Bourses trade near neutral lines in late afternoon session

Key benchmark indices traded near neutral lines with negative bias in late afternoon session. Markets witnessed some recovery tracking positive cues from European markets. Meanwhile, traders were widely expecting the Fed to keep rates unchanged for the second consecutive time. Sector wise, Energy stocks remained in focused as Union Power and New & Renewable Energy Minister R K Singh has said that renewable energy sources have the potential to supply 65 per cent of the world's total electricity by 2030 and decarbonise 90 per cent of the power sector by 2050. 

On the global front, Asian markets were trading mixed ahead of key economic data from around the region. Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong are the regional highlights of the week. European markets were trading higher led by real estate and chemical stocks, with investors assessing a slew of economic data, while BP's weak third-quarter profit weighed on the energy sector.

The BSE Sensex is currently trading at 64072.87, down by 39.78 points or 0.06% after trading in a range of 63843.21 and 64452.32. 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 0.52%, while Small cap index was up by 0.44%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.51%, Realty up by 1.34%, Utilities up by 0.76%, Telecom up by 0.58% and PSU was up by 0.57%, while Auto down by 0.19%, Capital Goods down by 0.18%, Metal down by 0.12%, Energy down by 0.11% and TECK was down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 2.45%, Kotak Mahindra Bank up by 1.39%, Asian Paints up by 1.10%, NTPC up by 1.04% and HCL Tech up by 0.85%. On the flip side, Mahindra & Mahindra down by 1.98%, Sun Pharma down by 1.62%, Bharti Airtel down by 0.71%, Indusind Bank down by 0.65% and Infosys down by 0.57% were the top losers.

Meanwhile, Controller General of Communications   Accounts (CGCA) has demonstrated its digitization programme at Indian Mobile Congress (IMC) 2023, for ease of doing business for the telecom licensees as well as quality service delivery to the Telecom/BSNL/MTNL Pensioners in the form of SARAS and SAMPANN.

SARAS, which was launched by the Department of Telecom (DOT) is a portal for the licensees for ease of compliance of financial conditions of license agreements. Through SARAS portal, Licensees are able to avail facility to make online paperless payments for LF, SUC, Spectrum Auction payments and CAF/EMR penalty, Testing Fees and other penalties.

SARAS has led to Fully Digital and Paperless Submission of Statement of Revenue and License Fee on Quarterly Basis and Audited Document and Annual Financial document on Annual Basis. It enables Online Submission of Deduction document and Access to Online Assessment and demand notices for LD and SUC, demand notices for other dues. It acts as a Single Window for issuance of No Dues Certificate and thus exit management. 

SAMPANN - ‘System for Accounting and Management of Pension’ project is a seamless online pension processing and payment system for Department of Telecommunications pensioners. It was dedicated to the nation by the Prime Minister on December 29, 2018.

The CNX Nifty is currently trading at 19133.60, down by 7.30 points or 0.04% after trading in a range of 19064.70 and 19233.70. There were 29 stocks advancing against 20 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were SBI Life up by 2.78%, Titan Company up by 2.53%, HDFC Life Insurance up by 1.74%, Kotak Mahindra Bank up by 1.54% and NTPC up by 1.07%. On the flip side, Mahindra & Mahindra down by 2.11%, ONGC down by 1.80%, Sun Pharma down by 1.76%, LTIMindtree down by 1.46% and Eicher Motors down by 1.33% were the top losers.

Asian markets were trading mixed; Hang Seng declined 293.88 points or 1.72% to 17,112.48, Taiwan Weighted lost 148.41 points or 0.93% to 16,001.27, KOSPI dropped 32.56 points or 1.43% to 2,277.99 and Shanghai Composite was down by 2.78 points or 0.09% to 3,018.77. On the flip side, Straits Times rose 3.38 points or 0.11% to 3,067.67, Jakarta Composite gained 14.48 points or 0.21% to 6,750.37 and Nikkei 225 was up by 161.89 points or 0.52% to 30,858.85.

European markets were trading higher; UK’s FTSE 100 increased 18.05 points or 0.25% to 7,345.44, France’s CAC rose 37.76 points or 0.55% to 6,862.83 and Germany’s DAX was up by 72.53 points or 0.49% to 14,789.07.