Sensex, Nifty off day’s lows

Indian equity benchmarks came off day’s lows in early afternoon deals, amid positive cues from other Asian markets. Some relief came after India's manufacturing sector regained growth momentum in the month of October, fuelled by faster increases in total new orders and international sales. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) surged to 57.5 in October as against 56.5 in September, indicating a substantial and accelerated improvement in operating conditions. However, trade remained in red, amid a private report stating that India’s economic growth likely moderated in July-September, primarily due to a slowdown in consumption and investment amid heavy monsoon rains in several parts of the country.

On the global front, Asian markets were trading mostly in green, after China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence. The survey results from S&P Global showed that the Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September. A reading above the neutral mark of 50.0 indicates expansion.

The BSE Sensex is currently trading at 78505.09, down by 1219.03 points or 1.53% after trading in a range of 78232.60 and 79713.14. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 1.45%, while Small cap index was down by 1.78%.

The top losing sectoral indices on the BSE were Oil & Gas down by 3.11%, Energy down by 3.04%, Realty down by 2.91%, PSU down by 2.47% and Metal down by 2.30%, while there were no gaining sectoral indices on the BSE.

The few gainers on the Sensex were Tech Mahindra up by 1.67%, Mahindra & Mahindra up by 1.39% and HCL Tech. up by 0.38%. On the flip side, Sun Pharma down by 3.61%, Adani Ports & SEZ down by 3.50%, NTPC down by 3.13%, Reliance Industries down by 3.01% and Tata Motors down by 3.00% were the top losers.

Meanwhile, the commerce ministry in its latest data has stated that India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices.  

The ministry data analysis showed that petroleum exports rose to $84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching $1.52 billion in 2023 from $0.26 billion in 2018. It was at the second spot in 2018. Similarly, in cane or beet sugar, the country's outbound shipments have more than quadrupled to $3.72 billion from $0.93 billion in 2018. India has achieved tremendous growth in the export of cane or beet sugar, with its global market share increasing from 4.17 per cent in 2018 to 12.21 per cent in 2023. 

India is now the third-largest exporter globally against the 5th position in 2018. Further, the country's position in the global market for rubber pneumatic tyres has also strengthened, with exports growing to $2.66 billion in 2023 from $1.82 billion in 2018. India now holds a 3.31 per cent share of the global market, up from 2.34 per cent in 2018, and the country has moved up to the eighth position globally from 13th in 2018, indicating the rising demand for Indian-manufactured tyres, particularly in emerging markets.

The CNX Nifty is currently trading at 23882.45, down by 421.90 points or 1.74% after trading in a range of 23816.15 and 24316.75. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 1.61%, Cipla up by 1.39%, Mahindra & Mahindra up by 1.22%, HCL Tech. up by 0.31% and Dr. Reddy's Lab up by 0.13%. On the flip side, Hero MotoCorp down by 5.52%, Bajaj Auto down by 5.07%, BPCL down by 4.49%, Grasim Industries down by 4.11% and ONGC down by 3.86% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 61.31 points or 0.3% to 20,567.74, Shanghai Composite strengthened 35.47 points or 1.08% to 3,307.48, Straits Times rose 21.09 points or 0.59% to 3,576.52, KOSPI increased 46.61 points or 1.8% to 2,588.97 and Taiwan Weighted added 185.31 points or 0.81% to 22,965.39, while Jakarta Composite plunged 60.58 points or 0.81% to 7,444.68.