Bourses come off from day’s highs in late afternoon session

The broader indices were trading in green; the BSE Mid cap index gained 0.32%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Utilities up by 1.21%, Power up by 1.06%, PSU up by 0.72%, Telecom up by 0.70% and Oil & Gas was up by 0.66%, while Realty down by 0.18% and Capital Goods was down by 0.08% were the few losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.04%, Tech Mahindra up by 1.31%, NTPC up by 1.03%, HDFC Bank up by 0.85% and Bharti Airtel up by 0.85%. On the flip side, Tata Motors down by 1.40%, Larsen & Toubro down by 1.09%, Indusind Bank down by 0.49%, TCS down by 0.39% and Ultratech Cement down by 0.07% were the top losers.

Meanwhile, in order to promote ease of doing business and ensuring safety and security within the aviation sector, the Ministry of Civil Aviation has made amendments to Aircraft Rules, 1937. The Amendment to the aircraft rules, 1937 is a result of substantial consultations with stakeholders in the industry, aimed at providing the necessary reform measures to strengthen the existing regulatory safety and security framework.  These amendments align India’s aviation regulations with the International Civil Aviation Organization's (ICAO) Standards and Recommended Practices (SARPs) and international best practices. A portion of these reforms have been already notified vide Gazette Notification dated April 13, 2023 with Amendment to the Aircraft (Demolition of Obstructions caused by Building and Trees, etc.) Rules, 1994.

One of the key highlights of the Amendment to the Aircraft Rules, 1937 is the revision of Rule 39C. Under this amendment, the validity of licenses in relation to Airline Transport Pilot License (ATPL) and Commercial Pilot License (CPL) holders has been increased from five years to ten years. This change is expected to reduce administrative burden on pilots and aviation authorities like DGCA, promoting a more streamlined and efficient licensing process. Additionally, Rule 118 for validation of foreign licenses has been removed as being redundant. This change signifies aligning the regulations with the evolving needs of the aviation sector. 

Besides, a clause to liberalise the recency and competency requirements while ensuring continued competence for Air Traffic Controller License holders has been added under Schedule III. This change offers increased flexibility to accommodate situations with limited movements or watch hours, Air Traffic Controller license holders must complete a minimum of ten hours of simulated exercises, including emergencies. Subsequently, they must undergo a skill assessment for their respective rating within ten consecutive days of commencing these exercises. These reforms will enhance the growth and sustainability of the aviation industry, ensuring it remains at the forefront of global aviation standards.

The CNX Nifty is currently trading at 19792.85, up by 61.10 points or 0.31% after trading in a range of 19775.65 and 19849.75. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were BPCL up by 2.20%, Power Grid up by 2.07%, SBI Life up by 1.94%, HDFC Life Insurance up by 1.80% and Bajaj Auto up by 1.22%. On the flip side, Tata Motors down by 1.47%, Larsen & Toubro down by 1.07%, UPL down by 0.78%, Indusind Bank down by 0.66% and Hindalco down by 0.42% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 381.26 points or 1.19% to 32,040.29, Hang Seng advanced 132.98 points or 0.75% to 17,773.34, Jakarta Composite gained 33.28 points or 0.48% to 6,929.57, KOSPI increased 23.93 points or 0.97% to 2,460.17, Shanghai Composite strengthened 9.69 points or 0.31% to 3,083.50 and Straits Times was up by 4.47 points or 0.14% to 3,168.36. On the flip side, Taiwan Weighted was down by 9.69 points or 0.06% to 16,642.55.

European markets were trading mostly in red; France’s CAC fell 3.08 points or 0.04% to 7,019.11 and Germany’s DAX was down by 27.86 points or 0.18% to 15,210.13. On the flip side, UK’s FTSE 100 was up by 21.17 points or 0.28% to 7,651.80.