Domestic indices remain in red in late morning deals

Domestic equity indices remained in red and were trading with cut of around quarter percent in late morning deals on account of selling by funds and retail investors. Meanwhile, broader indices were also trading in red with BSE Small cap index and BSE Mid cap index falling in the rage of 0.10-0.54%. Selling in Adani Ports, Bharti Airtel, ITC, Bajaj Finance and Infosys companies’ stocks dragged the markets to trade lower. Rising crude oil prices weighed on the domestic sentiments. Oil prices climbed as the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, decided to push back its December production increase by at least a month. Traders remained cautious due to persisting Middle East tensions, and ahead of the US presidential elections.

On the global front, Asian markets were trading mostly in green as the services sector in China continued to expand in October, and at a faster rate, the latest survey from Caixin revealed with a PMI score of 52.0. Back home, on the BSE sectoral front, traders were seen pilling up positions in Metal, Basic Materials and Auto, while selling was witnessed in Capital Goods, Consumer Durables, Power, Energy and Realty.

The BSE Sensex is currently trading at 78591.88, down by 190.36 points or 0.24% after trading in a range of 78455.66 and 78906.41. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.54%, while Small cap index down by 0.10%.

The top gaining sectoral indices on the BSE were Metal up by 0.99%, Basic Materials up by 0.73% and Auto up by 0.20%, while Capital Goods down by 0.92%, Consumer Durables down by 0.72%, Power down by 0.70%, Energy down by 0.63% and Realty down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 2.53%, Tata Steel up by 2.21%, Indusind Bank up by 1.88%, Maruti Suzuki up by 1.35% and Tata Motors up by 0.86%. On the flip side, Adani Ports down by 3.45%, Bharti Airtel down by 1.11%, ITC down by 0.90%, Bajaj Finance down by 0.87% and Infosys down by 0.75% were the top losers.

Meanwhile, the Ministry of New and Renewable Energy (MNRE) has said that subsidies to the oil & gas sector saw a reduction of 85 per cent from a peak of $25 billion in 2013 to $3.5 billion by 2023. Since 2010, India has steadily reformed its fossil fuel subsidies, adopting a ‘remove, target, and shift’ approach. The ministry said, as per a report of Asian Development Bank (ADB), structured approach, including adjusting retail prices, tax rates, and subsidies on select petroleum products collectively reduced fiscal subsidies in the oil and gas sector by 85 per cent from a peak of $25 billion in 2013 to $3.5 billion by 2023.

It said a significant step in this journey was the gradual phasing out of petrol and diesel subsidies, coupled with incremental tax hikes. These reforms created fiscal space for greater government support in renewable energy initiatives, electric vehicles, and critical electricity infrastructure. From 2014 to 2017, tax revenues were further boosted by rising excise duties on petrol and diesel, implemented strategically during a period of low global oil prices. The additional revenues were then redirected toward targeted subsidies that expanded access to liquefied petroleum gas (LPG) for rural communities, addressing both environmental goals and social welfare.

India's fossil fuel subsidy reforms mark a decisive shift, channelling resources toward sustainable energy and laying the foundation for cleaner energy alternatives. The report said that the petrol and diesel subsidies were phased out gradually from 2010 to 2014, followed by measured tax hikes on these fuels till 2017. These moves were made to create fiscal year breathing room for renewable projects, allowing the government to channel funds into clean energy initiatives at an unprecedented scale. Subsidies for solar parks, distributed energy solutions, and state-owned enterprises by the government reflects its purpose and commitment to clean power, setting a strong example for others looking to shift toward a more resilient energy future. India steadily whittled down its fossil fuel support, opening doors to new investments in solar power, electric vehicles, and a stronger energy grid.

The CNX Nifty is currently trading at 23931.50, down by 63.85 points or 0.27% after trading in a range of 23908.65 and 24037.20. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 2.45%, Bajaj Auto up by 2.15%, Tata Steel up by 2.12%, Indusind Bank up by 1.62% and Hindalco up by 1.39%. On the flip side, Adani Ports down by 3.44%, Coal India down by 2.76%, Trent down by 2.39%, Apollo Hospital down by 1.90% and Shriram Finance down by 1.82% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 290.71 points or 1.39% to 20,858.23, Shanghai Composite strengthened 69.87 points or 2.07% to 3,380.08, Straits Times rose 3.85 points or 0.11% to 3,575.89, Nikkei 225 surged 541.02 points or 1.4% to 38,594.69 and Taiwan Weighted added 141.4 points or 0.61% to 23,106.79. However, Jakarta Composite plunged 19.91 points or 0.27% to 7,459.59 and KOSPI dropped 8.33 points or 0.32% to 2,580.64.