Domestic indices trade lower with cut of over half percent

Domestic equity indices magnified their losses and were trading with cut of over half percent in afternoon session as market participants indulged in reducing their positions. Hectic selling in Titan, Ultratech Cement, Tech Mahindra, JSW Steel and TCS dragged the markets to magnify their losses. Weak cues from the other Asian markets weighed on the domestic sentiments. Traders overlooked HSBC's December flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 60.7 this month - matching August's reading - after dropping to 58.6 in November. Meanwhile, India's wholesale inflation eased to 1.89 per cent on an annual basis in November from 2.36 per cent in October, on the back of slower increase in food prices. Positive rate of inflation in November is primarily due to an increase in prices of food articles, food products, other manufacturing, textiles, machinery & equipment, etc. On the BSE sectoral front, traders were seen pilling up positions in Realty, Consumer Disc, Consumer Durables, Industrials and Capital Goods, while selling was witnessed in Metal, Oil & Gas, Energy, TECK and IT. 

On the global front, Asian markets were trading mostly in red as investors were looking to several major central back decisions due this week including the Bank of Japan and the People’s Bank of China. In the stock specific development, HBL Engineering surged after the company has secured an order worth Rs 1,522 crore.  

The BSE Sensex is currently trading at 81644.40, down by 488.72 points or 0.60% after trading in a range of 81600.30 and 82116.44. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.32%, while Small cap index up by 0.25%.

The top gaining sectoral indices on the BSE were Realty up by 2.54%, Consumer Disc up by 0.29%, Consumer Durables up by 0.22%, Industrials up by 0.17% and Capital Goods up by 0.05%, while Metal down by 1.23%, Oil & Gas down by 1.01%, Energy down by 0.80%, TECK down by 0.74% and IT down by 0.57% were the top losing indices on BSE.

The few gainers on the Sensex were Indusind Bank up by 1.01%, Power Grid up by 0.46% and Bajaj Finance up by 0.46%. On the flip side, Titan down by 1.98%, Ultratech Cement down by 1.43%, Tech Mahindra down by 1.41%, JSW Steel down by 1.38% and TCS down by 1.36% were the top losers.

Meanwhile, Society of Indian Automobile Manufacturers (SIAM) has said that passenger vehicle dispatches from companies to dealerships rose 4 per cent year on year to 3,47,522 units in November 2024 with demand momentum sustaining post festive period in October. The overall passenger vehicle dispatches stood at 3,33,833 units in November last year.

SIAM said two-wheeler wholesales, however, declined by 1 per cent year on year to 16,04,749 units in November 2024 as compared with 16,23,399 units in the same month last year. Scooter sales rose 12 per cent year on year to 5,68,580 units in November 2024 while bike dispatches fell 7.5 per cent to 9,90,246 units. Moped wholesales rose 6 per cent year on year to 45,923 units in November 2024 as compared with 43,482 units in November 2023. Total three-wheeler dispatches also witnessed a 1 per cent year on year dip to 59,350 units in November. 

SIAM Director General Rajesh Menon said the demand momentum which was seen in October during the festive period has continued in November for the industry as a whole, although two-wheeler and three-wheeler segments witnessed minor de-growth in November 2024. Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023. 

The CNX Nifty is currently trading at 24628.60, down by 139.70 points or 0.56% after trading in a range of 24608.90 and 24781.25. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 1.11%, Power Grid up by 0.57%, Bajaj Finance up by 0.50%, Dr. Reddy's Lab up by 0.43% and HDFC Life Insurance up by 0.10%. On the flip side, Titan down by 1.99%, BPCL down by 1.79%, TCS down by 1.45%, Ultratech Cement down by 1.40% and Tech Mahindra down by 1.38% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 155.56 points or 0.79% to 19,815.68, Jakarta Composite plunged 65.32 points or 0.9% to 7,259.47, Shanghai Composite weakened 1.42 points or 0.04% to 3,390.46, KOSPI dropped 6.52 points or 0.26% to 2,487.94, Nikkei 225 slipped 19.2 points or 0.05% to 39,451.24 and Taiwan Weighted lost 13.97 points or 0.06% to 23,006.51. However, Straits Times rose 7.97 points or 0.21% to 3,818.32.