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Erasing initial gains, Indian equity benchmarks were trading flat with negative bias in noon session, as traders opted to book profit in frontline blue-chip counters. The sentiments were weighed down as petrol and diesel prices touched an all-time high across the country after rates were hiked for the third consecutive day by 35 paise per litre each. There was no change in rates on October 18 and 19, prior to which prices were hiked by 35 paise per litre each on four straight days. However, downfall remain capped with Piyush Goyal’s statement that all indicators, including GDP, foreign direct investment (FDI) inflows and exports growth, are pointing towards a clear and sharp economic recovery in the country. In scrip specific development, Amara Raja Batteries, Escorts, Vodafone Idea, IRCTC, L&T Finance Holdings, National Aluminium, PNB, SAIL, Sun Tv and Tata Power were will be in focus as this shares are in F&O ban today. On the global front, Asian markets were trading mixed as Chinese property stocks rallied after a surprise interest payment by debt-ridden property developer China Evergrande Group.

The BSE Sensex is currently trading at 60875.56, down by 47.94 points or 0.08% after trading in a range of 60870.42 and 61420.13. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index rose 0.91%, while Small cap index was down by 1.10%.

The few gaining sectoral indices on the BSE were Realty up by 1.48%, Bankex up by 0.91% and Energy was up by 0.01%, while Metal down by 3.21%, Basic Materials down by 1.78%, IT down by 1.73%, TECK down by 1.66% and Healthcare was down by 1.19% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC up by 2.29%, Kotak Mahindra Bank up by 2.03%, Bajaj Finserv up by 1.98%, Bajaj Auto up by 1.89% and Titan Company was up by 1.18%. On the flip side, ITC down by 2.57%, Asian Paints down by 2.27%, Tata Steel down by 2.21%, NTPC down by 1.96% and Infosys was down by 1.92% were the top losers.

Meanwhile, Minister of State for Textiles Darshana Jardosh has said that ‘the government has set a strong aspirational goal of achieving $100 billion from textiles exports in the next five years, and we will remain committed to ensuring the implementation of all development schemes and bring in many more schemes in pursuit of this aspiration‘.

The minister said the government has already announced the MITRA (Mega Integrated Textile Region and Apparel) scheme to attract new investments and build mega textile parks in the country. Other significant initiatives include the launch of the PLI scheme to achieve manufacturing excellence and RoDTEP to enhance export competitiveness.

Meanwhile, Textiles Secretary Upendra Prasad Singh said the government is making all efforts to proactively address the challenges and facilitate the creation of an enabling environment for the growth and development of the textiles and apparel sector. He said ‘we are capable to meet the domestic as well as the global market demands. I would like to urge the industry to take full advantage of the current global market shifts in establishing the excellence and prominence of India globally.’

The CNX Nifty is currently trading at 18147.75, down by 30.35 points or 0.17% after trading in a range of 18142.35 and 18314.25. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were HDFC up by 2.20%, Bajaj Finserv up by 2.10%, Kotak Mahindra Bank up by 2.09%, Bajaj Auto up by 1.97% and ONGC was up by 1.29%. On the flip side, Hindalco down by 4.24%, Tata Motors down by 3.58%, Coal India down by 3.34%, ITC down by 2.55% and Tata Steel was down by 2.25% were the top losers.

Asian markets were trading mixed; Straits Times advanced 10.01 points or 0.31% to 3,198.51, Jakarta Composite soared 2.99 points or 0.05% to 6,635.96, Nikkei 225 surged 96.27 points or 0.34% to 28,804.85 and Hang Seng was up by 40.25 points or 0.15% to 26,057.78.

On the other hand, KOSPI fell 3.17 points or 0.11% to 3,004.16, Taiwan Weighted dropped 0.77 points or 0% to 16,888.74 and Shanghai Composite was down by 10.84 points or 0.3% to 3,583.94.

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