Bloodbath continues on Dalal Street in noon deals

Bears continued to dominate bulls on Dalal Street with frontline gauges trading below their crucial 55,600 (Sensex) and 16,600 (Nifty) levels, as traders weigh the impact of Russia Ukraine crisis. Russia has launched a military action targeting the military infrastructure of Ukraine and it may lead to a larger scale invasion of Ukraine with the risk of USA and Europe getting embroiled militarily as well. Sentiments also remain dented after the price of oil crossed $100 per barrel mark stoking inflation fears in oil importing countries like India. Back home, traders shrugged off reports that Moody’s Investors Service raised India's growth forecast to 9.5 per cent for the calendar year 2022 and to 8.4 per cent for the coming fiscal beginning April 1, even as it flagged high oil prices and supply distortions as a drag on growth.

The BSE Sensex is currently trading at 55582.51, down by 1649.55 points or 2.88% after trading in a range of 55147.73 and 55996.09. All the 30 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index tumbled 3.79%, while Small cap index was down by 3.81%.

The top losing sectoral indices on the BSE were Telecom down by 5.20%, Realty down by 4.60%, Auto down by 3.78%, Consumer Discretionary Goods & Services down by 3.63% and Industrials was down by 3.59%, while there were no gainers on the BSE sectoral front.

The top losers on the Sensex were Indusind Bank down by 6.08%, Tech Mahindra down by 4.38%, Asian Paints down by 4.16%, Mahindra & Mahindra down by 4.02% and Bharti Airtel down by 4.02%, while there were no gainers on the Sensex.

Meanwhile, in order to provide seamless customer interface as well as have a centralised data base, Reserve Bank of India (RBI) has asked certain class of Non-Banking Financial Companies (NBFCs) to mandatorily implement 'Core Financial Services Solution (CFSS)' by September 30, 2025. In a circular, RBI said it has been decided that NBFCs - Middle Layer and NBFCs - Upper Layer with 10 and more 'fixed point service delivery units' as on October 1, 2022 shall be mandatorily required to implement CFSS. CFSS is akin to the Core Banking Solution (CBS) adopted by banks.

It said CFSS shall provide for seamless customer interface in digital offerings and transactions relating to products and services with anywhere/ anytime facility, enable integration of NBFCs' functions, provide centralised database and accounting records, and be able to generate suitable MIS, both for internal purposes and regulatory reporting. As per the timeline prescribed in the circular, the two categories of NBFCs have to implement CFSS on or before September 30, 2025. However, NBFC - Upper Layer shall ensure that the CFSS is implemented at least in 70 per cent of 'Fixed point service delivery units' on or before September 30, 2024.

In the case of NBFC - Base Layer and NBFC - Middle and Upper Layers with fewer than 10 'Fixed point service delivery units', implementation of CFSS is not mandatory. However, they may consider implementation of a CFSS for their own benefit. Further, a quarterly progress report on implementation of CFSS, along with various milestones shall be furnished by the NBFCs concerned to RBI starting from the quarter ending March 31, 2023.

The CNX Nifty is currently trading at 16567.35, down by 495.90 points or 2.91% after trading in a range of 16453.65 and 16705.25. There were 1 stock advancing against 49 stocks declining on the index.

The lone gainer on Nifty was Hindalco up by 0.65%, while Tata Motors down by 6.60%, Indusind Bank down by 6.23%, Hero MotoCorp down by 5.58%, Adani Ports down by 5.25% and Grasim Industries down by 5.12% were the top losers.

All the Asian markets are trading in red; Nikkei 225 slipped 478.79 points or 1.81% to 25,970.82, Straits Times fell 106.28 points or 3.13% to 3,286.72, Hang Seng plunged 792.93 points or 3.35% to 22,867.35, Taiwan Weighted declined 461.18 points or 2.55% to 17,594.55, KOSPI lost 70.73 points or 2.60% to 2,648.80, Jakarta Composite dropped 133.32 points or 1.93% to 6,786.74 and Shanghai Composite was down by 87.47 points or 2.51% to 3,401.68.