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Bourses trade at day’s low levels in late afternoon session
Jan-06-2025

Indian equity markets traded at day’s low levels in late afternoon session as traders sold out their riskier stocks. Traders remained cautious after first case of new chinese virus was detected in India. The recent spike in cases of the HMPC virus in China has kicked off a panic selling streak. Traders overlooked report that India’s services sector witnessed a faster growth in the month of December, as demand buoyancy continued to drive new business inflows higher, which in turn supported output growth and prompted firms to recruit additional workers. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index surged to 59.3 in December from 58.4 in November. On the global front, Asian markets were trading mixed after a court dismissed an appeal by lawyers of Yoon Suk Yeol against an arrest warrant for the impeached president. European markets were trading mostly in green ahead of key U.S. and European economic data due later in the week. 

The BSE Sensex is currently trading at 78011.08, down by 1212.03 points or 1.53% after trading in a range of 77920.91 and 79532.67. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 2.38%, while Small cap index was down by 3.02%.

The top losing sectoral indices on the BSE were Utilities down by 3.95%, Power down by 3.59%, PSU down by 3.48%, Realty down by 3.03% and Metal was down by 3.03%, while there were no gaining sectoral indices on the BSE. 

The top gainers on the Sensex were Titan Company up by 0.85%, HCL Tech up by 0.33%, Infosys up by 0.21% and TCS up by 0.12%. On the flip side, ITC down by 7.97%, Tata Steel down by 4.34%, NTPC down by 3.40%, Power Grid down by 3.21% and Indusind Bank down by 3.10% were the top losers.

Meanwhile, India’s services sector witnessed a faster growth in the month of December, as demand buoyancy continued to drive new business inflows higher, which in turn supported output growth and prompted firms to recruit additional workers.

According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index surged to 59.3 in December from 58.4 in November. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also grew to 59.2 in December as against 58.6 in November. 

The report noted that buoyant underlying demand was identified by companies as the primary factor behind output growth. Not only did new orders increase for the forty-first month in a row, but also to the greatest extent since August 2024. On the price front, there was a softer increase in cost burdens, while selling price inflation likewise eased in December. 

Further, service providers remained confident that output would increase over the course of the coming 12 months. The overall level of positive sentiment fell from November's six-month high, but remained above its long-run average. Expanded capacities, new customer enquiries and budget allocation towards marketing were some of the tailwinds cited by firms.

The CNX Nifty is currently trading at 23614.65, down by 390.10 points or 1.63% after trading in a range of 23601.50 and 24089.95. There were 6 stocks advancing against 43 stocks declining on the index, while there 1 stock remained unchanged. 

The top gainers on Nifty were Apollo Hospital up by 1.06%, Titan Company up by 0.72%, Tata Consumer up by 0.66%, HCL Tech up by 0.38% and Infosys up by 0.07%. On the flip side, ITC down by 7.93%, Trent down by 4.76%, Tata Steel down by 4.49%, Coal India down by 3.86% and BPCL down by 3.56% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 639.41 points or 2.72% to 23,547.71, KOSPI increased 46.72 points or 1.88% to 2,488.64 and Straits Times was up by 12.72 points or 0.33% to 3,814.55. On the flip side, Shanghai Composite weakened 4.51 points or 0.14% to 3,206.92, Hang Seng declined 71.98 points or 0.37% to 19,688.29, Jakarta Composite plunged 83.31 points or 1.16% to 7,081.12 and Nikkei 225 was down by 587.49 points or 1.49% to 39,307.05.

European markets were trading mostly in green; France’s CAC rose 43.45 points or 0.6% to 7,325.67 AND Germany’s DAX was up by 76.35 points or 0.38% to 19,982.43. On the flip side, UK’s FTSE 100 was down by 9.44 points or 0.11% to 8,214.54.
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