Dr. Reddy's Lab up by 1.08% and Bajaj Auto up by 0.75%. On the flip side, Trent down by 3.56%, Mahindra & Mahindra down by 2.89%, Nestle down by 1.93%, Hero MotoCorp down by 1.78% and Titan down by 1.60% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 91.92 points or 0.45% to 20,410.71, Jakarta Composite gained 0.11 points or 0.01% to 7,627.06, Shanghai Composite strengthened 2.83 points or 0.09% to 3,204.12 and Straits Times rose 12.47 points or 0.35% to 3,607.94. However, KOSPI dropped 21.05 points or 0.81% to 2,612.40, Nikkei 225 slipped 730.25 points or 1.86% to 39,180.30 and Taiwan Weighted lost 281.06 points or 1.22% to 23,010.98.