Markets Trade on a Bearish Note

Thu, 3 Dec 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian Indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the FMCG, pharma and auto sectors bearing the maximum brunt.

The BSE-Sensex is trading lower by 164 (down 0.6%) and the NSE-Nifty is trading down by 50 points (down 0.6%). The S&P BSE Midcap index is trading flat while the S&P BSE Smallcap index is trading down by 0.1%. Gold prices, per 10 grams, are trading at Rs 24,790 levels. Silver price, per kilogram, is trading at Rs 33,200 levels. Crude oil is trading at Rs 2,702 per barrel. The rupee is trading at 66.66 to the US$.

As reported in a leading financial daily, India’s services industry grew at its weakest pace in five months during November. New work orders saw the slowest rise in over three months.

Falling from October's eight-month high of 53.2 to 50.1 in November, the seasonally adjusted Nikkei Business Activity Index pointed to broadly unchanged levels of services activity across the country. Sub-sector data showed that output growth in post and telecommunication, renting and other services categories was offset by declines in transport and storage, and hotels and restaurant firms. Furthermore, a poor trend was also observed in the labour market. This was seen as employment rose at a pace that was muted by historical standards.

Output prices in the Indian services sector stabilized during the month. The fall in order levels of new work was on the back of fierce competition and weak economic conditions.

Meanwhile, on a separate note, manufacturing sector grew at its slowest pace in 25 months in November. This was due to sluggish pace of new business orders.

As per an economic daily, the Reserve Bank of India (RBI) announced bond purchases of up to Rs 100 billion. The move has been initiated to infuse liquidity into the banking system.

In a release after market hours on Wednesday, RBI said that it would conduct the bond purchases via open market operations (OMO) on 7 December. It will also conduct a 28-day variable term repo for Rs 250 billion to inject funds into the banking system.

The move comes a day after RBI governor Raghuram Rajan said that borrowings from the repo window suggest there is plenty of liquidity in the system. However, participants in bond markets are of a different view. As an article in Livemint states, bond traders have been asking for a more durable liquidity infusion through OMO bond purchases in addition to the liquidity that the central bank infuses through the regular repo auctions.

The rise in bond yields is due to several reasons. One reason is a rise in US treasury yields and yields across emerging markets on the back of expectations that the US Fed will raise interest rates this month.

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