Bourses trade at day’s high levels in late afternoon session

28 Jan 2025 Evaluate

Indian equity markets traded at day’s high levels in late afternoon session amid value buying by investors. Traders continued to hunt for fundamentally strong stocks ahead of Union Budget. Traders took note of report that Trade ministers of India and Oman have reviewed progress of the proposed free trade agreement (FTA) between the two countries and focused on advancing the negotiations for the pact. On the global front, Asian markets were trading mostly in green as investors awaited cues from this week's Fed and ECB meetings. European markets were trading mostly in green as French consumer confidence rose to 92 in January from 89 in the previous month. 

The BSE Sensex is currently trading at 76271.71, up by 905.54 points or 1.20% after trading in a range of 75622.88 and 76306.66. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.03%, while Small cap index was down by 1.24%.

The top gaining sectoral indices on the BSE were Realty up by 2.14%, Bankex up by 1.94%, Auto up by 1.93%, Consumer Disc up by 0.97% and Telecom was up by 0.33%, while Healthcare down by 1.22%, Industrials down by 1.09%, Capital Goods down by 1.07%, Power down by 0.99% and Utilities was down by 0.91% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 4.82%, Axis Bank up by 4.10%, Bajaj Finserv up by 3.50%, Tata Motors up by 3.32% and HDFC Bank up by 3.02%. On the flip side, Sun Pharma down by 3.69%, NTPC down by 1.35%, Nestle down by 0.98%, ITC down by 0.76% and Power Grid down by 0.70% were the top losers.

Meanwhile, with an aim to simplify the certification process for exporters and enhance trade efficiency, the Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 System. This upgraded platform offers several user-friendly features, such as multi-user access, which enables exporters to authorize multiple users under a single Importer Exporter Code (IEC). Additionally, the system now supports Aadhaar-based e-signing alongside digital signature tokens, providing greater flexibility. An integrated dashboard offers exporters seamless access to eCoO services, Free Trade Agreement (FTA) information, trade events, and other resources. The platform also introduces an in-lieu Certificate of Origin feature, allowing exporters to request corrections to previously issued certificates through an easy online application process.

As of January 1, 2025, the electronic filing of Non-Preferential Certificates of Origin has become mandatory via the eCoO 2.0 platform, and is available to exporters at trade.gov.in under the ‘Get Certificate of Origin’ section. This trade facilitation initiative has been streamlining the certification process, and improving turnaround times for exporters, marking a significant advancement in enhancing the Ease of Doing Business. The platform processes over 7,000 eCoOs daily, including both preferential and non-preferential certificates, connecting 125 issuing agencies which includes 110 national and regional chambers of commerce & industry, over 650 issuing officers and all Indian exporters under one unified system.

DGFT has introduced the procedure for availing online Back-to-Back Certificates of Origin (Non-Preferential). These certificates cater to goods not of Indian origin, intended for re-export, trans-shipment, or merchanting trade. Issued based on documentary evidence from the foreign country of origin, the Back-to-Back CoO ensures transparency and accuracy by explicitly mentioning details of the origin and supporting documents. This initiative not only simplifies the certification process but also accelerates processing times, making it particularly beneficial for global supply chains involving intermediary trade through India. The enhanced eCoO 2.0 system underscores DGFT’s commitment to facilitating trade and improving the Ease of Doing Business for Indian exporters.

The CNX Nifty is currently trading at 23059.50, up by 230.35 points or 1.01% after trading in a range of 22857.65 and 23076.05. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.92%, Bajaj Finance up by 4.78%, Axis Bank up by 4.08%, Bajaj Finserv up by 3.88% and Cipla up by 3.30%. On the flip side, Sun Pharma down by 3.88%, Britannia down by 2.68%, Bharat Electronics down by 2.17%, Grasim Industries down by 1.58% and NTPC down by 1.44% were the top losers.

Asian markets were trading mostly in green; Straits Times rose 4.36 points or 0.11% to 3,801.07 and Hang Seng was up by 27.34 points or 0.14% to 20,225.11. On the flip side, Nikkei 225 was down by 548.93 points or 1.41% to 39,016.87.

European markets were trading mostly in green; UK’s FTSE 100 increased 28.12 points or 0.33% to 8,531.83 and Germany’s DAX was up by 39.36 points or 0.18% to 21,321.54. On the flip side, France’s CAC was down by 1.69 points or 0.02% to 7,904.89.

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