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Key gauges extend gains in morning deals
Jan-02-2025

Indian equity benchmarks extended gains in morning deals, led by gains in Auto, IT and TECK stocks. Traders took support with private report stated that the agri-tech sector is expected to create 60,000-80,000 new employment opportunities over the next five years. It said agritech addresses every aspect of farming, from water irrigation advancements for seeds, fertilisers, and pesticides to offering access to advanced farm machinery and market linkages for selling produce. Traders overlooked a survey showed India’s manufacturing activity grew in December at its weakest pace for the year amid softer demand and despite easing cost pressures and strong jobs growth, dulling the outlook for the start of 2025. The HSBC final India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, fell to 56.4 – the weakest since December 2023 – little changed from November’s 56.5 but below an early estimate that showed a rise to 57.4. Sector-wise, telecom stocks remained in focus as the quarterly performance indicator report released by Telecom Regulatory Authority of India (Trai) showed that telecom operators' gross revenue increased 10.5 per cent year-on-year (Y-o-Y) to Rs 91,426 crore in September 2024 quarter - the period when mobile service providers increased tariff. On the global front, Asian markets are trading mostly in red as investors remained cautious amid worries about what President Donald Trump might mean for policy changes, while the political uncertainty in South Korea added to a wait-and-see mood.

The BSE Sensex is currently trading at 78983.09, up by 475.68 points or 0.61% after trading in a range of 78542.37 and 78989.61. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.01%, while Small cap index was up by 0.23%.

The top gaining sectoral indices on the BSE were Auto up by 1.12%, IT up by 1.02%, TECK up by 0.98%, Consumer Discretionary up by 0.46% and Bankex up by 0.45%, while Power down by 0.42%, Healthcare down by 0.34%, Realty down by 0.30%, Utilities down by 0.14% and Oil & Gas down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 3.51%, Bajaj Finserv up by 3.14%, Maruti Suzuki up by 2.27%, Kotak Mahindra Bank up by 2.10% and Infosys up by 1.74%. On the flip side, Sun Pharma down by 1.10%, NTPC down by 0.61%, Adani Ports &SEZ down by 0.42%, SBI down by 0.30% and ITC down by 0.13% were the top losers.

Meanwhile, Agriculture Minister Shivraj Singh Chouhan has said that the country's agriculture and allied sector is expected to grow at 3.5-4 per cent in 2024-25, marking a significant improvement from the 1.4 per cent rise recorded in FY24.

He expressed confidence in India's development trajectory under Prime Minister Narendra Modi's leadership, highlighting various rural welfare initiatives implemented in the past six months. He said ‘The New Year has brought good news that the growth rate of agriculture and allied sector is likely to be 3.5 to 4 per cent this year.’

He emphasised ongoing efforts to ensure fair prices for farmers' produce and pointed to several rural development programmes, including housing for the poor, village road connectivity, skill development, and the Lakhpati Didi campaign aimed at improving rural livelihoods. He also highlighted the role of MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) in providing employment to rural labourers.

The CNX Nifty is currently trading at 23877.85, up by 134.95 points or 0.57% after trading in a range of 23751.55 and 23889.60. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 3.54%, Bajaj Finserv up by 3.16%, Maruti Suzuki up by 2.51%, Kotak Mahindra Bank up by 2.19% and Infosys up by 1.85%. On the flip side, Britannia Industries down by 1.20%, Sun Pharma down by 1.03%, BPCL down by 0.56%, NTPC down by 0.52% and Tata Consumer Product down by 0.47% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 241.91 points or 1.05% to 22,793.19, Hang Seng declined 297.1 points or 1.5% to 19,762.85, KOSPI dropped 10.16 points or 0.42% to 2,389.33, Straits Times fell 4.1 points or 0.11% to 3,783.50 and Shanghai Composite weakened 35.26 points or 1.06% to 3,316.50. 

On the flip side, Jakarta Composite gained 52.67 points or 0.74% to 7,132.58. 

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