Bourses trade deep in red in late afternoon session

Indian equity markets traded deep in red in late afternoon session amid heavy selling pressure. The broader indices, the BSE Mid cap index and Small cap index traded in red. Investors overlooked Union Minister of Commerce & Industry Piyush Goyal’s statement that the 14 sectors covered under the production linked incentive (PLI) schemes have witnessed investments of Rs 1.46 lakh crore till August and the capital infusion is expected to reach Rs 2 lakh crore in the coming years. On the global front, Asian markets were trading mixed with mainland Chinese and Hong Kong markets closing sharply higher on stimulus euphoria while Japanese markets succumbed to selling pressure after Japan's governing party chose Shigeru Ishiba, a critic of the country's longstanding ultralow interest rates, as its leader. European markets were trading lower as Middle East worries escalated and investors awaited comments from ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell for additional clues on the rate outlook.

The BSE Sensex is currently trading at 84291.90, down by 1279.95 points or 1.50% after trading in a range of 84274.64 and 85359.65. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.49%, while Small cap index was down by 0.11%.

The only gaining sectoral indices on the BSE were Metal up by 0.98% and Basic Materials was up by 0.60%, while Realty down by 2.62%, Auto down by 2.06%, Bankex down by 1.70%, Consumer Disc down by 1.35% and Telecom was down by 1.32% were the top losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 2.48%, Tata Steel up by 1.26%, NTPC up by 1.25%, Asian Paints up by 0.86% and Titan Company up by 0.22%. On the flip side, Reliance Industries down by 3.13%, Mahindra & Mahindra down by 2.78%, ICICI Bank down by 2.64%, Tech Mahindra down by 2.54% and Axis Bank down by 2.52% were the top losers.

Meanwhile, with an aim to achieve a greater ease of doing business environment in the country, the Department for Promotion of Industry and Internal Trade (DPIIT) is working on about 100 rules and laws of various departments of government to bring Jan Vishwas 2.0 bill. The work is being done as the priority area under the first 100-day thrust of the present government. 

To support the ‘Make in India’ initiative, the Government of India has enacted the Jan Vishwas (Amendment of Provisions) Act, 2023. With the primary objective of decriminalising minor offences across 42 Central Acts, the Act eliminates 183 criminal provisions across 19 Ministries/Departments.

The Joint Parliamentary Committee, which reviewed the Jan Vishwas Bill, has recommended extending the exercise to further Acts, ensuring the continuous modernization of India's regulatory framework. The Jan Vishwas Act introduces civil penalties and administrative actions for minor technical and procedural lapses, reducing the fear of criminal penalties and enhancing the ease of doing business and living in the country.

A key objective of the Jan Vishwas Act is to remove outdated provisions that no longer serve the evolving technological and business environment. This comprehensive reform not only saves time and costs for both the government and the judiciary but also fosters a more conducive environment for businesses and entrepreneurs by reducing unnecessary legal hurdles.

The CNX Nifty is currently trading at 25809.15, down by 369.80 points or 1.41% after trading in a range of 25797.65 and 26134.70. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 2.66%, NTPC up by 1.40%, Britannia up by 1.36%, Hindalco up by 1.24% and Tata Steel up by 1.23%. On the flip side, Hero MotoCorp down by 4.22%, Trent down by 4.01%, Reliance Industries down by 3.12%, Bharat Electronics down by 2.95% and Bajaj Auto down by 2.84% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 1910.01 points or 5.04% to 37,919.55, Taiwan Weighted lost 598.25 points or 2.69% to 22,224.54, Jakarta Composite plunged 114.07 points or 1.48% to 7,582.85 and KOSPI was down by 56.51 points or 2.18% to 2,593.27. On the flip side, Straits Times rose 12.53 points or 0.35% to 3,585.89, Shanghai Composite strengthened 248.97 points or 7.46% to 3,336.50 and Hang Seng was up by 501.38 points or 2.37% to 21,133.68.

European markets were trading lower; UK’s FTSE 100 decreased 45.3 points or 0.54% to 8,275.46, France’s CAC fell 114.66 points or 1.47% to 7,677.13 and Germany’s DAX was down by 100.69 points or 0.52% to 19,372.94.