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Domestic indices add more gains in late morning deals
Jan-02-2025

Domestic equity indices added more gains and were trading higher by around one percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices underperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.05-0.20%. Hectic buying in Bajaj Finance, Bajaj Finserv, Maruti Suzuki, Infosys and Mahindra & Mahindra helped the markets to magnify their gains. There was encouragement in markets as provisional data released by the government showed that the net goods and services tax (GST) collection grew by 3.3 per cent Y-o-Y to Rs 1.54 trillion in December, amid an increase in refunds. On the BSE sectoral front, traders were seen pilling up positions in IT, Auto, TECK, Consumer Disc and Bankex, while selling was witnessed in Power, Oil & Gas, Utilities, PSU and Realty. 

On the global front, Asian markets were trading mostly in red as China’s Caixin/S&P Global manufacturing purchasing managers’ index for December fell to 50.5, missing street’s forecast of 51.7. PMI came in at 51.5 in November and 50.3 in October. Back home, in the stock specific development, DCX Systems surged after the company received an order worth Rs 19.33 crore from Elta Systems, Israel. 

The BSE Sensex is currently trading at 79214.05, up by 706.64 points or 0.90% after trading in a range of 78542.37 and 79223.18. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.06%, while Small cap index up by 0.17%.

The top gaining sectoral indices on the BSE were IT up by 1.53%, Auto up by 1.51%, TECK up by 1.49%, Consumer Disc up by 0.74% and Bankex up by 0.51%, while Power down by 0.56%, Oil & Gas down by 0.25%, Utilities down by 0.24%, PSU down by 0.18% and Realty down by 0.18% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 3.88%, Bajaj Finserv up by 3.67%, Maruti Suzuki up by 3.07%, Infosys up by 2.97% and Mahindra & Mahindra up by 2.79%. On the flip side, Sun Pharma down by 0.66%, NTPC down by 0.39%, Adani Ports down by 0.18% and SBI down by 0.06% were the top losers.

Meanwhile, the government data has showed that India's power consumption rose nearly 6 per cent to 130.40 billion units (BU) in December 2024 as compared to the year-ago month. In December 2023, power consumption was 123.17 BU. 

The highest supply in a day (peak power demand met) also rose to 224.16 GW in December 2024 from 213.62 GW in the year-ago period. The peak power demand touched an all-time high of about 250 GW in May 2024. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023.

The power ministry had earlier projected a peak power demand of 235 GW during the day and 225 GW during evening hours for May 2024 while 240 GW during daytime and 235 GW in the evening hours for June 2024. The ministry had also estimated that peak power demand may hit 260 GW in the summer of 2024. According to government estimates, peak power demand is expected to touch 270 GW in the summer of 2025.

The CNX Nifty is currently trading at 23967.20, up by 224.30 points or 0.94% after trading in a range of 23751.55 and 23969.15. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 4.12%, Bajaj Finserv up by 4.11%, Maruti Suzuki up by 3.14%, Infosys up by 2.94% and Mahindra & Mahindra up by 2.79%. On the flip side, BPCL down by 1.12%, Britannia down by 1.09%, Sun Pharma down by 0.67%, Bharat Electronics down by 0.46% and NTPC down by 0.31% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 335.73 points or 1.7% to 19,724.22, Shanghai Composite weakened 60.66 points or 1.84% to 3,291.10, Straits Times fell 3.28 points or 0.09% to 3,784.32, KOSPI dropped 1.35 points or 0.06% to 2,398.14 and Taiwan Weighted lost 203.04 points or 0.89% to 22,832.06, However, Jakarta Composite gained 51.44 points or 0.72% to 7,131.35.

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