Indian equity markets have extended their losses in late afternoon session amid elevated crude oil prices and rising expectations of interest rate hike by US federal reserve in December. Brent crude prices continued trade above the $110 a barrel mark due to rising supply concerns. Further, investor remained cautious as Foreign institutional investors (FIIs) continued to pull out capital from Indian markets. FIIs were the net sellers on Monday’s session, offloading securities worth Rs 1,148.64 crore.
While both Sensex and Nifty were trading with deep cuts, Nifty suffered comparatively heavy losses due to strong selling among Financial Services, Healthcare and Utility stocks. On the global front, Asian equity markets were trading mostly in green following reports of progress towards renewed U.S.-Iran negotiations. European equity markets were trading mostly in green as investors digested U.K. inflation data and awaited a raft of earnings for direction.
The BSE Sensex is currently trading at 73346.43, down by 506.47 points or 0.69% after trading in a range of 73257.62 and 74682.19. There were 8 stocks advancing against 22 stocks declining on the index.
The only gaining sectoral indices on the BSE were IT up by 2.12% and TECK up by 1.33%, while Capital Goods down by 3.35%, Power down by 2.75%, Industrials down by 2.73%, Consumer Discretionary down by 2.53% and Utilities down by 2.29% were the top losing indices on BSE.
The top gainers on the Sensex were Tech Mahindra up by 2.81%, Infosys up by 2.75%, TCS up by 2.18%, HCL Technologies up by 1.91% and Ultratech Cement up by 1.88%. On the flip side, Eternal down by 3.40%, Bajaj Finance down by 3.36%, Trent down by 2.34%, Bajaj Finserv down by 2.22% and Axis Bank down by 2.20% were the top losers.
Meanwhile, in a bid to address emerging requirements in the mining sector, the government is reportedly set to undertake a comprehensive review of the National Mineral Policy, 2019, with a focus on key priorities such as critical minerals, recycling, and deep-sea resources. The Mines Ministry has decided to constitute nine-member committee, headed by Additional Secretary in the Mines Ministry, to examine the existing policy in view of recent developments and emerging requirements.
The panel has been tasked with reviewing the National Mineral Policy, 2019, in view of developments in the mineral sector since its formulation, identifying provisions that need modification, and recommending a comprehensive revision of the policy. It has been asked to submit its recommendations within two months of its constitution.
The National Mineral Policy, 2019, approved by the Union Cabinet chaired by Prime Minister Narendra Modi, aimed at ensuring more effective regulation and sustainable development of the mining sector, and addressing the concerns of people affected by mining projects, particularly those living in tribal areas. The policy sought to create a more effective, meaningful and implementable framework by bringing in greater transparency, better regulation and enforcement, balanced social and economic growth, and sustainable mining practices. It also included provisions to boost the mining sector, such as measures to encourage exploration, attract private investment, promote ease of doing business and ensure scientific and sustainable mining.
The CNX Nifty is currently trading at 22685.85, down by 203.10 points or 0.89% after trading in a range of 22663.05 and 23120.90. There were 10 stocks advancing against 40 stocks declining on the index.
The top gainers on Nifty were Infosys up by 2.97%, Tech Mahindra up by 2.95%, TCS up by 2.13%, HCL Technologies up by 1.94% and Ultratech Cement up by 1.61%. On the flip side, Eternal down by 4.48%, Bajaj Finance down by 3.84%, Eicher Motors down by 3.27%, Adani Enterprises down by 3.02% and Nestle India down by 2.82% were the top losers.
Asian equity markets were trading mostly in green; Nikkei 225 surged 635.58 points or 0.98% to 64,711.00, Taiwan Weighted added 594.84 points or 1.27% to 46,887.77, KOSPI increased 182.92 points or 3.19% to 5,735.66, Straits Times rose 38.8 points or 0.71% to 5,442.82 and Jakarta Composite gained 19.6 points or 0.37% to 5,298.49, while Hang Seng declined 223.74 points or 0.95% to 23,644.00 and Shanghai Composite weakened 22.34 points or 0.6% to 3,713.03.
European equity markets were trading mostly in green; France’s CAC rose 35.51 points or 0.45% to 7,874.00 and Germany’s DAX gained 55.18 points or 0.22% to 25,359.60, while UK’s FTSE 100 decreased 6.82 points or 0.06% to 10,726.18.
