A weakness continued to hit Indian equity markets in early afternoon session, as fresh U.S.-Iran clashes in the Strait of Hormuz jolted hopes for a deal to end the 10-week conflict and reopen the crucial waterway. Traders also got cautious, amid reports that the Reserve Bank of India (RBI) faces two conflicting objectives before its next interest rate decision in June, as the economy grapples with a potential double shock from energy prices and uncertain weather patterns.
On the global front, Asian markets were trading mostly in red, after the service sector in Japan continued to expand in April, albeit at a slower pace, the latest survey from S&P Global revealed on Friday with a services PMI score of 51.0. That's down from 53.4 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Back home, power sector stocks were remained in focus, as rating agency ICRA in its latest report has said that the power demand is likely to increase by 5.0-5.5% in 2026-27 against a tepid around 1% in 2025-26, supported by the agricultural and household sectors given the expectation of sub-par rainfall amidst a potential El Nino, along with demand from industries as well as from emerging sources like electric vehicles and data centres.
The BSE Sensex is currently trading at 77363.70, down by 480.82 points or 0.62% after trading in a range of 77248.69 and 77647.44. There were 10 stocks advancing against 20 stocks declining on the index.
The top gaining sectoral indices on the BSE were IT up by 0.49%, TECK up by 0.37%, Healthcare up by 0.34%, Consumer Durables up by 0.32% and FMCG up by 0.14%, while Energy down by 0.97%, Oil & Gas down by 0.96%, Bankex down by 0.88%, PSU down by 0.59% and Power down by 0.50% were the top losing indices on BSE.
The top gainers on the Sensex were Asian Paints up by 2.49%, Adani Ports & SEZ up by 1.27%, HCL Tech. up by 0.76%, Hindustan Unilever up by 0.73% and Sun Pharma up by 0.58%. On the flip side, HDFC Bank down by 1.99%, Ultratech Cement down by 1.86%, Bajaj Finance down by 1.80%, Axis Bank down by 1.42% and Eternal down by 1.30% were the top losers.
Meanwhile, with an aim of encouraging resolution of customers' grievances, the Telecom regulator Trai has proposed a new mechanism for telecom operators, suggesting a fine of up to Rs 50 lakh per quarter on telcos in case of violations. Trai said that if, during complaint audit, it comes across that a complaint or an appeal was dismissed improperly or disposed of unsatisfactorily, the service provider shall be liable for a financial disincentive of Rs 1,000 per improper dismissal or disposal of the complaint. Further, in case of improper dismissal or disposal of an appeal by the service provider, the fine will be Rs 5,000 for each offence, ‘provided that the maximum amount of financial disincentive payable by a service provider shall not exceed Rs 50 lakh per quarter for the licensed/authorised service area.
The proposed Telecom Consumers Complaint Redressal (Fourth Amendment) Regulation, 2026 seeks to make it mandatory that a clear complaint registration facility be made available on the web portal, apps and chatbots of service providers, with regular updates to be provided to consumers on action taken on registered grievances. Besides, the Telecom operators will have to provide subscribers the option to select the category of their communication, comprising complaint, appeal, service request or query. It added that in case the consumer prefers to give additional information or in the absence of suitable options, the app/portal shall further provide an option for the complainant to share the details of their issue by entering text or via voice note.
Moreover, the draft proposed mandatory updates and information to consumers regarding the status, actions taken, and projected resolution timelines for their complaints through the application interface, until final resolution. Trai has also proposed that all telecom operators should have a 'Consumer Corner' on their website displayed prominently on the homepage. The section should have information and statistics related to the complaint centre, appellate authority, report of consumer satisfaction surveys and quarterly performance reports. The regulator has fixed June 5 as the last date for comments on the draft regulation.
The CNX Nifty is currently trading at 24185.80, down by 140.85 points or 0.58% after trading in a range of 24138.40 and 24253.80. There were 18 stocks advancing against 32 stocks declining on the index.
The top gainers on Nifty were Asian Paints up by 2.54%, Tata Consumer Products up by 2.39%, Apollo Hospital Ent. up by 2.37%, Bajaj Auto up by 1.48% and Adani Ports & SEZ up by 1.31%. On the flip side, Coal India down by 2.14%, HDFC Bank down by 2.02%, Ultratech Cement down by 1.90%, Bajaj Finance down by 1.82% and ONGC down by 1.46% were the top losers.
Asian markets were trading mostly in red; Hang Seng declined 215.28 points or 0.81% to 26,411.00, Shanghai Composite weakened 1.01 points or 0.02% to 4,179.08, Taiwan Weighted lost 329.84 points or 0.79% to 41,603.94, Nikkei 225 slipped 220.84 points or 0.35% to 62,613.00, Jakarta Composite plunged 5.85 points or 0.08% to 7,168.47 and Straits Times fell 26.79 points or 0.54% to 4,915.17, while KOSPI increased 7.95 points or 0.11% to 7,498.00.
