Bourses trade in green during late afternoon session

Indian equity markets entered into positive territory in late afternoon session following positive cues from European markets. Traders took note of private report that India and Russia are accelerating efforts to establish a rupee-ruble trade mechanism, aiming to reduce reliance on the US dollar amid growing global financial complexities. The two nations are working to create a direct payment system in their respective currencies, a step that could redefine their trade relationship by fostering greater financial independence. On the global front, Asian markets were trading mixed following the broadly positive cues from Wall Street overnight, as traders remain cautious ahead of the release of key US economic data later in the week that could impact the expectations regarding how quickly the US Fed will lower interest rates. European markets were trading higher after a survey showed Germany's consumer confidence is set to recover more strongly in November to hit a more than two-and-a-half-year high. 

The BSE Sensex is currently trading at 80327.80, up by 322.76 points or 0.40% after trading in a range of 79421.35 and 80360.39. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.27%, while Small cap index was up by 0.28%.

The top gaining sectoral indices on the BSE were Bankex up by 2.11%, PSU up by 1.49%, Realty up by 1.17%, Utilities up by 0.80% and Capital Goods was up by 0.72%, while Auto down by 2.17%, Telecom down by 0.81%, Consumer Disc down by 0.80%, TECK down by 0.79% and Healthcare was down by 0.55% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 3.60%, ICICI Bank up by 2.97%, Bajaj Finserv up by 2.18%, Bajaj Finance up by 1.98% and Axis Bank up by 1.58%. On the flip side, Maruti Suzuki down by 5.38%, Tata Motors down by 4.86%, Indusind Bank down by 2.03%, Mahindra & Mahindra down by 1.57% and Sun Pharma down by 1.57% were the top losers.

Meanwhile, Kanika Chawla, Director and Chief of Staff at Sustainable Energy For All (SEforALL) has said that there is significant growth opportunity for renewable energy sector in India, as the country's growing energy demand along with rapid industrialization needs all resources of energy, including solar and wind. The Indian government has shown both a deep as well as a continued commitment to renewable energy. She said there is more manufacturing (renewable energy) happening within India which also improves security and reduces import dependence. India is using policies like performance-linked incentives for manufacturing. All this is very laudable and brings energy economic prosperity to the people. 

She also acknowledged that clean energy solutions are quite job intensive as every kWh of renewable energy (RE) generates three times as many jobs compared to thermal. India is also exploring geothermal options in Himachal Pradesh, Kashmir and Ladakh. She added that the offshore exploration underway for wind energy, and the large-scale options are available in Gujarat and Tamil Nadu. She noted that India remains a very price sensitive market and as such calls for reducing the cost of renewable energy units. Solar prices have been reduced significantly over the last decade, making it the cheapest renewable produced compared to anywhere in the world. Given the country's appetite for electricity, every kind of fuel is needed. And for that reason, wind has the scope to be a good mix in the national energy basket.

However, she said India will have to learn from the global subsea projects and technologies for such transmission methods. She noted priorities set by the Green Hydrogen Mission and efforts that are underway, such as partnerships with international companies and technological transfer arrangements. India is also working on nuclear energy and has nuclear plants for power. But the challenge here is the long-lead time taken to build and critical-commissioning of a nuclear plant with safety and security concerns. Comparatively, solar projects have a record of being implemented within 18-24 months.

The CNX Nifty is currently trading at 24431.65, up by 92.50 points or 0.38% after trading in a range of 24140.85 and 24441.70. There were 25 stocks advancing against 24 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Bharat Electronics up by 3.93%, SBI up by 3.70%, HDFC Life Insurance up by 3.33%, SBI Life up by 3.17% and ICICI Bank up by 2.97%. On the flip side, Maruti Suzuki down by 5.25%, Tata Motors down by 4.81%, Hero MotoCorp down by 3.40%, Dr. Reddy's Lab down by 3.05% and Bajaj Auto down by 2.57% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 271.48 points or 1.18% to 22,926.59, Shanghai Composite weakened 35.79 points or 1.09% to 3,286.41, Jakarta Composite plunged 33.13 points or 0.44% to 7,601.50 and Straits Times was down by 5.45 points or 0.15% to 3,578.63. On the flip side, KOSPI increased 5.37 points or 0.21% to 2,617.80, Hang Seng advanced 101.78 points or 0.49% to 20,701.14 and Nikkei 225 was up by 298.15 points or 0.77% to 38,903.68.

European markets were trading higher; UK’s FTSE 100 increased 29.81 points or 0.36% to 8,315.43, France’s CAC rose 59.96 points or 0.79% to 7,616.90 and Germany’s DAX was up by 110.87 points or 0.57% to 19,642.49.