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Key gauges extend losses in morning deals
Jan-06-2025

Indian equity benchmarks extended losses in morning deals, as a cautious undertone prevailed in markets as foreign portfolio investors continue their selling spree and investors wait for cues from the Q3 earnings season, beginning with TCS this week. Foreign institutional investors (FIIs) offloaded Rs 4,227.25 crore in the capital markets on a net basis on Friday, according to exchange data. Traders overlooked SBI research on consumption expenditure survey stated that rural poverty has declined significantly to 4.86 per cent in the fiscal ending March 2024 from 25.7 per cent in 2011-12 mainly driven by government support programmes. Urban poverty too is estimated at 4.09 per cent, down from 13.7 per cent in 2011-12. Sector-wise, Textile industry stocks remained in limelight as Union Minister of Textiles Giriraj Singh stated that the textile ministry is committed to helping the industry to reach the market size of $300 billion in year 2030 and provide employment to 6 crore persons in textile value chain. On the global front, Asian markets are trading mostly in red as investors are wary of taking on more risk in light of looming US-China trade tensions.

The BSE Sensex is currently trading at 78743.57, down by 479.54 points or 0.61% after trading in a range of 78727.18 and 79532.67. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.27%, while Small cap index was down by 1.64%.

The top losing sectoral indices on the BSE were Utilities down by 2.36%, PSU down by 2.09%, Oil & Gas down by 2.08%, Power down by 2.00% and Metal down by 1.94%, while there were no gaining sectoral indices on the BSE.  

The top gainers on the Sensex were Titan Company up by 1.08%, Bajaj Finance up by 0.99%, Tech Mahindra up by 0.12%, Bajaj Finserv up by 0.09% and Larsen & Toubro up by 0.07%. On the flip side, ITC down by 6.12%, Tata Steel down by 2.68%, Kotak Mahindra Bank down by 2.60%, Power Grid Corporation down by 1.71% and Adani Ports &SEZ down by 1.63% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that foreign direct investment (FDI) inflows into the country are surging, with investors from the Middle East, Japan, European Union, and the US recognising India's status as a top investment destination, driving rapid economic growth and generating millions of new jobs. 

Goyal said that global investors are showing keen interest in India as the country offers several advantages such as strong domestic market, skilled and talented workforce and rule of law. He added that India's stable and predictable regulatory framework, coupled with a favourable business environment and progressive policies aimed at enhancing ease of doing business, is attracting an increasing number of investors from around the world.

Further, he noted ‘Last month I met a CEO of one of the largest funds in the US, who is also the largest investor in India, and he shared with me that his investments in India over the last 10 years have been some of the best investments his funds have ever done.’ The US fund, Goyal said, informed him that they are investors in India for the last 20 years, but more than 80 per cent of their investments happened in the last few years.

In the January-September period this year, FDI into the country rose by about 42 per cent to $42.13 billion. The inflow was at $29.73 billion in the year-ago period. The inflows during April-Sept 2024-25 grew by 45 per cent to $29.79 billion against $20.48 billion in the same period previous fiscal. Total FDI in 2023-24 was a healthy $71.28 billion.

The CNX Nifty is currently trading at 23834.85, down by 169.90 points or 0.71% after trading in a range of 23827.70 and 24089.95. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 1.06%, Titan Company up by 1.02%, Apollo Hospital Ent. up by 0.70%, Larsen & Toubro up by 0.25% and Bajaj Auto up by 0.16%. On the flip side, ITC down by 6.05%, Tata Steel down by 2.79%, Kotak Mahindra Bank down by 2.63%, BPCL down by 2.09% and Coal India down by 2.08% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 645.26 points or 1.62% to 39,249.28, Hang Seng declined 53.61 points or 0.27% to 19,706.66, Jakarta Composite plunged 47.11 points or 0.66% to 7,117.32 and Shanghai Composite weakened 4.68 points or 0.15% to 3,206.75.

On the flip side, KOSPI increased 42.85 points or 1.75% to 2,484.77, Straits Times rose 10.82 points or 0.28% to 3,812.65 and Taiwan Weighted added 630.62 points or 2.75% to 23,538.92.
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