Indian equity markets traded in red in late afternoon session despite the latest HSBC ‘flash’ PMI survey compiled by S&P Global has showed that India's private sector economy continued to showcase robust growth in October. Traders took note of report that Finance Minister Nirmala Sitharaman said India will impose restrictions on foreign direct investment (FDI) in the national interest to ensure safeguards due to its location in a highly sensitive neighbourhood. On the global front, Asian markets were trading mostly in red as rising yields on uncertainty over the U.S. election outcome weighed on the tech sector. Tesla's forecast-beating earnings provided some comfort for investors, helping limit regional losses. European markets were trading higher after a business survey showed German business activity contracted less steeply than the previous month in October. The HCOB Preliminary German Composite Output Index came in at 48.4 in October versus 47.5 in September.
The BSE Sensex is currently trading at 79995.14, down by 86.84 points or 0.11% after trading in a range of 79813.02 and 80259.82. There were 16 stocks advancing against 14 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index declined 0.30%, while Small cap index was down by 0.71%.
The top gaining sectoral indices on the BSE were Bankex up by 0.60%, PSU up by 0.53%, Healthcare up by 0.44%, Utilities up by 0.27% and Power was up by 0.19%, while FMCG down by 2.56%, Realty down by 1.25%, Telecom down by 0.94%, Consumer Dis down by 0.81% and Industrials was down by 0.79% were the top losing indices on BSE.
The top gainers on the Sensex were Ultratech Cement up by 2.66%, Mahindra & Mahindra up by 1.56%, SBI up by 1.18%, Titan company up by 1.02% and Power Grid up by 0.90%. On the flip side, Hindustan Unilever down by 5.79%, Nestle down by 3.91%, Maruti Suzuki down by 2.23%, ITC down by 1.52% and Asian Paints down by 1.06% were the top losers.
Meanwhile, the latest HSBC ‘flash’ PMI survey compiled by S&P Global has showed that India's private sector economy continued to showcase robust growth in October. The survey noted that a quicker upturn in new work intakes encouraged companies to scale up business activity and recruit additional workers. The uptick in growth momentum was accompanied by an intensification of price pressures. The manufacturers outperformed service providers regarding rates of expansion for output and sales, and also recorded faster increases in input costs and selling charges. Meanwhile, hiring was stronger in the service sector.
According to survey report, the HSBC Flash India Composite Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - stood at 58.6 in October, which was inside growth territory (above 50.0) for the thirty-ninth successive month. Moreover, the headline figure rose from a final reading of 58.3 in September and outpaced its long-run average of 54.7. The acceleration in growth was supported by quicker increases in factory production and services activity.
Besides, the HSBC Flash India Manufacturing PMI - a single-figure snapshot of factory business conditions calculated from measures of new orders, output, employment, supplier delivery times and stocks of purchases - recovered from September's eight-month low of 56.5 to 57.4 in October. Registering well above the series trend, the latest figure was consistent with a substantial improvement in the health of the sector. Meanwhile, trends for business confidence were mixed at the sub-sector level. Manufacturers were at their most upbeat since July, while sentiment somewhat faded at services companies. For the private sector overall, the degree of optimism receded but remained above its long-run average.
The CNX Nifty is currently trading at 24369.10, down by 66.40 points or 0.27% after trading in a range of 24341.20 and 24480.65. There were 22 stocks advancing against 28 stocks declining on the index.
The top gainers on Nifty were Ultratech Cement up by 2.64%, Shriram Finance up by 1.50%, Mahindra & Mahindra up by 1.35%, Grasim Industries up by 1.14% and SBI up by 1.14%. On the flip side, Hindustan Unilever down by 6.00%, SBI Life down by 4.89%, Hindalco down by 4.18%, Nestle down by 3.83% and Bajaj Auto down by 2.70% were the top losers.
Asian markets were trading mostly in red; Hang Seng declined 270.53 points or 1.32% to 20,489.62, Taiwan Weighted lost 142.24 points or 0.61% to 23,192.52, Jakarta Composite plunged 52.58 points or 0.68% to 7,734.99, Shanghai Composite weakened 22.54 points or 0.69% to 3,280.26 and KOSPI was down by 18.59 points or 0.72% to 2,581.03. On the flip side, Straits Times rose 5.95 points or 0.16% to 3,606.73 and Nikkei 225 was up by 38.43 points or 0.1% to 38,143.29.
European markets were trading higher; UK’s FTSE 100 increased 65.21 points or 0.79% to 8,323.85, France’s CAC rose 56.06 points or 0.75% to 7,553.54 and Germany’s DAX was up by 121.51 points or 0.63% to 19,499.13.
