Markets bounce back into positive terrain in late trade

Indian equity markets have bounced back into positive terrain in late trade supported by positive global market cues. Further, investors opted to buy stocks at lower-level following markets’ recent 6-day losing streak. However, gains remained capped as traders took a cautious approach after Crisil Intelligence in its September report has said that high tariffs imposed by the United States (US) on Indian goods pose a major risk to the country's growth. It added that the tariffs will impact both Indian goods exports and investments.

On the sectoral front, Asian and European equity markets were trading firm as in-line U.S. inflation data reinforced hopes of interest rate cut by Federal Reserve.

The BSE Sensex is currently trading at 80621.63, up by 195.17 points or 0.24% after trading in a range of 80248.84 and 80851.38. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.56%, while Small cap index was up by 0.18%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.14%, Realty up by 1.52%, Energy up by 1.38%, PSU up by 1.36% and Metal up by 1.06%. Meanwhile, there were no losers on BSE sectoral index.

The top gainers on the Sensex were Titan Company up by 1.97%, Eternal up by 1.79%, Tata Steel up by 1.52%, Bharat Electronics up by 1.45% and Mahindra & Mahindra up by 1.26%. On the flip side, Axis Bank down by 2.19%, Maruti Suzuki down by 0.77%, Kotak Mahindra Bank down by 0.73%, Larsen & Toubro down by 0.68% and ICICI Bank down by 0.67% were the top losers.

Meanwhile, The Centre has issued operational guidelines for the deployment of about 72,300 public EV charging stations across the country with a Rs 2,000-crore outlay under the Rs 10,900 crore PM E-DRIVE scheme. The norms recommend a tiered subsidy structure to be followed to support the installation of EV charging infrastructure across different locations. Government premises such as offices, residential complexes, hospitals, and educational institutions will receive 100 per cent subsidy on both upstream infrastructure and EV charging equipment, provided the chargers offer free public access.

According to the guidelines, for locations in cities and along highways which are owned, controlled or managed by state or central governments or their public sector undertakings e.g. railway stations, airports (operated & maintained by Airports Authority of India), retail outlets of public sector OMCs, bus stations operated by STUs, metro stations, municipal parking lots, public sector ports and NHAI / State govt controlled/managed toll plazas & way-side amenities on highways/expressways, the subsidy will cover 80 per cent of upstream infrastructure and 70 per cent of EV supply equipment cost.

The norms said 80 per cent on Upstream Infrastructure will be subsidised for Cities - Streets, shopping malls, market complexes etc. along with Highways and Expressways. For Battery Swapping Stations / Battery charging Stations deployed at any location 80 per cent on Upstream Infrastructure will be subsidised. The eligible entities (GoI Ministries and State/UT governments) shall appoint nodal agencies to aggregate the EV PCS demand and submit proposals to the Ministry of Heavy Industries. The nodal bodies established will be responsible for identifying high-priority locations and submitting consolidated proposals through a dedicated online portal.

The CNX Nifty is currently trading at 24727.15, up by 72.45 points or 0.29% after trading in a range of 24606.20 and 24791.30. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 1.95%, Hindalco up by 1.87%, Eternal up by 1.84%, Wipro up by 1.80% and Tata Steel up by 1.55%. On the flip side, Axis Bank down by 2.11%, Dr. Reddy's Laboratories down by 1.24%, Maruti Suzuki down by 0.91%, HDFC Life Insurance down by 0.76% and Kotak Mahindra Bank down by 0.76% were the top losers.

Asian equity markets were trading mostly in green; Hang Seng advanced 489.8 points or 1.84% to 26,618.00, Straits Times rose 6.03 points or 0.14% to 4,272.01, Shanghai Composite strengthened 34.42 points or 0.89% to 3,862.53, Jakarta Composite gained 12.9 points or 0.16% to 8,112.23 and KOSPI increased 45.16 points or 1.32% to 3,431.21, while Nikkei 225 slipped 451.99 points or 1.01% to 44,903.00.

All European equity markets were trading higher; UK’s FTSE 100 increased 51.89 points or 0.56% to 9,336.72, France’s CAC rose 8.12 points or 0.1% to 7,878.80 and Germany’s DAX gained 61.53 points or 0.26% to 23,801.00.