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Domestic indices remain flat in late morning deals
Sep-03-2025

Domestic equity indices remained flat and were trading slightly in red in late morning deals on account of selling in Infosys, Bharti Airtel, TCS, HCL Technologies and Tech Mahindra companies’ stocks. Rising crude oil prices overnight in international market weighed on the domestic sentiments. Traders remained on sidelines as Finance Minister Nirmala Sitharaman-chaired GST Council meeting has begun in New Delhi. The meeting, which will continue for two days on Wednesday and Thursday, may discuss the ambitious overhaul of the Goods and Services Tax to lower tax rates on daily use items ranging from dairy products to automobiles. Traders overlooked report that Union Commerce Minister Piyush Goyal said India and the United States could finalize a bilateral trade agreement by November. On the BSE sectoral front, traders were seen pilling up positions in Metal, Basic Materials, Healthcare, PSU and Oil & Gas, while selling was witnessed in TECK, IT and Telecom.

On the global front, Asian markets were trading mixed as investors assessed rising global bond yields. Back home, in the stock specific development, Indus Towers slumped after the company's board approved its foray into the African markets.

The BSE Sensex is currently trading at 80086.33, down by 71.55 points or 0.09% after trading in a range of 80004.60 and 80317.62. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.26%, while Small cap index up by 0.82%.

The top gaining sectoral indices on the BSE were Metal up by 1.68%, Basic Materials up by 1.10%, Healthcare up by 0.99%, PSU up by 0.48% and Oil & Gas up by 0.46%, while TECK down by 1.01%, IT down by 0.91% and Telecom down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.25%, Titan up by 1.40%, ITC up by 0.77%, SBI up by 0.72% and Mahindra & Mahindra up by 0.64%. On the flip side, Infosys down by 1.49%, Bharti Airtel down by 0.84%, TCS down by 0.68%, HCL Technologies down by 0.68% and Tech Mahindra down by 0.58% were the top losers. 

Meanwhile, ahead of the GST Council meeting, Indian Auto LPG Coalition (IAC), the nodal body promoting clean fuel alternatives in India, has sought rationalisation of GST slabs for industrial LPG, commercial LPG, auto LPG, and LPG retrofitment kits, to help promote LPG as a fuel. The appeal comes in response to the government's latest move to streamline GST classifications and aims to address long-standing concerns of sectoral disparity. 

IAC said while domestic LPG is taxed at 5 per cent, its industrial, commercial, and automotive counterparts continue to attract higher GST rates - 18 per cent for fuel and up to 28 per cent for conversion kits. It said this discrepancy not only encourages illegal diversion of the product from domestic to commercial, but also imposes an undue burden on small businesses and MSMEs, including those in food services and agriculture, but also discourages adoption of clean fuels for commercial and transportation uses.

IAC highlighted that an equitable 5 per cent GST for all LPG segments would not only align with global best practices but also eliminate market distortion, foster safer industry growth, and advance India's net zero carbon emission goals. The existing imbalance risks driving users toward more polluting alternatives, undermining health and sustainability commitments.

The CNX Nifty is currently trading at 24572.65, down by 6.95 points or 0.03% after trading in a range of 24533.20 and 24630.70. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.55%, JSW Steel up by 1.80%, Titan up by 1.51%, Cipla up by 1.43% and Indusind Bank up by 1.27%. On the flip side, Infosys down by 1.52%, HDFC Life Insurance down by 1.23%, HCL Technologies down by 0.78%, Bharti Airtel down by 0.72% and Tech Mahindra down by 0.71% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 392.49 points or 0.94% to 41,918.00, Shanghai Composite weakened 45.99 points or 1.21% to 3,812.14, Hang Seng declined 180.55 points or 0.71% to 25,316.00 and Straits Times fell 12.56 points or 0.29% to 4,285.95. However, Taiwan Weighted added 83.52 points or 0.35% to 24,100.30, Jakarta Composite gained 64.56 points or 0.82% to 7,866.15 and KOSPI increased 8.09 points or 0.25% to 3,180.44. 
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