Indian equities trade at the lowest point of day

Indian equities failed to exhibit any fervor in the late afternoon trades and are showing listless performance, trading at the lowest point of the day as investors are reluctant to pick shares in absence of any significant upside triggers. Traders were seen selling across Realty, Consumer Durables and Power sector. DLF from Realty sector was seen trading in red with cut off more than five percent exerting pressure on the markets. M&M, Hero MotoCorp and Maruti from Auto pack was trading with cut off more than three percent each pulling the markets down. Axis Bank, ICICI Bank, PNB, SBI and Kotak Bank from banking table were seen trading weak dragging the market. Index heavyweight RIL is seen trading with a cut off around more than a percent helping market bleed. L&T and BHEL from Capital Goods sector were too seen putting pressure on the markets. Infosys and TCS from IT pack were seen trading in green helping to pull the markets. Tata Motors from Auto pack and HDFC Bank from banking sector were seen firm in green giving the much needed support for the benchmarks. Coal India and ONGC too were trading in green preventing the markets from falling down further. On the global front, all Asian markets were seen trading in red barring Shanghai Composite while the European markets too were trading in red on a pessimistic note. Investors remained cautious over mounting worries over the ability of new governments in Greece and Italy to tackle the sovereign debt trouble by undertaking necessary fiscal reforms. Apart from the uncertainties on the political front, the surging borrowing costs in the European region dampened investors’ morale. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 5,100 and 17,000 levels, respectively. The market breadth on the BSE was negative in the ratio of 718:2012 while, 99 scrips remained unchanged.

The BSE Sensex is currently trading at 17,015.57 down by 103.17 points or 0.60% after trading as high as 17,172.09 and as low as 17,014.42. There were 10 stocks advancing against 20 declines on the index.

The broader indices were trading in the negative zone; the BSE Mid cap index lost 1.76% while Small cap shed 1.80%.

On the BSE sectoral space there were no gainers while Realty down 3.97%, Consumer Durables down 1.72%, Power down 1.59%, Bankex down 1.17% and Oil & Gas down 1.02% were the major losers in the space.

Cipla up 6.39%, Tata Motors up 2.16%, HDFC Bank up 0.76%, Jindal Steel up 0.64% and Coal India up 0.32% were the major gainers on the Sensex, while DLF down 4.93%, Tata Steel down 3.36%, M&M down 2.84%, Maruti Suzuki down 2.71% and Jaiprakash Associates down 2.41% were the major losers on the index.

Meanwhile, Indian companies’ foreign direct investments (FDI) outflow declined by 40% in the month of October to $2.06 billion compared to the $3.46 billion outflow in September, as per the data released by Reserve Bank of India (RBI). The RBI release also showed that as many as 330 overseas investment transactions were carried out by various companies in October and Cox and Kings and Tata Communications emerged as the major overseas investors.

Cox and Kings India, which committed $280.56 million in its UK-based wholly owned subsidiary (WoS)-- Prometheon Holdings (UK), also made five other investments worth a total of over $8.05 million in its WoSs, based in Honk Kong, Singapore, the UK and Japan. Also, Tata Consultancy Services has committed $48.92 million in its UK-based joint venture Diligenta while another Tata Group firm, Tata Communications committed $162.5 million in its Singapore-based WoS, VSNL International Pte.

In the period between April and October, the outward FDI stood at $21.07 billion. While Indian companies are spreading their overseas footprints, the FDI inflows in the April-September (latest data available), too, went up by a huge 74% to $19.13 billion from $11 billion in the corresponding period last year.

The S&P CNX Nifty is currently trading at 5,103.65, lower by 44.70 points or 0.87% after trading as high as 5,158.75 and as low as 5,102.35. There were 10 stocks advancing against 38 declines while 2 stocks remained unchanged on the index.

The top gainers on the Nifty were Cipla up 6.18%, Tata Motors up 2.19%, HDFC Bank up 0.78%, Jindal Steel up 0.62% and Reliance Power up 0.47%.

DLF down 5.30%, Axis Bank down 3.96%, Tata Steel down 3.76%, Tata Power down 3.31% and M&M down 3.20% were the major losers on the index.

Asian markets traded on a pessimistic note, Hang Seng plunged 0.82%, Jakarta Composite sank 0.75%, KLSE Composite shed 0.14%, Nikkei 225 slipped 0.72%, Straits Times declined 0.26%, Seoul Composite dropped 0.88% and Taiwan Weighted dipped 0.46%. On the flip side, Shanghai Composite inched higher by 0.04%.

The European markets were trading in red with, France’s CAC 40 down 1.41%, Germany's DAX declined 0.52% and Britain’s FTSE 100 down 0.11%.