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Indices remain in red in late morning deals
Nov-06-2025

Domestic equity indices remained in red in late morning deals on account of selling in Power Grid, Eternal, Bharat Electronics, Tata Steel and ICICI Bank. Meanwhile, broader indices were underperformed their large peers with BSE Mid cap index and Small cap index falling in the range of 0.75-1.25%. Sentiments were weak as the seasonally adjusted HSBC India Services PMI Business Activity Index slowed down to 58.9 in October from 60.9 in September. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also eased to 60.4 in October as against 61.0 in September. However, losses remained capped as Finance Minister Nirmala Sitharaman said that India stands out as a fast-growing economy and will soon be the third-largest in the world.

On the global front, Asian markets were trading in green following positive cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen piling up positions in Consumer Durables, Auto and FMCG, while selling was witnessed in Metal, Utilities, Basic Materials, Power and PSU.

The BSE Sensex is currently trading at 83427.06, down by 32.09 points or 0.04% after trading in a range of 83357.93 and 83846.35. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.79%, while Small cap index down by 1.24%.

The few gaining sectoral indices on the BSE were Consumer Durables up by 0.64%, Auto up by 0.21% and FMCG up by 0.05%, while Metal down by 2.16%, Utilities down by 1.65%, Basic Materials down by 1.64%, Power down by 1.47% and PSU down by 1.10% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 4.74%, Reliance Industries up by 1.50%, Mahindra & Mahindra up by 1.41%, Ultratech Cement up by 0.69% and TCS up by 0.67%. On the flip side, Power Grid down by 2.74%, Eternal down by 1.85%, Bharat Electronics down by 1.58%, Tata Steel down by 1.09% and ICICI Bank down by 1.03% were the top losers.

Meanwhile, with an aim to boost domestic output and reduce imports, the government has launched the third round of Production Linked Incentive (PLI) Scheme ‘PLI 1.2’ for speciality steel to attract investment in the sector. The Union Steel Minister H D Kumaraswamy has said that the PLI scheme for speciality steel was approved by the Union Cabinet in July 2021 to encourage production of high-value, high-grade steels used in sectors such as defence, aerospace, energy, automobiles, and infrastructure. Further, the scheme with a total outlay of Rs 6,322 crore aims to add about 26 million tonnes of speciality steel capacity over the next few years.

The minister highlighted that the scheme has attracted investment commitments worth Rs 43,874 crore in the first two rounds and is expected to add 14.3 million tonnes of new specialty steel capacity in India. As of September 2025, companies participating in the first two rounds have already invested Rs 22,973 crore and generated 13,284 jobs. He noted that the 'PLI 1.2' is designed to accelerate India's journey towards becoming a global hub for high-grade steel production. He added that the scheme will attract new investments in emerging and advanced categories such as super alloys, CRGO steel, stainless steel long and flat products, titanium alloys, and coated steels, materials that are essential for next-generation industrial and defence applications. The third round will also open up new avenues for both existing and new players, including MSMEs, who have expanded or upgraded their investment plans after the earlier rounds.

In order to encourage investors, there have been some relaxations in the current third round of this scheme. The scheme incentivises incremental production and investment in identified product categories, thereby enhancing value addition within the country and reducing import dependence in critical sectors, such as defence, power, aerospace and infrastructure. The incentive rates range from 4 per cent to 15 per cent, applicable for five years starting 2025-26, with disbursal beginning in the next fiscal. The base year for pricing has also been updated to 2024-25 to better reflect current trends.

The CNX Nifty is currently trading at 25543.00, down by 54.65 points or 0.21% after trading in a range of 25520.75 and 25679.15. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 4.68%, Reliance Industries up by 1.47%, Interglobe Aviation up by 1.36%, Mahindra & Mahindra up by 1.30% and TCS up by 0.68%. On the flip side, Hindalco down by 6.57%, Grasim Industries down by 5.64%, Adani Enterprises down by 3.64%, Power Grid down by 2.81% and Eternal down by 1.87% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 698.73 points or 1.39% to 50,911.00, Taiwan Weighted added 284.43 points or 1.03% to 28,001.49, Jakarta Composite gained 10.87 points or 0.13% to 8,329.40, Shanghai Composite strengthened 31.98 points or 0.81% to 4,001.23, KOSPI increased 31.16 points or 0.78% to 4,035.58, Hang Seng advanced 432.59 points or 1.67% to 26,368.00 and Straits Times rose 61.71 points or 1.4% to 4,478.83.
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