At 11:29 IST, the barometer index, the S&P BSE Sensex, was at 58,722.03, down 404.33 points or 0.68%. The Nifty 50 index traded 103 points or 0.58% lower at 17,515.15.
In the broader market, the S&P BSE Mid-Cap index was down 0.19% while the S&P BSE Small-Cap index rose 0.32%.
The market breadth was positive. On the BSE, 1582 shares rose and 1414 shares fell. A total of 176 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India records 26,727 new cases. Active cases accounted for less than 1% of total cases, currently at 0.82%. Active caseload stood at 2,75,224, lowest in 196 days. The recovery rate currently stands at 97.86%, highest since March 2020. The country reported 28,246 recoveries in the last 24 hours taking total recoveries to 3,30,43,144.
Economy:
The government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1% of the budget estimates at the end of August, as per data released by the Controller General of Accounts (CGA) on Thursday. Meanwhile, net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore, the data showed.
India Manufacturing PMI
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in September, from 52.3 in August, highlighting a stronger expansion in overall business conditions across the sector.
Commenting on the latest survey results, Pollyanna De Lima, Economics Associate Director at IHS Markit said, Indian manufacturers lifted production to a greater extent in September as they geared up for improvements in demand and the replenishment of stocks. There was a substantial pick-up in intakes of new work, with some contribution from international markets. Companies continued to purchase extra inputs in September, but jobs were little changed over the month. In some instances, survey participants indicated that government guidelines surrounding shift work prevented hiring. After subsiding in each of the previous two months, cost inflationary pressures intensified in September. Strong demand for scarce products contributed to the increase in input costs, as did rising fuel and transportation rates. Only a small proportion of this additional cost burden was passed on to clients, however, as seen by a slower and only modest increase in factory gate charges."
Buzzing Index:
The Nifty Realty index declined 1.08% to 508.25, snapping its two day rising streak. The realty index came under profit booking after rising 2.6% in two days.
Oberoi Realty (down 2.67%), Prestige Estates (down 2.33%), Godrej Properties (down 1.88%), DLF (down 0.64%) and Phoenix Mills (down 0.49%) were top losers in realty space.
Stocks in Spotlight:
G R Infraprojects rose 3.75% after the company received Letter of Award (LoA) for the construction of four/six lane Greenfield Ludhiana - Rupnagar National Highway in Punjab on Hybrid Annuity Mode. The bid project cost is Rs 951 crore and the completion period for the project is 730 days from appointed date. The operation period is set for 15 years from commercial operation date.
Maruti Suzuki India fell 2.56% after the car major said that vehicle production in Haryana and Gujarat plants will be impacted in October 2021 due to shortage of electronic components. The company on Thursday announced that it is facing a supply constraint of electronic components due to the semiconductor shortage. Due to this, the firm is expecting an adverse impact on vehicle production in October 2021 in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat (SMG), in Gujarat.
Global Markets:
Asian markets slipped on Friday, following an overnight drop on Wall Street. Markets in Hong Kong are closed for a holiday on Friday, while those in mainland China are closed for the Golden Week holiday from Friday till October 7.
Japan's factory activity grew at the slowest rate in seven months in September as overall output and new orders shrank due to the fallout from the coronavirus pandemic, a survey showed on Friday. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) in September slipped to 51.5 on a seasonally adjusted basis from 52.7 in the previous month.
Meanwhile in Europe, German inflation hit 4.1% in September 2021, its highest level for 29 years. The data showed that price of energy and food items were the most affected by inflation.
Wall Street ended sharply lower on Thursday wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.
Investors were also keeping an eye on Washington as Congress passed a bill that would fund the government through early December. The bill would avert a government shutdown but Congress still has not raised the debt ceiling, which Treasury Secretary Janet Yellen says will be reached on October 18.
Yellen and Fed Chair Jerome Powell testified before the House Financial Services Committee on Thursday. Yellen reiterated her call for Congress to raise the debt ceiling, saying that failure to do so would be catastrophic.
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