Indian equity benchmarks continued to trade in negative zone in morning session, amid negative signals from other Asian markets. Selling was appeared in TECK, Telecom and Consumer Durables stocks on BSE sectoral front, dragging Sensex 439 points. Traders remained cautious as exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,263.21 crore on Thursday. Traders overlooked Commerce and Industry Minister Piyush Goyal’s statement that talks are progressing fast between India and New Zealand and expressed hope that the free trade agreement will be finalised soon. On the global front, Asian markets are trading mostly in red as weak U.S. private sector jobs data from Challenger, Gray & Christmas added to concerns about an AI bubble and the possibility of a near-term correction. Concerns about a divided Federal Reserve on the path for December rate decision also dented investors' appetite for riskier assets.
The BSE Sensex is currently trading at 82871.55, down by 439.46 points or 0.53% after trading in a range of 82670.95 and 83150.15. There were 7 stocks advancing against 23 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index fell 0.30%, while Small cap index was down by 0.63%.
The lone gaining sectoral index on the BSE was Metal up by 0.09%, while TECK down by 1.74%, Telecom down by 1.42%, Consumer Durables down by 0.96%, IT down by 0.92% and Power down by 0.82% were the top losing indices on BSE.
The top gainers on the Sensex were ICICI Bank up by 0.95%, Power Grid Corporation up by 0.57%, Bharat Electronics up by 0.55%, Adani Ports & SEZ up by 0.53% and Bajaj Finance up by 0.47%. On the flip side, Bharti Airtel down by 4.16%, NTPC down by 1.35%, HCL Technologies down by 1.33%, Tech Mahindra down by 1.28% and SBI down by 1.14% were the top losers.
Meanwhile, a joint report by Industry body Confederation of Indian Industry (CII) and property consultant Colliers India has said that Housing prices are likely to appreciate 5-10 per cent annually over the next few years on better demand. The report projected that annual sales could jump from 3-4 lakh units currently to 10 lakh units by 2047.
It stated annual sales can potentially double and reach 1 million housing units by 2047, driven by rising income levels, demographic shifts and progressive housing policies. Furthermore, driven by rising incomes, urban migration, and premium housing demand, average property prices are projected to grow at 5-10 per cent annually over the next few years. The report also projected that the Indian real estate market size would surge from $0.3 trillion in 2025 to $5-10 trillion by 2047.
Harleen Kaur, Deputy Secretary, Ministry of Road Transport and Highways said ‘India's infrastructure expansion is reshaping the real estate landscape, unlocking new growth corridors and transforming Tier II & III cities. As we march towards a multi-trillion-dollar economy, the demand for world-class built structures, integrated logistics hubs and resilient mobility solutions, including transit-oriented development (TOD) systems, will become more prominent.’
She noted that the real estate and infrastructure are two vital sectors which will reinforce each other. Stated ‘Expressways and industrial corridors will increasingly enhance connectivity - transforming land usage in catchment areas, accelerating urban development, and creating commercially viable economic hotspots.’
The CNX Nifty is currently trading at 25377.25, down by 132.45 points or 0.52% after trading in a range of 25318.45 and 25447.10. There were 16 stocks advancing against 34 stocks declining on the index.
The top gainers on Nifty were Adani Enterprises up by 1.98%, Shriram Finance up by 0.96%, ICICI Bank up by 0.93%, Adani Ports & SEZ up by 0.71% and Power Grid Corporation up by 0.54%. On the flip side, Bharti Airtel down by 4.20%, SBI down by 1.42%, HCL Technologies down by 1.39%, Wipro down by 1.26% and NTPC down by 1.24% were the top losers.
Asian markets are trading mostly in red; Nikkei 225 slipped 861.68 points or 1.69% to 50,022.00, Taiwan Weighted lost 217.93 points or 0.78% to 27,681.52, Shanghai Composite weakened 2.23 points or 0.06% to 4,005.53, KOSPI dropped 99.45 points or 2.47% to 3,927.00, Hang Seng declined 242.9 points or 0.92% to 26,243.00 and Straits Times fell 0.77 points or 0.02% to 4,484.22.
On the flip side, Jakarta Composite gained 23.78 points or 0.28% to 8,360.84.
