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Indian bourses continued to trade lower in noon session, with Sensex and Nifty trading down by 156 and 45 points respectively. Stocks from energy, power and utilities counters were trading lower, while auto, telecom and metal counters were supporting the markets. Sentiments were impacted as the Centre extended the nationwide Covid-19 containment measures till November 30 as there has been localised spread of the virus in a few states and the disease continues to be a public health challenge in the country. Meanwhile, government reappointed Shaktikanta Das as the Governor of Reserve Bank of India for three years beyond December 10, 2021. On the global front, Asian markets were trading mixed on recent signs of optimism about the global economy, including recent rallies on Wall Street.

Back home, in scrip specific developments, JK Tyre & Industries declined on reporting 37% fall in Q2 consolidated net profit, while Bajaj Auto gained on launching new variants of Pulsar 250. Currently, BSE Sensex is trading at 59827.83, down by 156.87 points or 0.26% after trading in a range of 59104.58 and 60132.81. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.58%, while Small cap index was down by 0.12%.

The top gaining sectoral indices on the BSE were Auto up by 0.91%, Telecom up by 0.90%, Metal up by 0.81%, Basic Materials up by 0.80% and Realty was up by 0.66%, while Energy down by 1.17%, Power down by 0.81%, Utilities down by 0.73%, Bankex down by 0.37% and Capital Goods was down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.08%, Ultratech Cement up by 1.83%, Tata Steel up by 1.60%, SBI up by 1.53% and Dr. Reddy's Lab was up by 1.13%. On the flip side, Indusind Bank down by 2.27%, Kotak Mahindra Bank down by 2.24%, NTPC down by 1.82%, HDFC down by 1.68% and Reliance Industries was down by 1.60% were the top losers.

Meanwhile, Associations and industry bodies representing the hosiery and garments units decried the government's proposed move to raise the basic GST rates by five per cent from January 2022. In order to save the industry, the associations urged the government not to raise the goods and services tax (GST) rates.

The president of the Federation of Hosiery Manufacturers Association of India, K B Agarwala said that the move will affect the hosiery and garments industry. He said majority of the players in the industry will be impacted due to the inverted duty structure of 15 per cent which will raise GST rates. He stated that the industry is already hit by the pandemic as sales of garments and hosiery products are still at 65 per cent of the pre-COVID levels.

Agarwala further said most indicators have hinted that recovery will start from the end of 2022 and any rise in taxes will be disastrous for the industry. He added that the players in the industry are hit by the high requirement of working capital, the credit cycle of which has been extended due to the pandemic.

The CNX Nifty is currently trading at 17812.05, down by 45.20 points or 0.25% after trading in a range of 17613.10 and 17915.85. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 2.08%, Adani Ports up by 1.95%, Ultratech Cement up by 1.72%, Tata Steel up by 1.70% and Cipla was up by 1.65%. On the flip side, Indusind Bank down by 2.46%, Kotak Mahindra Bank down by 2.31%, HDFC down by 1.92%, Reliance Industries down by 1.67% and NTPC was down by 1.67% were the top losers. 

Asian markets were trading mixed; Jakarta Composite soared 51.63 points or 0.79% to 6,575.71, Nikkei 225 surged 72.60 points or 0.25% to 28,892.69, Shanghai Composite gained 21.86 points or 0.62% to 3,540.28 and Straits Times was up by 12.23 points or 0.38% to 3,216.05.

On the other hand; KOSPI fell 38.87 points or 1.29% to 2,970.68, Hang Seng decreased 184.88 points or 0.72% to 25,370.85 and Taiwan Weighted was down by 54.22 points or 0.32% to 16,987.41.

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