Markets trade volatile in late afternoon session

Indian equity markets were trading volatile in late afternoon session on back of mix global cues. The broader indices, the BSE Mid cap index and Small cap index were trading in green. In a thinly traded session, pharma stocks were leading among gainers while Utilities and metal names were under pressure. Traders were cautious after Maharashtra's health minister Rajesh Tope said that Mumbai may witness lockdown-like situation if the number of Covid-19 cases keeps rising. On the global front, Asian markets were trading mixed as the region's investors positioned their portfolios for the New Year and continued to grapple with increasing global numbers of Omicron coronavirus cases. European markets were trading mostly in green led by banks and retail shares, although rising coronavirus cases fuelled concerns about the economic outlook for next year.

The BSE Sensex is currently trading at 57962.65, up by 65.17 points or 0.11% after trading in a range of 57721.47 and 58097.07. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.17%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.58%, Auto up by 0.51%, Capital Goods up by 0.47%, Industrials up by 0.30% and Consumer Discretionary was up by 0.27%, while Metal down by 1.02%, Utilities down by 0.50%, Power down by 0.47%, PSU down by 0.46% and Basic Materials was down by 0.39% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.69%, Indusind Bank up by 2.22%, Dr. Reddy's Lab up by 1.61%, Bajaj Finserv up by 1.33% and Titan Company up by 1.23%. On the flip side, Tata Steel down by 1.14%, ITC down by 1.00%, NTPC down by 0.64%, Tech Mahindra down by 0.64% and Power Grid down by 0.63% were the top losers.

Meanwhile, the government has notified new rules direct selling industry. New rules prohibit both direct selling entities and direct sellers from promoting any pyramid scheme or money circulation scheme. The rules entail duties and obligations for both direct selling entities and direct sellers to safeguard the interests of consumers.

The Consumer Protection (Direct Selling) Rules, 2021 notified by the nodal Consumer Affairs Ministry are to be complied with by both direct selling entities and direct sellers using e-commerce platforms for sale. As per the new rules, state governments will have to set up a mechanism to monitor or supervise the activities of direct sellers and direct selling entities. Direct selling entities are also liable for the grievances arising out of the sale of goods or services by its direct sellers.

Besides, every direct selling entity has to establish an adequate grievance redressal mechanism and display the current and updated name, contact details including telephone number, email address and designation of such officer on its website, and the details of its website shall also be prominently printed on the product information sheet or pamphlet.

The grievance redressal officer must acknowledge the receipt of any consumer complaint within forty-eight working hours of receipt of such complaint and redresses the complaint normally within a period of one month from the date of receipt of the complaint and in case of delay of more than a month, reasons for the delay, and the actions taken on the complaint, are informed to the complainant in writing.

The CNX Nifty is currently trading at 17245.25, up by 12.00 points or 0.07% after trading in a range of 17180.95 and 17285.95. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.75%, Eicher Motors up by 2.53%, Indusind Bank up by 2.30%, Bajaj Auto up by 1.92% and Divi's Lab up by 1.82%. On the flip side, Coal India down by 1.44%, Tata Steel down by 1.16%, Grasim Industries down by 1.05%, ITC down by 1.05% and ONGC down by 0.97% were the top losers.

Asian markets were trading mixed, Hang Seng decreased 194.02 points or 0.83% to 23,086.54, Nikkei 225 slipped 162.28 points or 0.56% to 28,906.88, Shanghai Composite declined 33.11 points or 0.91% to 3,597.00 and KOSPI was down by 26.95 points or 0.89% to 2,993.29. On the flip side, Jakarta Composite soared 2.34 points or 0.04% to 6,600.68, Straits Times advanced 7.18 points or 0.23% to 3,135.59 and Taiwan Weighted was up by 51.47 points or 0.28% to 18,248.28.

European markets were trading mostly in green, UK’s FTSE 100 increased 66.52 points or 0.9% to 7,438.62 and France’s CAC was up by 10.62 points or 0.15% to 7,191.73. On the flip side, Germany’s DAX was down by 20.59 points or 0.13% to 15,943.11.