Bourses trim some losses in late afternoon session

Indian equity markets trimmed some of their losses but continued to trade in red in late afternoon session tracking negative cues from European markets. As for broader indices, the BSE Mid cap index traded in red, while Small cap index traded with limited gains. Traders took note of report that the Global Trade Research Initiative (GTRI) said building coalitions with other World Trade Organisation members will help India push for the adoption of open and interoperable payment systems like UPI with a view to cut the cost of money transfers or remittances. The dominance of a few large players in the market contributes to these high costs, through complex and opaque fee structures. On the global front, Asian markets were trading mostly in red with China recovery concerns and uncertainty over the timing of interest-rate cuts in the U.S. keeping underlying sentiment cautious. European markets were trading mostly in red as greenback-priced commodities lost their appeal on a firmer U.S. dollar, while investors braced for key inflation data expected this week from the euro zone and the United States.

The BSE Sensex is currently trading at 72905.79, down by 237.01 points or 0.32% after trading in a range of 72666.82 and 73092.26. There were 7 stocks advancing against 22 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.13%, while Small cap index was up by 0.10%.

The top gaining sectoral indices on the BSE were Utilities up by 1.83%, Power up by 1.37%, Capital Goods up by 1.10%, Industrials up by 0.71% and Oil & Gas was up by 0.61%, while Metal down by 1.05%, TECK down by 1.05%, Consumer Durables down by 0.94%, IT down by 0.93% and Healthcare was down by 0.68% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.76%, Power Grid up by 2.16%, HDFC Bank up by 0.86%, Tata Motors up by 0.36% and Bajaj Finserv up by 0.21%. On the flip side, Asian Paints down by 3.58%, Bharti Airtel down by 1.66%, Tata Steel down by 1.62%, JSW Steel down by 1.45% and Titan Company down by 1.45% were the top losers.

Meanwhile, with an aim to speed up new connections, promote solar PV systems and EVs, the Government of India has approved amendments to the Electricity (Rights of Consumers) Rules, 2020. Exemption has been given for the requirement of technical feasibility study, for systems up to a capacity of 10 kW. For systems of capacity higher than 10 kW, the timeline for completing the feasibility study has been reduced from twenty days to fifteen days. Further, in case the study is not completed within the stipulated time, the approval will be deemed to have been given. Additionally, it has now been mandated that the distribution system strengthening necessary for rooftop solar PV systems up to 5 kW capacity will be done by the distribution company at its own cost. Further, the timeline for the distribution licensee to commission Rooftop Solar PV systems has been reduced from thirty days to fifteen days.

According to notification released by Ministry of Power, consumers can now obtain separate electricity connections for charging their Electric Vehicles (EVs). This aligns with the country's goal of reducing carbon emissions and reaching Net Zero by the year 2070. Besides, the time period for obtaining a new electricity connection under the Rules has been reduced from seven days to three days in metropolitan areas, from fifteen days to seven days in other municipal areas, and from thirty days to fifteen days in rural areas. However, in rural areas with hilly terrain, the time period for new connections or for modifications in existing connections will remain thirty days.

Further, the provisions have been introduced in the Rules, to enhance consumer choice and promote greater transparency in metering and billing. Owners residing in co-operative group housing societies, multi-storied buildings, residential colonies, etc., will now have the option to choose from the distribution licensee either individual connections for everyone or a single-point connection for the whole premises.  The exercise of the option will be based on a transparent ballot to be conducted by the Distribution Company. Parity has also been brought in the tariff charged to consumers who get electricity supplied through single-point connection and to those who avail of individual connections.

The CNX Nifty is currently trading at 22154.65, down by 58.05 points or 0.26% after trading in a range of 22075.15 and 22202.15. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 2.86%, Power Grid up by 2.31%, Adani Enterprises up by 1.97%, Tata Consumer up by 1.68% and Adani Ports up by 1.31%. On the flip side, Asian Paints down by 3.67%, Divi's Lab down by 2.45%, Apollo Hospital down by 2.36%, Hindalco down by 2.30% and Bharti Airtel down by 1.60% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 91.12 points or 0.55% to 16,634.74, Shanghai Composite weakened 27.86 points or 0.94% to 2,977.02, KOSPI dropped 20.62 points or 0.78% to 2,647.08, Jakarta Composite plunged 17.92 points or 0.25% to 7,277.18 and Straits Times was down by 16.45 points or 0.52% to 3,168.46. On the flip side, Taiwan Weighted added 58.86 points or 0.31% to 18,948.05 and Nikkei 225 was up by 135.03 points or 0.34% to 39,233.71.

European markets were trading mostly in red; France’s CAC fell 29.86 points or 0.37% to 7,936.82 and Germany’s DAX was down by 7.46 points or 0.04% to 17,411.87. On the flip side, UK’s FTSE 100 was up by 0.06 points or 0% to 7,706.34.