Key gauges add losses in morning deals

Indian equity benchmarks added losses in morning deals, amid selling in blue chips like Hindustan Unilever and Nestle amid a weak trend in the Asian markets. Fresh foreign fund outflows also dented market sentiment. Foreign Institutional Investors (FIIs) turned sellers on Friday after unabated buying for the past many days. They sold equities worth Rs 1,830.31 crore, according to exchange data. Traders overlooked data from the Department for Promotion of Industry and Internal Trade (DPIIT) showing that Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. The cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period. On the global front, Asian markets are trading mixed as weak inflation data from China suggested Beijing's recent efforts to shore up faltering economic demand are having only limited impact.  

The BSE Sensex is currently trading at 81497.99, down by 211.13 points or 0.26% after trading in a range of 81411.55 and 81781.72. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.30%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.90%, Industrials up by 0.81%, Consumer Durables up by 0.36%, Realty up by 0.25% and PSU up by 0.25%, while FMCG down by 1.92%, Metal down by 0.70%, Basic Materials down by 0.51%, TECK down by 0.48% and Healthcare down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 1.53%, Kotak Mahindra Bank up by 0.84%, HDFC Bank up by 0.73%, Bajaj Finance up by 0.20% and NTPC up by 0.04%. On the flip side, Hindustan Unilever down by 3.95%, Nestle down by 2.13%, Asian Paints down by 1.55%, Infosys down by 1.23% and Ultratech Cement down by 0.94% were the top losers.

Meanwhile, Union Education Minister Dharmendra Pradhan has asserted that India will become a $30 trillion-economy by 2047. Pradhan said that India, the fastest-growing global economy, is currently in the fifth position and will bag the third spot in the next three years.

He said ‘The world didn't even count India on the economic front when XLRI came into being 75 years ago. Today, we are the fastest-growing economy and fifth-largest economy in the world, with a size of $3 trillion. We will be the third-largest economy in the next three years at $5 trillion. Our economy will grow to $30 trillion by 2047.’

He stated ‘We have to be wealth creators, job creators. We have the potential to create millions of jobs. The world is looking at India for digital public infrastructure... 46 per cent of digital transactions in the world take place in our country. We have become self-reliant in the service sector.’

The CNX Nifty is currently trading at 24604.70, down by 73.10 points or 0.30% after trading in a range of 24580.05 and 24705.00. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 1.53%, SBI Life Insurance up by 1.10%, HDFC Life Insurance up by 0.86%, Kotak Mahindra Bank up by 0.82% and HDFC Bank up by 0.76%. On the flip side, Hindustan Unilever down by 3.82%, Tata Consumer Product down by 3.71%, Nestle down by 2.20%, Britannia Industries down by 1.90% and Hindalco down by 1.69% were the top losers.

Asian markets are trading mixed; Hang Seng declined 112.59 points or 0.57% to 19,753.26, KOSPI dropped 56.69 points or 2.33% to 2,371.47, Straits Times fell 4.21 points or 0.11% to 3,791.95 and Shanghai Composite weakened 13.46 points or 0.4% to 3,390.62.

On the flip side, Nikkei 225 surged 23.65 points or 0.06% to 39,114.82, Taiwan Weighted added 24.23 points or 0.1% to 23,217.50 and Jakarta Composite gained 35.01 points or 0.47% to 7,417.80.