Post Session: Quick Review

Bears held a tight grip over the Dalal Street on Thursday’s trading session, with both Sensex and Nifty ending in red terrain. The start of the trading day was on a negative note, as continued selling in FII weighted down on the markets. Foreign institutional investors (FIIs) net sold shares worth Rs 469.50 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 766.95 crore in the Indian equity market on November 10, as per provisional data available on the NSE.

Markets remained lower during the session, as traders got cautious, after claiming that monetary measures taken by the RBI to ensure ample liquidity for all sectors ravaged by the pandemic have been fruitful, governor Shaktikanta Das said monetary policy normalisation or unwinding is not as simple as rolling back a carpet but a much more complex and long-term process. The street overlooked a finance ministry report said that armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world.

On the global front, European markets were trading mostly in green despite data showing a spike in U.S. inflation encouraged bets on interest rate hikes and offset some optimism around property developer China Evergrande and a slew of corporate earnings. Asian markets ended mostly higher on Thursday, despite producer prices in Japan were up 1.2 percent on month in October, the Bank of Japan said on Thursday - accelerating from the 0.3 percent increase in September. On a yearly basis, producer prices spiked 8.0 percent - up from 6.3 percent in the previous month.

Back home, on the sectoral front, automobile sector remained in focus, as Union minister Nitin Gadkari said the government is working on measures to increase the sales of electric vehicles and in the next two years the cost of EVs in India will drop to the level of petrol vehicles. Further, Gadkari said that to reduce import of fossil fuel, the government is encouraging use of alternate fuel like ethanol, CNG.

The BSE Sensex ended at 59919.69, down by 433.13 points or 0.72% after trading in a range of 59656.26 and 60293.25. There were 6 stocks advancing against 24 stocks declining on the index. (Provisional)

The broader indices ended in red; the BSE Mid cap index was down by 0.64%, while Small cap index down by 0.54%. (Provisional)

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.68%, Metal up by 0.31%, Power up by 0.31% and Utilities up by 0.18%, while Realty down by 2.51%, PSU down by 1.56%, Healthcare down by 1.24%, Bankex down by 1.19% and Telecom down by 1.09% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Titan Co up by 1.67%, Mahindra & Mahindra up by 0.57%, Reliance Industries up by 0.22%, TCS up by 0.11% and Indusind Bank up by 0.08%. On the flip side, SBI down by 2.83%, Bajaj Finserv down by 2.42%, Tech Mahindra down by 2.26%, Sun Pharma down by 2.00% and Bajaj Finance down by 1.68% were the top losers. (Provisional)

Meanwhile, the finance ministry in its latest report has said that armed with necessary macro and micro growth drivers, the stage is set for India's investment cycle to kickstart and catalyse its recovery towards becoming the fastest growing economy in the world.

According to the monthly Economic Review prepared by the ministry, rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities.

The finance ministry’s report also noted that agricultural sector continues its strong presence in economic recovery with higher acreage of Rabi sowing, improved reservoir levels, and adequate availability of fertilisers and seeds ensured by the government.

The report also noted that Aatmanirbhar Bharat Mission encapsulating major structural reforms continues to play a critical role in shaping India's economic recovery, both through the signalling of business opportunities and expansion of spending channels.Besides, the report said that softening retail inflation and adequate liquidity in the market are also reflected in largely stable G-Sec and corporate bond yields since July 2021.

The CNX Nifty ended at 17873.60, down by 143.60 points or 0.80% after trading in a range of 17798.20 and 17971.35. There were 9 stocks advancing against 41 stocks declining on the index. (Provisional)

The top gainers on Nifty were Titan Co up by 1.75%, Hindalco up by 0.93%, JSW Steel up by 0.75%, Mahindra & Mahindra up by 0.55% and Reliance Industries up by 0.18%. On the flip side, Indian Oil Corp. down by 4.41%, Tech Mahindra down by 2.85%, SBI down by 2.82%, ONGC down by 2.66% and SBI Life Insurance down by 2.58% were the top losers. (Provisional)

European markets were trading mostly in green, UK’s FTSE 100 increased 22.43 points or 0.31% to 7,362.58, France’s CAC increased 12.51 points or 0.18% to 7,057.67 and Germany’s DAX was down by 3.93 points or 0.02% to 16,063.90.

Asian markets ended mostly higher on Thursday despite weakness in Wall Street overnight after data showed US consumer prices grew at the fastest pace since 1990 that fuelled concerns about faster monetary policy tightening by the US Federal Reserve. Chinese shares gained as property shares rebounded after reports suggesting the government will take steps to ease the cash crunch for embattled developers. Market sentiments also improved after reports that China’s new bank lending in October exceeded market estimates. Japanese shares rose as investors shrugged off data showing that the country's wholesale inflation hit a four-decade high in October. Meanwhile, investors are eyeing stimulus package from newly elected Prime Minister Fumio Kishida.