Indian markets extended losses in the morning deals amid weak global cues and ahead of the weekly options expiry. Traders took a note of former RBI Deputy Governor N S Vishwanathan’s statement that money laundering and lack of clarity on valuations are the primary concerns of central banks in being circumspect about the introduction of cryptocurrencies. Market participants overlooked Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy’s statement that India is on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India and the country’s Gross domestic product (GDP) is likely to grow at around 10 percent in 2021-22.
On the global front, Asian markets were mostly trading in red, as Japan’s exports snapped seven months of double-digit growth in October due to slowing car shipments, as global supply constraints hit the country’s major manufacturers. Back home, on the sectoral front, stocks related to leather industry remained in focus as Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said that India's leather industry should aspire to be at the number 1 position in the world.
The BSE Sensex is currently trading at 59598.41, down by 409.92 points or 0.68% after trading in a range of 59511.70 and 60177.52. There were 4 stocks advancing against 26 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index fell 1.50%, while Small cap index was down by 1.58%.
The top losing sectoral indices on the BSE were Auto down by 1.93%, IT down by 1.63%, Capital Goods down by 1.63%, Industrials down by 1.59% and TECK down by 1.56%, while there were no gaining sectoral indices on the BSE.
The only gainers on the Sensex were NTPC up by 0.33%, HDFC Bank up by 0.32%, Asian Paints up by 0.11% and Power Grid Corporation up by 0.10%. On the flip side, HCL Technologies down by 3.18%, Tech Mahindra down by 2.07%, Larsen & Toubro down by 2.05%, Mahindra & Mahindra down by 2.05% and Tata Steel down by 1.97% were the top losers.
Meanwhile, the PHD Chamber of Commerce and Industry (PHDCCI) has requested the government to have a regulator to check rising steel prices. Chairman of the PHDCCI's metals and minerals committee, Anil Kumar Chaudhary said micro, small and medium enterprises (MSMEs) of the steel industry are facing various issues currently and high prices of steel is a major one.
Chaudhary stated, besides prices, MSMEs also face issues like timely availability of raw materials and its transportation. He added all these issues have a cascading effect on the growth and performance of the smaller companies that have financial commitments with banks and customers.
Meanwhile, Minister of State for Steel Faggan Singh Kulaste assured government support to address the issues being faced by the steel MSMEs and invited suggestions from the stakeholders on the same.
The CNX Nifty is currently trading at 17759.90, down by 138.75 points or 0.78% after trading in a range of 17735.80 and 17945.60. There were 3 stocks advancing against 47 stocks declining on the index.
The only gainers on Nifty were NTPC up by 0.66%, Power Grid Corp up by 0.44%, Asian Paints up by 0.20%, HDFC Bank up by 0.18% and Bajaj Finance up by 0.06%. On the flip side, Tata Motors down by 4.03%, HCL Technologies down by 2.67%, Larsen & Toubro down by 2.21%, Tech Mahindra down by 2.20% and Hero MotoCorp down by 2.14% were the top losers.
Asian markets were mostly trading in red; Hang Seng decreased 345.01 points or 1.35% to 25,305.07, Jakarta Composite lost 45.77 points or 0.69% to 6,630.03, Nikkei 225 slipped 17.25 points or 0.06% to 29,671.08, Shanghai Composite declined 4.56 points or 0.13% to 3,532.81 and KOSPI fell 3.55 points or 0.12% to 2,958.87.
On the flip side, Straits Times advanced 1.49 points or 0.05% to 3,234.17 and Taiwan Weighted strengthened 45.08 points or 0.25% to 17,809.12.