Bourses remain in red during late afternoon session

In volatile trading session, Indian equity markets remained in red during late afternoon session as sentiments continued to hit with CPI data. India’s Consumer Price Index (CPI)-based -- retail inflation jumped to a nine-month high of 5.49 per cent in September 2024 from 3.65 per cent in August 2024.  Besides, investors were tracing corporate Q2FY25 earnings for further cues. Cautiousness occurred in the markets amid India’s trade deficit data going to be out later in a day. On the global front, Asian markets were trading mixed with Japanese markets leading reginal gains after Prime Minister Shigeru Ishiba reportedly said his government is aiming to compile a supplementary budget for the current fiscal year in excess of last year's 13.1 trillion yen ($87.6 billion) to fund an economic support package.

The BSE Sensex is currently trading at 81792.94, down by 180.11 points or 0.22% after trading in a range of 81635.57 and 82300.44. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.01%, while Small cap index was up by 0.70%.

The top gaining sectoral indices on the BSE were Realty up by 1.18%, Industrials up by 0.30%, FMCG up by 0.25%, Consumer Durables up by 0.20% and TECK was up by 0.14%, while Metal down by 1.85%, Auto down by 0.88%, Energy down by 0.76%, Oil & Gas down by 0.53% and Basic Materials was down by 0.50% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.87%, Bharti Airtel up by 1.49%, Asian Paints up by 0.96%, HCL Tech up by 0.68% and Adani Ports up by 0.64%. On the flip side, Bajaj Finance down by 2.58%, Reliance Industries down by 2.01%, Tata Steel down by 1.93%, JSW Steel down by 1.77% and Tata Motors down by 1.42% were the top losers.

Meanwhile, credit rating agency ICRA in its latest report has said that the overall cargo volumes are expected to see a healthy year-on-year growth of 9-11 per cent to 3.6-3.7 million tonnes this fiscal year (FY25) on the back of estimated higher domestic and international cargo volumes while the outlook on airport infrastructure is stable. It expects international cargo volumes to expand 11-13 per cent while the domestic cargo growth is estimated at 4-6 per cent.

According to the report, the international cargo volumes saw a muted year-on-year rise of 1 per cent in the April-September period of FY24, owing to the slowdown in global economy and geo-political conflicts. However, the international cargo volumes surged 18 per cent in the second half of the previous fiscal year, amid the Red Sea crisis, which started in October 2023. Consequently, the seaborne cargo traffic was impacted, which in turn benefitted international air cargo traffic. 

The report said the cargo volumes were relatively less impacted due to Covid in FY21, compared to passenger traffic. Moreover, the recovery was relatively swift with cargo volumes recovering to 95 per cent of pre-Covid levels in FY22 compared to 55 per cent in passenger traffic. This was supported by higher growth in international cargo on account of the export of Covid-related vaccines and higher merchandise exports in FY22. While the growth in cargo volumes slowed down during the FY23 to H1 FY24 period, it has bounced back handsomely in the last 12 months, since the start of the Red Sea crisis.

The CNX Nifty is currently trading at 25062.80, down by 65.15 points or 0.26% after trading in a range of 25008.15 and 25212.05. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 1.85%, Bharti Airtel up by 1.62%, BPCL up by 1.39%, Britannia up by 1.31% and Asian Paints up by 1.15%. On the flip side, Bajaj Auto down by 2.98%, Wipro down by 2.97%, Bajaj Finance down by 2.56%, Hindalco down by 2.38% and Reliance Industries down by 2.01% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 316.75 points or 1.36% to 23,292.04, Nikkei 225 surged 304.75 points or 0.76% to 39,910.55, Jakarta Composite gained 61.92 points or 0.82% to 7,621.58 and KOSPI was up by 10.16 points or 0.39% to 2,633.45. On the flip side, Straits Times fell 2.25 points or 0.06% to 3,593.66, Shanghai Composite weakened 83.03 points or 2.59% to 3,201.29 and Hang Seng was down by 774.08 points or 3.81% to 20,318.79.

European markets were trading mostly in red; UK’s FTSE 100 decreased 35.57 points or 0.43% to 8,257.09 and France’s CAC was down by 57.46 points or 0.76% to 7,544.60. On the flip side, Germany’s DAX was up by 48 points or 0.25% to 19,556.29.