Sensex, Nifty remain lower in late morning session

Indian equity benchmarks remained lower in late morning session. Negative cues from other Asian markets impacted domestic sentiments. Traders were cautious, amid a private report stating that the Reserve Bank is likely to change the stance of its monetary policy and hike rates from the first quarter of 2022. Some concerns also came after the World Bank said that the debt burden of the world's low-income countries rose 12% to a record $860 billion in 2020 as countries responded to the COVID-19 crisis with massive fiscal, monetary, and financial stimulus packages.

On the global front, Asian markets were trading mostly in red, after Bank of Korea maintained its key interest rate on Tuesday but signaled a rate hike as early as in November to rein in high inflation and household debt. The Monetary Policy Board of the Bank of Korea decided to leave its base rate unchanged at 0.75 percent. The bank had raised its rate by a quarter-point in August.

The BSE Sensex is currently trading at 59975.07, down by 160.71 points or 0.27% after trading in a range of 59923.15 and 60263.61. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index was up by 0.01%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.05%, Consumer discretionary up by 0.69%, Auto up by 0.36%, FMCG up by 0.34% and Bankex up by 0.04%, while IT down by 1.50%, TECK down by 1.41%, Telecom down by 0.72%, Oil & Gas down by 0.55% and Metal down by 0.54% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Co up by 4.05%, Bajaj Finserv up by 2.80%, Bajaj Auto up by 2.47%, Kotak Mahindra Bank up by 0.77% and ITC up by 0.74%. On the flip side, HCL Tech. down by 4.76%, Tech Mahindra down by 2.13%, Ultratech Cement down by 1.51%, Mahindra & Mahindra down by 1.32% and Infosys down by 1.23% were the top losers.

Meanwhile, the Ministry of New and Renewable Energy (MNRE) has said that India is set to achieve 450 GW of renewable energy installed capacity by 2030. Earlier this month, the MNRE, in partnership with FICCI, organised a series of events, from October 6-8 during the Climate and Biodiversity Week at Expo 2020 Dubai.

The events covered themes like 'India's Renewable Energy Achievements and Ambitions; Emerging Areas and Opportunities for Renewable Energy in India. The events were anchored by the Solar Energy Corporation of India (SECI) and the Indian Renewable Energy Development Agency (IREDA). An event on the theme of 'One Sun One World One Grid (OSOWOG)' was also organised by the International Solar Alliance promoting interconnective across borders to harness solar energy without intermittency.

Meanwhile, RK Singh, Minister of Power, New and Renewable Energy, emphasised that the world is on the cusp of transformation, and immediate corrective steps are needed to mitigate climate change. He highlighted that energy transition needs to be the first step in this direction. He said that India is already ahead of what ‘we pledged in our Nationally Determined Contributions (NDCs)’ and added that, ‘already 39 per cent of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40 per cent’.

The CNX Nifty is currently trading at 17883.15, down by 62.80 points or 0.35% after trading in a range of 17881.95 and 17995.75. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Titan Co up by 3.92%, Bajaj Finserv up by 2.64%, Bajaj Auto up by 2.37%, Eicher Motors up by 2.08% and Hero MotoCorp up by 1.35%. On the flip side, HCL Tech. down by 4.93%, Tech Mahindra down by 2.37%, Coal India down by 2.11%, Indian Oil Corp. down by 1.67% and Ultratech Cement down by 1.57% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 259.04 points or 1.02% to 25,066.05, Nikkei 225 slipped 253.23 points or 0.89% to 28,244.97, Taiwan Weighted dropped 241.30 points or 1.45% to 16,399.13, KOSPI fell 38.17 points or 1.29% to 2,918.13, Shanghai Composite declined 37.33 points or 1.04% to 3,554.38 and Straits Times trembled 17.98 points or 0.58% to 3,095.51. On the flip side, Jakarta Composite soared 34.89 points or 0.54% to 6,494.59.