Bourses slip into red in late afternoon session

Indian equity markets slipped into red zone in late afternoon session owing to selling in Wipro, Power Grid and Ultratech Cement stocks. The broader indices, the BSE Mid cap index and Small cap index also turned red. Investors overlooked report that Global financial firm -- J P Morgan has said it plans to include Indian government bonds (IGBs) or government securities (G-Secs) into its benchmark Emerging Market index from next year, a move that will bring down borrowing cost for the government. On the global front, Asian markets were trading mixed as fears persisted about the Fed staying hawkish and the Bank of Japan maintained its ultra-loose monetary policy. European markets were trading mostly in red amid concerns that higher interest rates could weigh on global growth. Survey data released earlier showed that business activity across Germany fell for the third month in a row in September amid a sustained decline in demand for goods and services.

The BSE Sensex is currently trading at 66077.16, down by 153.08 points or 0.23% after trading in a range of 66016.31 and 66445.47. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.21%, while Small cap index was down by 0.11%.

The few gaining sectoral indices on the BSE were PSU up by 0.75%, Auto up by 0.40%, Telecom up by 0.33% and Bankex was up by 0.29%, while Healthcare down by 1.29%, Consumer Durables down by 0.88%, Realty down by 0.66%, Basic Materials down by 0.48% and Power was down by 0.44% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.96%, Maruti Suzuki up by 2.28%, SBI up by 1.84%, Mahindra & Mahindra up by 1.59% and Tech Mahindra up by 1.40%. On the flip side, Wipro down by 2.20%, Power Grid down by 2.06%, Ultratech Cement down by 1.32%, Bharti Airtel down by 1.16% and Titan Company down by 1.16% were the top losers.

Meanwhile, in-line with the Prime Minister’s vision towards maximizing digital technology for social benefit, Union Ministry of Agriculture & Farmers Welfare, Government of India has launched AI Chatbot for the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme. The AI Chatbot acts as a comprehensive guide for the beneficiaries, providing them with timely and accurate responses to their queries related to the scheme. This is the first AI Chatbot integrated with a major flagship scheme of the Union government. 

The introduction of the AI chatbot in the PM-KISAN grievance management system is aimed at empowering farmers with a user-friendly and accessible platform. In its first phase of development, the AI chatbot will assist farmers in seeking information related to their application status, payment details, ineligibility status, and other scheme-related updates. 

The AI Chatbot, accessible through the PM KISAN mobile app, is integrated with Bhashini, which offers multilingual support, catering to the linguistic and regional diversity of the PM KISAN beneficiaries. This integration of advanced technology will not only enhance transparency but will also empower farmers to make informed decisions.

The CNX Nifty is currently trading at 19706.45, down by 35.90 points or 0.18% after trading in a range of 19664.30 and 19798.65. There were 20 stocks advancing against 29 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Indusind Bank up by 3.21%, Maruti Suzuki up by 2.53%, SBI up by 2.01%, Mahindra & Mahindra up by 1.61% and Tech Mahindra up by 1.40%. On the flip side, Dr. Reddy's Lab down by 2.85%, Wipro down by 2.30%, Power Grid down by 1.76%, Cipla down by 1.62% and Ultratech Cement down by 1.37% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 402.04 points or 2.23% to 18,057.45, Shanghai Composite strengthened 47.73 points or 1.52% to 3,132.43, Jakarta Composite gained 40.99 points or 0.59% to 7,032.46 and Taiwan Weighted was up by 27.81 points or 0.17% to 16,344.48. On the flip side, Straits Times fell 0.21 points or 0.01% to 3,202.60, KOSPI dropped 6.84 points or 0.27% to 2,508.13 and Nikkei 225 was down by 168.62 points or 0.52% to 32,402.41.

European markets were trading mostly in red; France’s CAC fell 46.36 points or 0.64% to 7,167.54 and Germany’s DAX was down by 43.36 points or 0.28% to 15,528.50. On the flip side, UK’s FTSE 100 was up by 27.3 points or 0.36% to 7,705.92.