Bourses remain in red in late afternoon session

Indian equity markets remained in red in late afternoon session following weak cues from European markets. As for broader indices, the BSE Mid cap index and Small cap index traded in green. Investors were cautious ahead of key macroeconomic data, i.e. Inflation and Index of Industrial Production (IIP) data. Besides private report stated that India’s retail inflation, based on the Consumer Price Index, likely rose to 5.1% in September from 3.65% in August, primarily due to an unfavourable base effect, On the global front, Asian markets were trading mixed as investors waited to see whether Beijing will deliver more fiscal stimulus at a press conference by the finance ministry on Saturday. European markets were trading lower as nervous investors awaited updates on China's stimulus plans. Back home, airline industry remained in focus as Credit rating agency ICRA in its latest report has said that the overall air cargo volumes are likely to witness healthy growth of around 9-11% YoY to around 3.6-3.7 million tonnes in FY25, supported by 11%-13% expansion in international and 4%-6% growth in domestic cargo.

The BSE Sensex is currently trading at 81362.85, down by 248.56 points or 0.30% after trading in a range of 81325.51 and 81671.38. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.19%, while Small cap index was up by 0.30%.

The top gaining sectoral indices on the BSE were Metal up by 1.09%, Healthcare up by 0.77%, IT up by 0.42%, Oil & Gas up by 0.35% and Energy was up by 0.33%, while Realty down by 1.07%, Utilities down by 0.88%, Bankex down by 0.66%, Auto down by 0.64% and Power was down by 0.55% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.65%, HCL Tech up by 1.63%, Larsen & Toubro up by 1.01%, Infosys up by 0.87% and Titan Company up by 0.85%. On the flip side, TCS down by 2.24%, Mahindra & Mahindra down by 2.18%, Maruti Suzuki down by 1.45%, ICICI Bank down by 1.43% and Axis Bank down by 1.18% were the top losers.

Meanwhile, in view of the upcoming festive season and to enable States to accelerate capital spending, and also finance their development/ welfare related expenditure, the Union Government has released tax devolution of Rs 1,78,173 crore to State Governments on October 10, 2024, as against the normal monthly devolution of Rs 89,086.50 crore. 

It includes one advance instalment, in addition to the regular instalment due in October, 2024. According to the Ministry of Finance, Uttar Pradesh received Rs 31,962 crore, the highest amount disbursed to any state, followed by Bihar (Rs 17,921 crore), Madhya Pradesh (Rs 13,987 crore) and West Bengal (Rs 13,404 crore). 

Other prominent beneficiaries include Maharashtra (Rs 11,255 crore) and Rajasthan (Rs 10,737 crore). Smaller states such as Goa and Sikkim received Rs 688 crore and Rs 691 crore, respectively. Besides, Andhra Pradesh received Rs 7,211 crore, while Arunachal Pradesh got Rs 3,131 crore.

The CNX Nifty is currently trading at 24950.40, down by 48.05 points or 0.19% after trading in a range of 24920.05 and 25028.65. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Trent up by 2.75%, Hindalco up by 2.13%, HCL Tech up by 1.84%, Tech Mahindra up by 1.77% and ONGC up by 1.06%. On the flip side, TCS down by 2.26%, Mahindra & Mahindra down by 2.23%, Adani Enterprises down by 1.68%, Maruti Suzuki down by 1.50% and ICICI Bank down by 1.47% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 242.56 points or 1.06% to 22,901.64, Nikkei 225 surged 224.91 points or 0.57% to 39,605.80 and Jakarta Composite was up by 46.52 points or 0.62% to 7,526.60. On the flip side, KOSPI dropped 2.25 points or 0.09% to 2,596.91, Straits Times fell 4.62 points or 0.13% to 3,580.67 and Shanghai Composite was down by 84.19 points or 2.62% to 3,217.74.

European markets were trading lower; UK’s FTSE 100 decreased 21.89 points or 0.27% to 8,215.84, France’s CAC fell 11 points or 0.15% to 7,530.59 and Germany’s DAX was down by 21.91 points or 0.11% to 19,188.99.