Bourses trade flat in late afternoon session

Indian equity markets traded near neutral lines in late afternoon session amid volatility. The broader indices, the BSE Mid cap index and Small cap index traded in green. Traders were seen piling up positions in Realty sector’s stock while selling was witnessed in Banking and Oil & Gas sectors’ stocks. Traders were cautious as U.S. central bank indicated interest rate cuts could be delayed by at least two more months. Investors took note of report that Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the RBI's job to bring down inflation is not over, and any premature move on the policy front could undermine the success achieved so far on the price situation. On the global front, Asian markets were trading mixed after Nvidia delivered stunning results, setting off a rally in other technology companies that carried Wall Street to another record high. European markets were trading higher extending positive momentum after the pan-European benchmark closed at a record high in the previous session. 

The BSE Sensex is currently trading at 73172.40, up by 14.16 points or 0.02% after trading in a range of 73073.86 and 73413.93. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.37%, while Small cap index was up by 0.60%.

The top gaining sectoral indices on the BSE were Telecom up by 1.72%, Capital Goods up by 1.27%, Industrials up by 1.26%, Consumer Durables up by 0.74% and Realty was up by 0.64%, while Oil & Gas down by 0.55%, Bankex down by 0.29%, PSU down by 0.20%, TECK down by 0.15% and Energy was down by 0.14% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.41%, Bajaj Finserv up by 1.36%, Titan Co up by 1.09%, Larsen & Toubro up by 1.02% and Reliance Industries up by 0.83%. On the flip side, Maruti Suzuki down by 1.68%, Asian Paints down by 1.18%, HCL Tech down by 0.99%, SBI down by 0.92% and NTPC down by 0.84% were the top losers.

Meanwhile, with an aim to ensure ease of doing business by fostering a more conducive business environment for Newspaper publishers and TV channels, the Minister of Information and Broadcasting Anurag Singh Thakur has launched four transformative portals that promise to revolutionize the media landscape in India.  These portals will also enhance transparency and efficiency in government communication, provide easy access to authentic Government videos and create a comprehensive database of Local Cable Operators (LCOs) enabling the Government to streamline regulatory processes in the cable television sector in future.

The Minister said that today, India is viewed as an attractive destination for investment, with global companies eager to establish businesses in India and he recalled Prime Minister Narendra Modi's emphasis on transformative governance and economic reforms has greatly improved the ease of doing business in India and added that this has led to increased investment from both existing businesses and new entrepreneurs. He also stated that the startup ecosystem, in particular, has flourished, with a significant increase in the number of startups and unicorns.

Elaborating on recognition of Government’s achievements towards improving ease of doing business, Thakur said that these have been recognized globally, as evidenced by its improved rankings in international indices like the World Bank's Ease of Doing Business Index and the Logistic Performance Index. He further said that the success of platforms like the Government e-Marketplace (GeM) reflect the government's efforts to create a level playing field for MSMEs and small businesses. He added that Prime Minister Modi's leadership has not only focused on economic reforms but also on fostering a mindset transformation, recognizing entrepreneurs as partners in national development. This approach has led to increased wealth creation, job opportunities, and higher incomes, benefiting the country's overall welfare and development.

The CNX Nifty is currently trading at 22231.85, up by 14.40 points or 0.06% after trading in a range of 22200.45 and 22297.50. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were SBI Life up by 1.50%, Bajaj Finserv up by 1.49%, HDFC Life Insurance up by 1.28%, Adani Ports up by 1.22% and Cipla up by 1.18%. On the flip side, Maruti Suzuki down by 1.49%, Asian Paints down by 1.17%, BPCL down by 0.98%, HCL Tech down by 0.93% and SBI down by 0.86% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 36.41 points or 0.19% to 18,889.19, Shanghai Composite strengthened 16.52 points or 0.55% to 3,004.88 and KOSPI was up by 3.43 points or 0.13% to 2,667.70. On the flip side, Hang Seng declined 17.09 points or 0.1% to 16,725.86, Straits Times fell 39.32 points or 1.22% to 3,183.62 and Jakarta Composite was down by 60.3 points or 0.82% to 7,279.34.

European markets were trading higher; UK’s FTSE 100 increased 8.28 points or 0.11% to 7,692.77, France’s CAC rose 3.21 points or 0.04% to 7,914.81 and Germany’s DAX was up by 4.99 points or 0.03% to 17,375.44.