Benchmarks extend fall in morning deals

Indian equity benchmarks extended fall in morning deals, as investors assessed the implications of Donald Trump’s return to the White House and awaited the US Federal Reserve’s policy decision. Sentiments remained down-beat as RBI Governor Shaktikanta Das stated that capital expenditure spending of the centre and states are picking up but high subsidy outgo is a concern. He said subsidy outgo was very high and government expenditure in the first quarter is pulling down the GDP numbers. Some concern also came as SBI report stated that they see Q2 real GDP growth slowing down further to 6.5 per cent in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and if it is slowing down, it said they expect FY25 growth to come closer to 7 per cent. Sector-wise, Oil & gas stocks remained in limelight as Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said India’s petrochemical sector is on track to touch $300 billion next year, with the potential to reach upwards of $1 trillion in 2040. On the global front, Asian markets are trading mostly in green after U.S. stocks stormed to records as investors wagered on what Donald Trump’s return to the White House will mean for the economy and the world. 

The BSE Sensex is currently trading at 79528.43, down by 849.70 points or 1.06% after trading in a range of 79419.34 and 80563.42. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.63%, while Small cap index was down by 0.31%.

The top losing sectoral indices on the BSE were Auto down by 1.64%, Metal down by 1.56%, Utilities down by 1.49%, IT down by 1.41% and TECK down by 1.26%, while there were no gaining sectoral indices on the BSE. 

The only gainers on the Sensex were Tata Steel up by 1.07% and Larsen & Toubro up by 0.38%. On the flip side, Tech Mahindra down by 2.59%, Ultratech Cement down by 2.16%, Mahindra & Mahindra down by 2.05%, Bajaj Finserv down by 2.05% and Power Grid Corporation down by 1.90% were the top losers.

Meanwhile, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that India's petrochemical sector is on track to touch $300 billion next year, with the potential to reach upwards of $1 trillion in 2040. The growth in the sector means more jobs, growth, and a sustainable, self-sufficient future for every Indian.

He stated with initiatives like Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and 100 per cent FDI, India is paving the way for global investors and building a cleaner, greener tomorrow. 

With a rising population and an expanding middle class, the demand for products, from fertilizers to electronics, is skyrocketing in India. India is the world's sixth largest chemicals producer, there is still room to grow. India's per capita consumption is far below developed countries, which means massive potential.

The CNX Nifty is currently trading at 24207.05, down by 277.00 points or 1.13% after trading in a range of 24181.95 and 24503.35. There were 3 stocks advancing against 47 stocks declining on the index.

The few gainers on Nifty were Apollo Hospital up by 5.74%, Tata Steel up by 1.08% and Larsen & Toubro up by 0.39%. On the flip side, Hindalco down by 7.65%, Shriram Finance down by 3.00%, Adani Enterprises down by 2.86%, Grasim Industries down by 2.67% and Tech Mahindra down by 2.59% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 234.02 points or 1.01% to 23,451.40, Hang Seng advanced 282.51 points or 1.38% to 20,820.89, KOSPI increased 6.94 points or 0.27% to 2,570.45, Straits Times rose 68.05 points or 1.89% to 3,671.04 and Shanghai Composite strengthened 37.32 points or 1.1% to 3,421.13.

On the flip side, Nikkei 225 slipped 140.23 points or 0.36% to 39,340.44 and Jakarta Composite plunged 92.88 points or 1.27% to 7,290.99.