Local equities slipped into negative territory in late afternoon session, on account of selling in frontline counters. Metal, Energy and Basic Materials stocks were witnessing selling pressure. Traders were concerned after country’s overall unemployment rate rose again in October, owing to a sudden 175 basis points rise in rural joblessness rate. India’s unemployment rate spiked to 7.75% in October from 6.86% a month ago. While urban joblessness rate fell to 7.38%, lowest in three months, the rural joblessness rate rose to its four-month high of 7.91% in October. Traders paid no heed towards Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October. This is the second highest collection of GST since its implementation on July 1, 2017. The tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020.
On the global front, Asian markets were trading mostly in red as traders digested the latest coronavirus curbs in China and awaited key central bank decisions for clues on whether they could consider tightening monetary policy earlier than thought. European markets were trading mostly in red from an all-time high ahead of the US Federal Reserve’s latest meeting, while volatile conditions in government bonds calmed after Australia’s central bank dropped a crisis-era monetary policy but maintained ultra-low interest rates.
The BSE Sensex is currently trading at 60004.14, down by 134.32 points or 0.22% after trading in a range of 59881.75 and 60421.14. There were 13 stocks advancing against 17 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 0.46%, while Small cap index was up by 1.06%.
The top gaining sectoral indices on the BSE were Realty up by 3.04%, Auto up by 1.00%, Consumer Disc up by 0.79%, Utilities up by 0.70% and Consumer Durables was up by 0.70%, while Metal down by 1.38%, Energy down by 1.02%, Basic Materials down by 0.76%, Oil & Gas down by 0.30% and IT was down by 0.21% were the top losing indices on BSE.
The top gainers on the Sensex were Maruti Suzuki up by 2.16%, NTPC up by 1.53%, Sun Pharma up by 1.51%, Titan Co up by 1.45% and SBI up by 0.89%. On the flip side, Tata Steel down by 2.61%, Tech Mahindra down by 1.58%, Reliance Industries down by 1.33%, HCL Tech down by 1.06% and Indusind Bank down by 1.05% were the top losers.
Meanwhile, with an aim to monitor the development and implementation of the PM Gati Shakti National Master Plan (NMP), Government of India has constituted a 20 member Empowered Group of Secretaries (EGoS). The Logistics Division will act as Secretariat to the Empowered Group of Secretaries for its Terms of Reference (ToRs).
The Empowered Group of Secretaries (EGoS) will have the various terms of reference including issue appropriate directions for achieving the objectives and for compliance to guiding principles of the PM GatiShakti NMP and in addressing demand side requirements of concerned Ministries.
The EGoS will also look at the interventions required to meet the demand side, in efficiently transporting bulk goods based on the requirements of various Ministries like Steel, Coal, Fertilizer etc.
The CNX Nifty is currently trading at 17889.45, down by 40.20 points or 0.22% after trading in a range of 17847.60 and 18012.25. There were 23 stocks advancing against 27 stocks declining on the index.
The top gainers on Nifty were Maruti Suzuki up by 2.14%, Sun Pharma up by 1.58%, NTPC up by 1.56%, Titan Company up by 1.40% and Tata Consumer up by 1.27%. On the flip side, Tata Steel down by 2.53%, Grasim Industries down by 2.33%, JSW Steel down by 2.06%, Hindalco down by 1.56% and Tech Mahindra down by 1.52% were the top losers.
Asian markets were trading mostly in red, Nikkei 225 slipped 126.18 points or 0.43% to 29,520.90, Jakarta Composite lost 59.61 points or 0.91% to 6,493.28, Hang Seng decreased 54.65 points or 0.22% to 25,099.67, Shanghai Composite declined 38.85 points or 1.1% to 3,505.63and Taiwan Weighted was down by 2.27 points or 0.01% to 17,065.97. On the flip side, Straits Times advanced 10.39 points or 0.32% to 3,229.44 and KOSPI was up by 34.55 points or 1.16% to 3,013.49.
European markets were trading mostly in red, UK’s FTSE 100 decreased 33.55 points or 0.46% to 7,255.07 and France’s CAC was down by 0.36 points or 0.01% to 6,892.93. On the flip side, Germany’s DAX was up by 43.82 points or 0.28% to 15,850.11.
