Benchmarks trade flat in morning deals

Indian equity benchmarks erased initial losses and were trading flat in morning deals amid positive cues in global markets. Traders took some support with provisional data from the NSE showing that foreign institutional investors (FIIs) net bought shares worth Rs 848.56 crore on March 15, 2024. Some support also came as latest data by the Reserve Bank of India (RBI) showed that India's foreign exchange reserves jumped by $10.47 billion to $636.1 billion for the week ending on March 8. This is the biggest surge since the week ended July 14, 2023. On the sectoral front, oil & gas industry stocks remained in watch with report that the government raised windfall tax on petroleum crude to Rs 4,900 a tonne from Rs 4,600. The new rates will be affective from March 16. The tax is levied in the form of a Special Additional Excise Duty (SAED). On the global front, Asian markets are trading mostly in green ahead of policy decisions this week by Japan’s central bank and the Federal Reserve. 

The BSE Sensex is currently trading at 72638.37, down by 5.06 points or 0.01% after trading in a range of 72402.85 and 72769.79. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.20%, while Small cap index was down by 0.10%.

The top gaining sectoral indices on the BSE were Metal up by 1.33%, Energy up by 0.49%, Auto up by 0.48%, Oil & Gas up by 0.44% and Telecom up by 0.39%, while Consumer Durables down by 0.93%, IT down by 0.65%, Realty down by 0.44%, TECK down by 0.34% and FMCG down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.57%, Mahindra & Mahindra up by 3.04%, JSW Steel up by 1.96%, Tata Motors up by 1.71% and NTPC up by 0.90%. On the flip side, Titan Company down by 1.51%, Asian Paints down by 1.27%, Nestle down by 1.00%, Power Grid Corporation down by 0.87% and Hindustan Unilever down by 0.85% were the top losers.

Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das has said with the advent of artificial intelligence (AI), cybersecurity challenges can rise manifold, and called upon financial institutions to dedicate substantial efforts to protect customer information. He said regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities.

He stated within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis. By harnessing the power of data analytics, he said regulated entities can proactively anticipate customer needs, address issues promptly, and streamline processes. A data-driven approach would not only optimise operational efficiency but also reinforce the commitment to providing exemplary customer service.

He noted that with the rise in fraudulent transactions, it is critical to strengthen monitoring systems and use technology to detect potential frauds before they materialise. He said ‘Maintaining a focus on root cause analysis of consumer grievances can result in preventing such complaints from coming up repeatedly. With the advent of AI, cybersecurity challenges can rise manifold.’ Cybersecurity challenges can expose consumers to identity theft, fraud, and unauthorised access to personal information, which can affect consumer trust. He added ‘Financial Institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed.’

The CNX Nifty is currently trading at 22026.40, up by 3.05 points or 0.01% after trading in a range of 21935.95 and 22045.30. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 3.41%, Tata Steel up by 3.35%, JSW Steel up by 2.02%, Tata Motors up by 1.46% and Coal India up by 1.30%. On the flip side, Adani Ports &SEZ down by 2.42%, Adani Enterprises down by 2.40%, UPL down by 1.84%, Titan Company down by 1.56% and Eicher Motors down by 1.32% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 926.7 points or 2.39% to 39,634.34, Taiwan Weighted added 144.11 points or 0.73% to 19,826.61, Straits Times rose 0.6 points or 0.02% to 3,173.56, KOSPI increased 14.77 points or 0.55% to 2,681.61, Jakarta Composite gained 13.72 points or 0.19% to 7,341.77 and Shanghai Composite strengthened 15.03 points or 0.49% to 3,069.67.

On the flip side, Hang Seng declined 0.49 points or 0% to 16,720.40.