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Indian markets continue to trade near neutral lines in early afternoon
Dec-30-2024

In a highly volatile session, Indian equity benchmarks continued to trade near their neutral lines during early afternoon deals, with both Sensex and Nifty trading marginally lower, on the back of mixed cues from other Asian markets along with selling at Capital Goods and Metal counters amid rising global uncertainties and caution ahead of the year-end holiday season. Sentiments remained downbeat amid a private report stating that vegetables and spices saw a steep increase in spending across both rural and urban areas during August 2023 to July 2024, compared to the previous year, driven largely by inflation. Overall, food expenditure grew at a faster rate than non-food items. 

On the global front, Asian markets were trading mixed, after industrial output in South Korea was down a seasonally adjusted 0.7 percent on month in November, missing forecasts for a fall of 0.4 percent following the flat reading in October. 

The BSE Sensex is currently trading at 78669.80, down by 29.27 points or 0.04% after trading in a range of 78395.50 and 79092.70. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.05%, while Small cap index was down by 0.39%.

The top gaining sectoral indices on the BSE were Telecom up by 0.80%, Healthcare up by 0.52%, Bankex up by 0.23% and FMCG up by 0.05%, while Capital Goods down by 0.78%, Metal down by 0.74%, Auto down by 0.72%, Industrials down by 0.63% and PSU down by 0.57% were the top losing indices on BSE.

The top gainers on the Sensex were Zomato up by 1.83%, Sun Pharma up by 0.89%, Indusind Bank up by 0.83%, HCL Tech. up by 0.58% and Bharti Airtel up by 0.50%. On the flip side, Tata Motors down by 0.99%, Infosys down by 0.97%, TCS down by 0.68%, Titan down by 0.54% and Larsen & Toubro down by 0.54% were the top losers.

Meanwhile, India will set up more coal-fired and hydro-power plants and ramp up transmission infrastructure to achieve round-the-clock ‘Power for All' in 2025, besides meeting rising demand fueled by economic expansion. To meet the growing energy demand, the government has devised a major plan for power generation capacity addition and the expansion of transmission infrastructure. 

According to Minister of State for Power Shripad Yesso Naik, India can definitely achieve ‘24x7’ power for all with all the efforts in the ministry under the leadership of Prime Minister Narendra Modi. He said ‘we can do it. In 2025, we will be almost there to have 24X7 power for all in the country.’ He also said that the government is ready to support the expansion plan of the power sector in view of rising demand.

According to government estimates, peak power demand is expected to touch 270 GW in the summer season in 2025, up from the record high of 250 GW in May 2024 and 243 GW in September 2023. The peak power demand is estimated to reach a level of 446 GW by 2035. The Ministry of Power along with states, has planned about 80 by giga watt 2031-32. Besides about 14 GW of hydro projects and 6,050 MW Pumped Storage Projects are under construction. About 24.22 GW of hydroelectric projects and 50.76GW MW of PSP are under various stages of planning and are targeted to be completed by 2031-32.

About 7,300 MW of Nuclear Capacity is under construction and 7,000 MW is under various stages of planning and approval. Besides, the government will also add about 300 GW of renewable energy capacity to have 500 GW of non-fossil fuel-based power generation by 2030. To evacuate electricity from the additional power generation capacity, the government has planned an investment of Rs 9.16 lakh crore to ramp up transmission infrastructure by 2032 to meet the rising demand for electricity.

The CNX Nifty is currently trading at 23805.25, down by 8.15 points or 0.03% after trading in a range of 23709.10 and 23915.35. There were 22 stocks advancing against 27 stocks declining, while 1 stock remained unchanged on the index.

The top gainers on Nifty were Adani Enterprises up by 5.98%, Shriram Finance up by 1.24%, Cipla up by 1.20%, Apollo Hospital up by 1.05% and Sun Pharma up by 0.98%. On the flip side, Wipro down by 1.73%, Hero MotoCorp down by 1.17%, Hindalco down by 1.06%, Infosys down by 1.01% and Bajaj Auto down by 0.99% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 6.81 points or 0.03% to 20,097.27, Jakarta Composite gained 13.62 points or 0.19% to 7,050.19, Shanghai Composite strengthened 7.1 points or 0.21% to 3,407.24 and Straits Times rose 10.77 points or 0.29% to 3,782.40, while KOSPI dropped 5.28 points or 0.22% to 2,399.49, Nikkei 225 slipped 386.62 points or 0.97% to 39,894.54 and Taiwan Weighted lost 85.48 points or 0.37% to 23,190.20.
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