Indices trade lower; breadth remains strong

The benchmark indices were trading lower in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 78.16 points or 0.13% at 60,060.30. The Nifty 50 index lost 27.30 points or 0.15% at 17,902.35.

Reliance Industries (RIL) (down 1.28%), Infosys (down 0.54%) and Tata Steel (down 1.83%) were major drags.

The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.40%. The S&P BSE Small-Cap index gained 1.10%.

Buyers outpaced sellers. On the BSE, 1,944 shares rose and 1,217 shares fell. A total of 145 shares were unchanged.

Economy:

India's merchandise exports in October rose 42.3% on a year-over-year (Y-o-Y) basis to touch $35.47 billion, as per preliminary trade data revealed by the Ministry of Commerce and Industry on Monday. Total merchandise imports in October, however, rose 62.5% to $55.37 billion. The trade deficit in the month of October widened to $19.9 billion compared to $9.15 billion, recorded in October 2020.

Gainers & Losers:

Maruti Suzuki India (up 1.87%), Titan Company (up 1.65%), NTPC (up 1.38%) and Larsen & Toubro (L&T) (up 1.28%) were major gainers in Nifty 50 index.

Grasim Industries (down 1.84%), JSW Steel (down 1.82%) and Hindalco Industries (down 1.04%) were major losers in Nifty 50 index.

Nifty Results Today:

Bharti Airtel (up 0.69%) and Sun Pharmaceutical Industries (up 0.80%) will announce their quarterly results today.

Earning Impact:

Tata Motors rose 0.99%. The company's consolidated net loss was Rs 4,441.57 crore in Q2 FY22 as against a net loss of Rs 314 crore posted in Q2 FY21. Consolidated revenue from operations grew 14.7% to Rs 61,379 crore in Q2 FY22 from Rs 53,530 crore posted in Q2 FY21.

Global Markets:

Most shares in Europe and Asia declined on Tuesday, 2 November 2021. Investors are monitoring the US Federal Reserve's two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.

US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials. The ISM's index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September.

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