Bourses turn red in late afternoon session

Indian equity markets came off from day’s high levels and entered into red territory in late afternoon session following weak cues from European markets. Traders were cautious as HSBC Composite Purchasing Managers' Index (PMI) Flash, HSBC Manufacturing PMI Flash, HSBC Services PMI Flash data due on tomorrow. Meanwhile, International Monetary Fund (IMF) kept its growth forecasts for India unchanged at 7 per cent and 6.5 per cent for FY25 and FY26, respectively. It held that pent up demand accumulated during the pandemic has been exhausted as the economy “reconnects” with its potential growth. On the global front, Asian markets were trading mixed tracking elevated U.S. treasury yields amid easing expectations of aggressive Federal Reserve rate cuts and fears the U.S. may be heading toward fiscal collapse. European markets were trading lower due to concerns about slowing Chinese growth and the widening U.S. fiscal deficit.

The BSE Sensex is currently trading at 80159.29, down by 61.43 points or 0.08% after trading in a range of 79891.68 and 80646.31. There were 9 stocks advancing against 21 stocks declining on the index. 

The broader indices were trading in green; the BSE Mid cap index gained 0.84%, while Small cap index was up by 1.25%.

The top gaining sectoral indices on the BSE were IT up by 2.11%, TECK up by 1.39%, Consumer Durables up by 0.80%, Telecom up by 0.79% and Basic Materials was up by 0.52%, while Power down by 1.14%, Capital Goods down by 0.76%, Utilities down by 0.66%, PSU down by 0.49% and Industrials was down by 0.34% were the losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 5.28%, Tech Mahindra up by 2.36%, Bajaj Finserv up by 1.99%, HCL Tech up by 1.34% and TCS up by 1.26%. On the flip side, Mahindra & Mahindra down by 2.58%, NTPC down by 2.26%, Sun Pharma down by 1.81%, Adani Ports down by 1.47% and Power Grid Corp down by 1.43% were the top losers.

Meanwhile, Ministry of Labour & Employment in its latest data report has showed that retail inflation for farm workers and rural labourers increased to 6.36 per cent and 6.39 per cent, respectively, in the month of September 2024 from 5.96 per cent and 6.08 per cent in August 2024. 

The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of 7 points each in September 2024, reaching levels of 1,304 and 1,316 points, respectively. The CPI-AL and CPI-RL were 1,297 points and 1,309 points, respectively, in August 2023.

Meanwhile, India’s Consumer Price Index (CPI)-based -- retail inflation jumped to a nine-month high of 5.49 per cent in September 2024 from 3.65 per cent in August 2024, with soaring vegetable prices. The CPI was 5.02 per cent in September 2023. The previous high inflation rate was witnessed in December 2023 at 5.69 per cent.

The CNX Nifty is currently trading at 24454.30, down by 17.80 points or 0.07% after trading in a range of 24378.10 and 24604.25. There were 19 stocks advancing against 31 stocks declining on the index. 

The top gainers on Nifty were Bajaj Finance up by 5.41%, Tech Mahindra up by 2.34%, Bajaj Auto up by 2.33%, Bajaj Finserv up by 2.04% and Tata Consumer up by 1.51%. On the flip side, Mahindra & Mahindra down by 2.67%, NTPC down by 2.32%, Eicher Motors down by 1.96%, Sun Pharma down by 1.72% and Adani Ports down by 1.49% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 261.2 points or 1.26% to 20,760.15, KOSPI increased 28.92 points or 1.11% to 2,599.62, Shanghai Composite strengthened 16.93 points or 0.51% to 3,302.80 and Straits Times was up by 13.43 points or 0.37% to 3,600.84. On the flip side, Jakarta Composite plunged 12.61 points or 0.16% to 7,776.37, Taiwan Weighted lost 200.67 points or 0.86% to 23,334.76 and Nikkei 225 was down by 307.1 points or 0.81% to 38,104.86.

European markets were trading lower; UK’s FTSE 100 decreased 21.77 points or 0.26% to 8,284.77, France’s CAC fell 42.63 points or 0.57% to 7,492.47 and Germany’s DAX was down by 38.42 points or 0.2% to 19,383.49.