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Indian equity benchmarks continued their lackluster trade in afternoon session, amid negative cues from other global markets. Both Foreign institutional investors (FIIs) and Domestic institutional investors (DIIs) turned sellers on Thursday, impacting market sentiments. Traders took note of private report stating that the Centre is likely to first privatise profit-making state-run companies, a shift from the previously announced strategy of focusing on loss-making units. The NITI Aayog, which is identifying public sector units (PSUs) for privatisation, could put out the first list of companies in April. Meanwhile, RBI will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) on March 10. RBI will purchase four government securities of different maturity dates aggregating to Rs 20,000 crore and sell three securities aggregating to Rs 15,000 using the multiple price auction method. Weak broader indices along with sell off at telecom, metal and banking counters dragged the markets lower.

On the global front, Asian markets were trading mixed as rising US treasury yields again rattled equity investors. Back home, on the sectoral front, entertainment stocks were in limelight amid concerns among some OTT (Over-the-Top) players about the new digital media rules, Information and Broadcasting Minister Prakash Javadekar states that his ministry will partner with the industry to make the audience experience better and asserted that the guidelines focus on self-classification of content instead of any form of censorship.

The BSE Sensex is currently trading at 50651.72, down by 194.36 points or 0.38% after trading in a range of 50311.47 and 50886.19. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 1.28%, while Small cap index was down by 0.77%.

The only gaining sectoral indices on the BSE were Oil & Gas up by 1.14% and Energy was up by 0.61%, while Telecom down by 1.63%, Metal down by 1.54%, Bankex down by 1.27%, PSU down by 1.16% and Industrials was down by 0.99% were the losing indices on BSE.

The top gainers on the Sensex were ONGC up by 3.02%, Maruti Suzuki up by 1.51%, Titan Company up by 1.30%, Mahindra & Mahindra up by 0.85% and Bajaj Auto was up by 0.67%. On the flip side, Indusind Bank down by 4.85%, SBI down by 3.22%, ICICI Bank down by 1.59%, Bajaj Finserv down by 1.30% and Dr. Reddys Lab was down by 1.10% were the top losers.

Meanwhile, Moody's Investors Service in its latest report has said that spectrum renewals in the recently-held auction will boost telcos' market position. At the same time, it said as some telcos have large cash holdings while others recently raised debt to fund the purchases, there will not be a significant impact on their balance sheets particularly, as pricing competition abates and profitability improves across the sector. It also expects operators to opt for deferred spectrum payments, thus helping to mitigate the effect on liquidity and cash flows.

According to the report, spectrum will be offered for a period of 20 years. It also said successful bidders can pay the entire bid amount in one go (upfront), or exercise an option to pay a certain amount (25 per cent for spectrum won in 700 MHz, 800 MHz, 900 MHz bands or 50 per cent for spectrum won in 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz bands) upfront with the remaining amount in a maximum up to 16 equated annual instalments, after a moratorium of two years.

It is pertinent to mention that bids were received in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz and 2300 MHz bands, but airwaves in the premium 700 MHz and 2,500 MHz bands went unsold.

The CNX Nifty is currently trading at 15009.40, down by 71.35 points or 0.47% after trading in a range of 14929.25 and 15092.35. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were ONGC up by 3.11%, GAIL India up by 2.56%, Hero MotoCorp up by 1.64%, Maruti Suzuki up by 1.41% and Titan Company was up by 1.32%. On the flip side, Indusind Bank down by 4.96%, Wipro down by 3.81%, UPL down by 3.53%, SBI down by 3.18% and Tata Motors was down by 3.02% were the top losers.

Asian markets were trading mixed; Jakarta Composite lost 2.12 points or 0.03% to 6,288.68, KOSPI fell 17.23 points or 0.57% to 3,026.26, Taiwan Weighted dropped 51.18 points or 0.32% to 15,855.23 and Nikkei 225 was down by 65.79 points or 0.23% to 28,864.32.

On the flip side, Straits Times advanced 4.95 points or 0.16% to 3,019.73, Hang Seng increased 36.99 points or 0.13% to 29,273.78 and Shanghai Composite was up by 9.29 points or 0.27% to 3,512.78.

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