Indian equity markets traded deep in red in late afternoon session amid profit booking. Concerns over the escalating conflict in the Middle East have raised fears of potential disruptions to crude supplies from the top oil-producing region, pushing prices higher - a situation that impacts net importers like India. Besides, cautiousness also prevailed in the markets as the seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.7 in September from 60.9 in August. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also eased to 58.3 in September as against 60.7 in August.
On the global front, Asian markets were trading mixed as Middle East tensions persisted, and investors looked ahead to the all-important U.S. jobs report later in the day that could decide the path of U.S. interest rates. European markets were trading mostly in green after falling sharply in the previous session on concerns over a worsening conflict in the Middle East.
The BSE Sensex is currently trading at 81729.53, down by 767.57 points or 0.93% after trading in a range of 81715.33 and 83368.32. There were 7 stocks advancing against 23 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index declined 1.06%, while Small cap index was down by 0.77%.
The only gaining sectoral index on the BSE were IT was up by 0.36%, while Realty down by 2.25%, Auto down by 1.71%, Telecom down by 1.59%, Utilities down by 1.49% and FMCG was down by 1.44% were the top losing indices on BSE.
The top gainers on the Sensex were Infosys up by 1.42%, Tech Mahindra up by 0.81%, Axis Bank up by 0.47%, TCS up by 0.28% and Tata Motors up by 0.17%. On the flip side, Bajaj Finance down by 3.33%, Mahindra & Mahindra down by 3.12%, Nestle down by 2.62%, Asian Paints down by 2.55% and Bharti Airtel down by 2.40% were the top losers.
Meanwhile, India’s services sector activity eased in the month of September, as new business, international sales and output all rose at the slowest rates since late-2023. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.7 in September from 60.9 in August. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also eased to 58.3 in September as against 60.7 in August.
The survey report noted that new business intakes expanded sharply at the end of the second fiscal quarter, but the pace of growth retreated to a ten-month low. The solid increase in services employment seen since May was extended to September. Service providers reported the recruitment of full- and part-time workers, with both permanent and temporary contracts being offered.
On the price front, fierce competition somewhat restricted charge inflation across India's service economy in September. Output prices still rose, but did so to the smallest degree in over two-and-a-half years. Cost pressures were more pronounced in the Consumer Services segment, but it was in Finance & Insurance that the fastest rise in selling prices was recorded. As per the report, there was a general absence of capacity pressure at service providers in India. This was signaled by the seasonally adjusted Outstanding Business Index registering broadly in line with the no-change mark of 50.0.
The CNX Nifty is currently trading at 25007.35, down by 242.75 points or 0.96% after trading in a range of 24998.80 and 25485.05. There were 12 stocks advancing against 38 stocks declining on the index.
The top gainers on Nifty were Infosys up by 1.45%, Tech Mahindra up by 0.72%, Wipro up by 0.59%, Axis Bank up by 0.56% and ONGC up by 0.55%. On the flip side, Cipla down by 4.31%, Bajaj Finance down by 3.33%, Mahindra & Mahindra down by 3.19%, Hero MotoCorp down by 3.05% and Asian Paints down by 2.52% were the top losers.
Asian markets were trading mixed; Hang Seng advanced 623.36 points or 2.74% to 22,736.87, Nikkei 225 surged 83.56 points or 0.22% to 38,635.62, KOSPI increased 8.02 points or 0.31% to 2,569.71 and Straits Times was up by 6.46 points or 0.18% to 3,583.89. On the flip side, Jakarta Composite plunged 63.59 points or 0.84% to 7,480.24 and Taiwan Weighted was down by 87.68 points or 0.39% to 22,302.71.
European markets were trading mostly in green; France’s CAC rose 32.33 points or 0.43% to 7,510.11 and Germany’s DAX was up by 9.64 points or 0.05% to 19,025.05. On the flip side, UK’s FTSE 100 was down by 26.25 points or 0.32% to 8,256.27.