Indian markets made a negative start on Tuesday as traders were cautious over the elevated crude oil prices and geopolitical tensions. Brent crude futures were hovering near $115 a barrel mark after attacks on Saudi Arabia dampened hopes for an immediate easing of tensions in the region. Some pessimism came as Foreign Institutional Investors (FIIs) returned to selling in the cash market after a day's break, selling shares worth Rs 1,462.49 crore on October 26.
Sensex and Nifty were trading flat in early deals amid weakness in IT stocks. Though, buying in select auto and pharma shares capped the downside. Indices witnessed some volatility ahead of weekly and monthly Nifty derivatives expiry later in the day.
On global front, Asian markets were trading mixed following a healthy run-up on Wall Street amid gains in AI-related stocks after Anthropic's IPO filing, while gains were concentrated ahead of slew of key earnings and central bank decisions this week.
The BSE Sensex is currently trading at 73545.64, down by 61.11 points or 0.08% after trading in a range of 73210.76 and 73566.96. There were 13 stocks advancing against 17 stocks declining on the index.
The top gaining sectoral indices on the BSE were Industrials up by 1.77%, Realty up by 1.71%, Capital Goods up by 1.60%, Healthcare up by 1.48% and Utilities up by 1.40%, while IT down by 1.40%, TECK down by 0.73%, Energy down by 0.24%, Consumer Durables down by 0.23% and FMCG down by 0.06% were the top losing indices on BSE.
The top gainers on the Sensex were Bharat Electronics up by 2.85%, Sun Pharma up by 1.08%, Maruti Suzuki India up by 1.05%, Eternal up by 1.02% and Power Grid up by 0.93%. On the flip side, Infosys down by 2.46%, Hindustan Unilever down by 2.20%, TCS down by 1.59%, Bajaj Finserv down by 1.25% and Tech Mahindra down by 1.09% were the top losers.
Meanwhile, highlighting the government’s aim to cap the national debt at 50% of Gross Domestic Product (GDP) by 2030, Union Finance Minister Nirmala Sitharaman has reiterated the Centre’s commitment to fiscal consolidation, citing annual budgets as evidence of its efforts to rein in the fiscal deficit. Addressing concerns over rising debt, she noted that all countries have faced debt-related challenges since the COVID-19 pandemic. She added “We are consistently putting in place measures to reduce the Union Government’s debt, and international organisations have acknowledged India’s disciplined approach to debt management.”
On inflation management, she noted that a dedicated group of ministers has been working since 2014 to ensure price stability through efficient supply chain management. Citing targeted interventions, such as restrictions on rice exports, she emphasised that the Centre had successfully shielded domestic consumers from price hikes while ensuring that farmers received the Minimum Support Price (MSP). Commenting on democratic dissent, she remarked that approaching courts through legal channels and holding street protests are both established means used by various opposition groups to seek justice.
On per capita income, she said, “We are implementing various measures to increase it. Despite global challenges such as the pandemic, economic recovery efforts, wars, and fluctuations in fuel and crude oil prices, we have worked to ensure these burdens do not fall heavily on the public. We are definitely continuing our efforts in this direction.”
The CNX Nifty is currently trading at 22758.65, up by 5.45 points or 0.02% after trading in a range of 22653.20 and 22767.45. There were 30 stocks advancing against 20 stocks declining on the index.
The top gainers on Nifty were Tata Consumer Products up by 5.60%, Bharat Electronics up by 2.81%, Max Healthcare Institute up by 1.53%, BSE up by 1.49% and Bajaj Auto up by 1.44%. On the flip side, Hindustan Unilever down by 2.69%, Infosys down by 2.67%, TCS down by 1.78%, HCL Technologies down by 1.31% and Tech Mahindra down by 1.06% were the top losers.
Asian markets were trading mixed; Nikkei 225 surged 1195.35 points or 1.92% to 63,385.00, KOSPI increased 205.59 points or 3.76% to 5,675.06, Straits Times was up by 5.61 points or 0.1% to 5,407.77.
On the other hand, Hang Seng declined 86.81 points or 0.37% to 23,125.00, Taiwan Weighted lost 24.72 points or 0.05% to 46,016.71, Jakarta Composite fell 14.57 points or 0.27% to 5,358.52 and Shanghai Composite was down by 4.94 points or 0.13% to 3,692.58.