Indian Markets End In Red, Auto And IT Stocks Under Pressure

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by Hemanta Pande

NEWS HIGHLIGHTS

The Indian benchmark indices closed in the red on Tuesday, as auto, IT, and PSU banks remained under pressure.

Mumbai, Oct 15: The Indian benchmark indices closed in the red on Tuesday, as auto, IT, and PSU banks remained under pressure.

The BSE Sensex closed at 81,820.12 after slipping 152.93 points or 0.19 per cent.

NSE Nifty closed at 25,057.35 after slipping 70.60 points or 0.28 per cent.

The Nifty Midcap 100 index closed in the green mark at 59,593.25 after rising 127.80 points or 0.21 per cent. The Nifty Smallcap 100 index closed at 26,149.10 after slipping 48.80 points or 0.19 per cent. Nifty Bank closed at 51,906.00 after gaining 89.10 points or 0.17 per cent.

Buying was seen in Nifty's realty, Media and FMCG sectors.

At the same time, there was pressure on the auto, IT, PSU Bank, pharma, metal, energy, healthcare and oil and gas sectors.

The market trend remained positive. On BSE, 2,073 shares were trading in green and 1,879 shares in red. About 112 shares closed without any change.

ICICI Bank, Bharti Airtel, Asian Paints, HCL Tech, Adani Ports, ITC, and NTPC were among the top gainers at Sensex. Wipro, Bajaj Finance, Tata Steel, and JSW Steel were the top losers.

Foreign Institutional Investors (FIIs) increased their selling on Monday and sold equities worth Rs 3,731.59 crore. On the other hand, domestic institutional investors (DIIs) also increased their buying and they bought equities worth Rs 2,278.09 crore on the same day.

According to market experts, "the domestic market experienced a downturn, influenced by a mixed global trend and partial profit-booking".

"Although declining crude prices are beneficial for the domestic economy, they signal weakening global demand. Additionally, India’s CPI surged driven by food prices, which will delay expected rate cuts," they noted.

"The India VIX increased by 0.06% to 13.0025, indicating a slight rise in market volatility. While this reflects some caution, the overall low level suggests that market stability persists." said analysts. (IANS)

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Coffee Exports From India Up 55 Pc As Global Demand Grows

by Hemanta Pande

New Delhi, Oct 16: As the global demand for Indian coffee surges, the country has clocked coffee exports worth Rs 7,771.88 crore in the first half of current fiscal (FY25), a massive 55 per cent increase from Rs 4,956 crore during the same period last fiscal.

This surge highlights the growing global demand for Indian coffee and marks a pivotal moment for the nation’s agricultural sector.

For the April-September period, the country exported 2.2 lakh tonnes of coffee, a rise from 1.91 lakh tonnes in the same period last year which is a 15 per cent volume increase, as per latest data by the Coffee Board of India.

There has been a significant rise in coffee price in the international markets, amid anticipated European export regulations. Coffee buyers are paying an average of Rs 352 per kg for the Indian coffee, up from Rs 259 per kg earlier.

Among the countries exporting the Indian coffee, Italy tops the chart with 20 per cent of total exports. Germany, Russia, the UAE and Belgium collectively import 45 per cent of Indian coffee.

The coffee production in India was nearly 3.6 lakh metric tonnes in the 2023-24 crop year.

During 2021-22, Indian coffee exports stood at $1.016 billion, growing by 38 per cent from the previous year 2020-21. In the year 2021-22, India was the fifth largest exporter of coffee in the world with a share of about 6 per cent of global coffee exports.

Karnataka accounts for about 70 per cent of India’s coffee output. Kerala contributes 20 per cent of India’s coffee production, positioning it as the second-largest coffee-producing state in the country. Tamil Nadu ranks third with a 5.7 per cent share. The coffee export market has been a key driver of the country’s coffee industry. (IANS)

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PM Modi Launches BJP’s Active Membership Campaign, Becomes First Member

by Hemanta Pande

New Delhi, Oct 16: Prime Minister Narendra Modi on Wednesday became the first active member of the Bharatiya Janata Party (BJP) as he launched the party’s nationwide 'active membership campaign'.

The event, held in the presence of BJP national president J.P. Nadda, and Vinod Tawde, the convener of the National Membership Campaign, marks the next phase of the party’s 'Sangathan Parv Membership Campaign-2024'.

PM Modi shared photos of the event on social media platform X, expressing pride in becoming the first active member of the BJP.

"Giving momentum to our effort to build a developed India! Proud to become the first active member of the BJP and launch the active membership campaign today in the presence of our national president JP Nadda ji. This movement will strengthen our party at the grassroots level and ensure effective contributions from our workers towards national progress," the Prime Minister stated.

The Prime Minister also outlined the criteria for becoming an active member. "To qualify as an active member, a worker must register at least 50 new members within a booth or an assembly seat. This will make them eligible to contest elections for the Mandal Committee and higher roles within the party. These workers will be given ample opportunities to serve the party in various capacities in the future," PM Modi mentioned in his post.

The BJP's National Membership Campaign was initially launched by PM Modi on September 2 at the party's central office expansion. The campaign, titled 'Sangathan Parv Membership Campaign-2024,' has already seen significant growth, with the BJP surpassing nine crore members as of October 15. In Uttar Pradesh alone, the BJP claimed to have crossed two crore members.

With the conclusion of the first and second phases of the membership drive, the third phase began on Wednesday, focusing on expanding the party's active membership base. (IANS)

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Indian Markets End In Red, Auto And IT Stocks Under Pressure

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