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Bourses remain lower in late afternoon session
Nov-08-2024

Indian equity markets continued to trade lower in late afternoon session following weak cues from European markets. As for broader indices, the BSE Mid cap index and Small cap index traded with hefty losses. Sector wise, airline sector remained in focus as Credit rating agency ICRA in its latest report has said that domestic air passenger traffic in India reached 138.5 lakh in October, marking a 6.3% rise compared to 130.3 lakh in the previous month. It stated year-on-year, domestic air passenger traffic grew by 9.6% in October, with figures 12.8% higher than pre-COVID levels of 122.8 lakh in October 2019.

On the global front, Asian markets were trading mixed after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point. Trader’s focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends. European markets were trading lower on the back of mixed earnings results, while heavyweight luxury firms fell after Richemont's results failed to impress.

The BSE Sensex is currently trading at 79404.01, down by 137.78 points or 0.17% after trading in a range of 79117.37 and 79807.26. There were 13 stocks advancing against 16 stocks declining on the index, while 1 stock remained unchanged. 

The broader indices were trading in red; the BSE Mid cap index declined 1.04%, while Small cap index was down by 1.34%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.77%, IT up by 0.71%, TECK up by 0.54% and Healthcare was up by 0.03%, while Realty down by 2.50%, Oil & Gas down by 2.38%, Energy down by 2.36%, PSU down by 2.15% and Utilities was down by 1.64% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.07%, Tech Mahindra up by 1.92%, Infosys up by 1.86%, Titan Company up by 1.75% and Hindustan Unilever up by 1.11%. On the flip side, SBI down by 2.71%, Asian Paints down by 2.21%, Tata Motors down by 2.18%, Tata Steel down by 2.12% and NTPC down by 1.93% were the top losers.

Meanwhile, in line with the Prime Minister Narendra Modi’s vision of a Viksit Bharat and a digitally enabled economy, the Ministry of Coal has launched the Mine Opening Permission module on the Single Window Clearance System (SWCS) portal, with an aim to simplify and accelerate the approval process for opening coal mines. SWCS, launched on January 11, 2021, provides a unified platform for obtaining all necessary clearances and approvals required to operationalize coal mines.

By leveraging digital solutions, this newly launched module enhances transparency, improves efficiency, and reduces processing time. This step significantly promotes the ease of doing business, creating a more investment-friendly environment and supporting faster approvals. This new module will drive growth in the coal sector, strengthen India's energy security, and contribute to the nation’s vision of self-reliance and sustainable development.

The Mine Opening Permission module, a key feature, simplifies and accelerates the process of securing permission to start new mines or open new coal seams. By allowing online applications and real-time tracking, the platform eliminates manual paperwork, reduces processing time, and enhances transparency and ensured efficiency. This streamlined approach fosters a more efficient, investment-friendly environment in the coal industry.

The newly launched Mine Opening Permission module reflects the Ministry's commitment to advancing growth and development in the coal sector. With technology and automation, this system enables quicker decision-making, supporting the accelerated opening of coal mines to increase production and bolster India’s energy security.

The CNX Nifty is currently trading at 24132.30, down by 67.05 points or 0.28% after trading in a range of 24066.65 and 24276.15. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 2.03%, Tech Mahindra up by 1.92%, Infosys up by 1.83%, Titan Company up by 1.72% and Wipro up by 1.41%. On the flip side, Coal India down by 2.99%, SBI down by 2.80%, Trent down by 2.21%, Asian Paints down by 2.18% and Tata Motors down by 2.18% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 145.07 points or 0.62% to 23,553.89, Nikkei 225 surged 118.96 points or 0.3% to 39,500.37, Straits Times rose 56.4 points or 1.54% to 3,729.89, Jakarta Composite gained 51.7 points or 0.71% to 7,295.56. On the flip side, KOSPI dropped 3.48 points or 0.14% to 2,561.15, Shanghai Composite weakened 18.36 points or 0.53% to 3,452.30 and Hang Seng was down by 225.15 points or 1.09% to 20,728.19.

European markets were trading lower; UK’s FTSE 100 decreased 10.06 points or 0.12% to 8,130.68, France’s CAC fell 19.72 points or 0.27% to 7,405.88 and Germany’s DAX was down by 24.82 points or 0.13% to 19,337.70.
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