Bourses trade at day’s high levels in late afternoon session

Indian equity markets added points to trade at day’s high levels in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index traded in green respectively. Traders took support as Engineering Exports Promotion Council (EEPC) India said that Indian engineering exports to 18 key markets recorded positive growth in October. Countries which registered positive growth in exports during October include the UK, US and UAE among others. Engineering exports to the US was $1391.5 million, up 2.2 per cent year-on-year against $1361 million. Sector wise, mining industry remained in focused as the government will launch the first round of auction of critical and strategic minerals on November 29, putting 20 blocks under the hammer.

On the global front, Asian markets were trading mixed following a tepid performance on Wall Street, with profit-taking tempering hopes for Federal Reserve interest rate cuts next year and traders awaiting key US inflation data due later this week. European markets were trading lower after strong November gains, as luxury stocks weighed and European Central Bank policymakers pushed back market expectations of interest rate cuts next year. 

The BSE Sensex is currently trading at 66099.68, up by 129.64 points or 0.20% after trading in a range of 65906.65 and 66111.96. There were 20 stocks advancing against 9 stocks declining on the index, while 1 stock remained unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.18%, while Small cap index was up by 0.13%.

The top gaining sectoral indices on the BSE were Utilities up by 3.77%, Power up by 3.42%, Oil & Gas up by 2.87%, Energy up by 2.00% and PSU was up by 1.43%, while Healthcare down by 0.28%, Capital Goods down by 0.24%, Industrials down by 0.17%, FMCG down by 0.08% and Telecom was down by 0.03% were the losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.96%, Bajaj Finserv up by 2.10%, Ultratech Cement up by 1.98%, Bajaj Finance up by 1.38% and Titan Company up by 1.26%. On the flip side, Nestle down by 0.72%, ICICI Bank down by 0.45%, Sun Pharma down by 0.38%, Reliance Industries down by 0.29% and ITC down by 0.25% were the top losers.

Meanwhile, in a major step towards enhancing use and adoption of compressed bio-gas (CBG), the government has introduced phase wise mandatory blending of CBG in CNG (Transport) & PNG (Domestic) segments of CGD sector. The key objectives of the CBG Blending Obligation (CBO) are to stimulate demand for CBG in CGD sector, import substitution for Liquefied Natural Gas (LNG), saving in Forex, promoting circular economy and to assist in achieving the target of net zero emission etc. 

As per the notification released by the Ministry of Petroleum & Natural Gas, CBO will be voluntary till FY 2024-2025 and mandatory blending obligation would start from FY 2025-26; CBO shall be kept as 1%, 3% and 4% of total CNG/PNG consumption for FY 2025-26, 2026- 27 and 2027-28 respectively. From 2028-29 onwards CBO will be 5% and a Central Repository Body (CRB) shall monitor and implement the blending mandate based on the operational guidelines approved by Minister, PNG.

Meanwhile, another important announcement was made by the government for promoting biofuels in the country. Sustainable Aviation Fuel (SAF/Bio- ATF) initial indicative blending percentage targets were set by the committee.

The CNX Nifty is currently trading at 19870.40, up by 75.70 points or 0.38% after trading in a range of 19800.00 and 19870.85. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 10.13%, Adani Ports up by 5.56%, Tata Motors up by 2.92%, BPCL up by 2.81% and Coal India up by 2.72%. On the flip side, Apollo Hospital down by 0.95%, Eicher Motors down by 0.83%, Nestle down by 0.77%, ICICI Bank down by 0.47% and Divi's Lab down by 0.40% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 203.83 points or 1.18% to 17,341.25, Jakarta Composite gained 30.12 points or 0.43% to 7,043.53, KOSPI increased 26.10 points or 1.03% to 2,521.76 and Shanghai Composite was up by 6.85 points or 0.23% to 3,038.55. On the flip side, Straits Times fell 18.12 points or 0.59% to 3,068.30, Nikkei 225 slipped 39.28 points or 0.12% to 33,408.39 and Hang Seng was down by 170.92 points or 0.98% to 17,354.14.

European markets were trading lower; UK’s FTSE 100 decreased 45.97 points or 0.62% to 7,414.73, France’s CAC fell 42.18 points or 0.58% to 7,223.31 and Germany’s DAX was down by 35.78 points or 0.22% to 15,930.59.