Bourses trade flat in late afternoon session

The Indian equity benchmarks traded flat in late afternoon session. Weakness in select Banking and financial shares dragged key gauges lower, while buying in IT and metal stocks helped markets to trade near neutral lines. The broader indices, the BSE Mid cap and Small cap index traded with gains. Traders were cautious after U.S. jobs data pointed to a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month. Investor turned their focus towards the inflation report due on April 12, 2023 that will shape the path the Fed will take in its battle against prices. On the global front, Asian markets were trading mixed as investors assessed the Federal Reserve’s policy path following Friday’s US jobs data.

The BSE Sensex is currently trading at 59808.26, down by 24.71 points or 0.04% after trading in a range of 59767.30 and 60109.11. 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 0.29%, while Small cap index was up by 0.16%.

The top gaining sectoral indices on the BSE were Realty up by 3.90%, Utilities up by 1.59%, Power up by 1.54%, Auto up by 1.11% and Oil & Gas was up by 1.06%, while Bankex down by 0.53%, FMCG down by 0.23% and Telecom was down by 0.21% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 5.22%, Power Grid up by 1.51%, NTPC up by 1.37%, Titan Company up by 1.32% and Wipro up by 1.28%. On the flip side, Bajaj Finance down by 1.79%, Indusind Bank down by 1.50%, Asian Paints down by 1.22%, Nestle down by 0.83% and Hindustan Unilever down by 0.74% were the top losers.

Meanwhile, with an aim to ensure stable pricing regime for domestic gas consumers, the Cabinet Committee on Economic Affairs (CCEA) has approved the revised domestic natural gas pricing guidelines for gas produced from nomination fields of ONGC/OIL, New Exploration Licensing Policy (NELP) blocks and pre-NELP blocks, where Production Sharing Contract (PSC) provides for Government's approval of prices. The new guidelines will also provide adequate protection to producers from adverse market fluctuation with incentives for enhancing production.

The price of such natural gas shall be 10% of the monthly average of Indian Crude Basket and shall be notified on a monthly basis. For the gas produced by ONGC & OIL from their nomination blocks, the Administered Price Mechanism (APM) price shall be subject to a floor and a ceiling. Gas produced from new wells or well interventions in the nomination fields of ONGC & OIL, would be allowed a premium of 20% over the APM price.

These reforms are a continuation of the various initiatives taken by Government of India to protect the interests of consumers by reducing the impact of increase in international gas prices on gas prices in India by significantly increasing the domestic gas allocation to City Gas Distribution sector. The reforms will lead to significant decrease in prices of Piped Natural Gas (PNG) for households and Compressed Natural Gas (CNG) for transport. The reduced prices shall also lower the fertilizer subsidy burden and help the domestic power sector.

The CNX Nifty is currently trading at 17611.45, up by 12.30 points or 0.07% after trading in a range of 17597.95 and 17694.10. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 5.34%, ONGC up by 3.98%, Grasim Industries up by 2.45%, Adani Enterprises up by 2.11% and Hindalco up by 1.52%. On the flip side, Bajaj Finance down by 1.76%, Indusind Bank down by 1.42%, Tata Consumer down by 1.27%, Asian Paints down by 1.25% and SBI Life down by 0.91% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 115.35 points or 0.42% to 27,633.66, Taiwan Weighted added 39.67 points or 0.25% to 15,876.17, KOSPI increased 21.67 points or 0.86% to 2,512.08, Straits Times fell 7.43 points or 0.23% to 3,293.05, Shanghai Composite weakened 12.29 points or 0.37% to 3,315.36 and Jakarta Composite was down by 43.13 points or 0.63% to 6,749.64.

European markets remained closed for Easter holiday.