A firm trade persisted over the Dalal Street in early afternoon deals, with both Sensex and Nifty holding strong gains, despite weak cues from other Asian markets. Gains in stocks such as Mahindra & Mahindra, Titan and Adani Ports were supporting the positive trend. The street took note of reports that in a move to strengthen the availability of funds with State Governments ahead of the festive season, the union government has released regular instalment of tax devolution to State Governments amounting to Rs 1,09,019 crore on November 5, 2026. The monthly instalment normally released on November 10, 2026 has been advanced and released on November 5, 2026.
On the global front, all Asian markets were trading lower, amid a renewed sell-off in the tech sector, with the tech-heavy NASDAQ plummeting on concerns about the sustainability of the AI trade amid expected tighter AI regulation after Democrats' takeover of both houses of Congress. Concerns of global inflation returns as crude oil prices spike again.
The BSE Sensex is currently trading at 80051.66, up by 741.65 points or 0.94% after trading in a range of 79016.05 and 80074.10. There were 17 stocks advancing against 13 stocks declining on the index.
The top gaining sectoral indices on the BSE were Bankex up by 0.81%, Consumer Durables up by 0.67%, TECK up by 0.25% and Healthcare up by 0.19%, while Capital Goods down by 3.21%, Industrials down by 2.36%, Power down by 1.85%, Realty down by 1.67% and Basic Materials down by 1.25% were the top losing indices on BSE.
The top gainers on the Sensex were Mahindra & Mahindra up by 4.22%, Titan Company up by 2.71%, ICICI Bank up by 1.80%, HDFC Bank up by 1.51% and Sun Pharma up by 1.29%. On the flip side, Power Grid down by 1.86%, Bajaj Finance down by 1.62%, Bharat Electronics down by 1.39%, Interglobe Aviation down by 1.27% and Asian Paints down by 1.17% were the top losers.
Meanwhile, the Telecom Regulatory Authority of India (TRAI) has recommended the Department of Telecommunications (DoT) for a new authorisation category for satellite network providers, who would supply network capacity to telecom operators and other eligible service providers but would not be allowed to serve consumers directly. Its recommendations open the door to direct-to-device (D2D) connectivity, using both satellite and terrestrial mobile spectrum, potentially reshaping India's satcom market by enabling deeper partnerships between satellite operators and traditional telecom companies. Under the recommended framework, authorised satellite communication network (SCN) providers can offer 'Satellite Communication Network as a Service' or SCNaaS to eligible service providers. Any licensee permitted to offer satellite-based services should be able to buy such capacity. The authorisation would cover the entire country for a maximum of 20 years, renewable for up to 20 years.
Further, SCN providers could seek fixed satellite service (FSS) spectrum for feeder links, and FSS and mobile satellite service (MSS) spectrum for user links, from the government. Feeder link spectrum would be assigned administratively. For user links, the provider must show that the service offered by its partner falls within the First Schedule of the Telecommunications Act. Spectrum would be assigned for up to five years, extendable by two years. Terms and pricing would stay valid for five years from the date the policy is notified. Any later revision would apply to all SCN providers, including existing ones. SCN providers could also use spectrum held by partnering service providers to offer SCNaaS to them, with the right to use the spectrum remaining with the partner.
Moreover, it has suggested that the government encourage smartphone manufacturers to incorporate the necessary satellite communication modules in future handsets sold in India, which will allow mobile phones to connect directly to satellites using L-band and S-band spectrum. It has noted that it followed the principle of regulatory parity between vertically integrated service models and unbundled shared network models. It has recommended an authorisation fee of 8% of adjusted gross revenue, with no minimum fee. Spectrum charges would be based on adjusted gross revenue, with an urban-rural differential for non-geostationary FSS, and an annual minimum of Rs 3,500 per MHz. No additional spectrum charge would apply to telecom operators for using their IMT spectrum for D2D services. Besides, service providers could deduct SCNaaS charges paid to SCN providers from their applicable gross revenue, subject to documentation. The entry fee would be Rs 37.5 lakh, with an initial guarantee of Rs 45 lakh, minimum equity and net worth of Rs 60 lakh each, and an application fee of Rs 10,000.
Further, satellite network providers would build infrastructure and sell capacity to licensed service providers, but could not serve consumers directly. Telcos such as Jio, Airtel and Vodafone Idea could buy that capacity, deduct the charges from their applicable gross revenue, and would hold a say in satellite-to-phone services, which need operators holding the relevant mobile spectrum across all 22 service areas to agree. Existing licensees could also supply capacity, so companies could straddle both layers.
The CNX Nifty is currently trading at 24694.55, up by 157.95 points or 0.64% after trading in a range of 24388.05 and 24702.60. There were 24 stocks advancing against 26 stocks declining on the index.
The top gainers on Nifty were Mahindra & Mahindra up by 3.25%, Titan Company up by 2.55%, ICICI Bank up by 2.47%, HDFC Bank up by 2.43% and Adani Ports & SEZ up by 2.20%. On the flip side, Shriram Finance down by 2.62%, Power Grid down by 2.18%, Eicher Motors down by 2.04%, Tata Motors Passenger down by 1.86% and Hindalco Industries down by 1.79% were the top losers.
All Asian markets were trading lower; Nikkei 225 slipped 3827.9 points or 6.69% to 57,250.00, KOSPI dropped 324.11 points or 6.41% to 5,059.69, Taiwan Weighted lost 1873.08 points or 4.72% to 39,701.64, Straits Times fell 145.61 points or 2.75% to 5,150.64, Jakarta Composite plunged 98.87 points or 2% to 4,931.39, Hang Seng declined 320.98 points or 1.29% to 24,476.00 and Shanghai Composite weakened 40.73 points or 1.12% to 3,649.18.