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Sensex, Nifty cut some losses in late morning deals
Oct-21-2021

Indian equity benchmarks were trading in red terrain but cut some of their losses in late morning session. Negative cues from other Asian markets impacted domestic sentiments. Losses got cut, as the revival of the Indian economy from the impasse of global pandemic gains momentum with the nationwide rapid COVID vaccination drive. According to the Ministry of Finance, India's economic recovery gained impulse in September, enthused by the ebbing of the COVID second wave, fast-paced vaccinations, and enhanced mobility, which is currently at around 90 per cent of the pre-pandemic level. Besides, Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal.

On the global front, Asian markets were trading mostly in red, even after Taiwan's export orders increased more than expected in September. The data from the Ministry of Economic Affairs showed that export orders advanced 25.7 percent year-on-year in September.

The BSE Sensex is currently trading at 60967.35, down by 292.61 points or 0.48% after trading in a range of 60697.35 and 61621.20. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.63%, while Small cap index was down by 0.38%.

The top gaining sectoral indices on the BSE were PSU up by 0.81%, Oil & Gas up by 0.71%, Power up by 0.53%, Bankex up by 0.47% and Utilities up by 0.38%, while IT down by 1.61%, TECK down by 1.39%, Consumer Durables down by 1.36%, Consumer discretionary down by 0.97% and Energy down by 0.94% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 3.14%, Power Grid up by 1.06%, HDFC up by 0.95%, NTPC up by 0.58% and ICICI Bank up by 0.42%. On the flip side, Dr. Reddy's Lab down by 2.17%, HCL Tech. down by 1.98%, Reliance Industries down by 1.73%, Tech Mahindra down by 1.70% and TCS down by 1.67% were the top losers.

Meanwhile, with robust prices and improving demand, ICRA, a rating agency, said that it has revised non-ferrous metals sector outlook to positive from stable. The agency has revised outlook despite a near-term concern of coal availability and increased cost of production for the non-ferrous metal companies.

ICRA’s Senior Vice-President Corporate Sector Ratings -- Jayanta Roy said given the continued earnings surge, an expectation of 6-7% demand growth in current financial year (FY22) and deleveraging of balance sheets supported by healthy accruals, the industry outlook has been revised to positive from stable.

He added that the credit metrics of the companies in ICRA’s sample set are expected to witness a significant improvement with a projected total Debt/OPBDITA of 1.2 times and interest cover of 8.7 times during FY22 compared to a total Debt/ OPBDITA of 2.2 times and interest cover of 5.2 times in FY 2021.

The CNX Nifty is currently trading at 18180.50, down by 86.10 points or 0.47% after trading in a range of 18106.65 and 18384.20. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 3.05%, Indian Oil Corp. up by 2.34%, BPCL up by 2.07%, Tata Motors up by 1.19% and Coal India up by 1.14%. On the flip side, HCL Tech. down by 2.24%, Dr. Reddy's Lab down by 2.16%, Tech Mahindra down by 2.02%, Hero MotoCorp down by 1.96% and TCS down by 1.83% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 461.06 points or 1.58% to 28,794.49, Hang Seng decreased 75.76 points or 0.29% to 26,060.26, Jakarta Composite lost 3.92 points or 0.06% to 6,652.08, KOSPI fell 1.43 points or 0.05% to 3,011.70 and Straits Times trembled 0.30 points or 0.01% to 3,197.78. On the flip side, Shanghai Composite gained 16.62 points or 0.46% to 3,603.62 and Taiwan Weighted strengthened 24.66 points or 0.15% to 16,912.48.
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