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Sensex, Nifty trade firmly in green in early deals
Jan-07-2025

Indian equity benchmarks made gap-up opening on Tuesday after previous session’s sell-off as investors went for value buying at reduced levels. Broadly positive cues from Wall Street overnight also aided the domestic sentiments. Investors are keeping their close eyes on the first advance estimates of gross domestic product (GDP) for FY25, for more directional cues. Sensex and Nifty are trading firmly in green in early deals with gains of over 0.60% each. Traders took encouragement with Prime Minister Narendra Modi’s statement after US National Security Advisor Jake Sullivan met him that the India-US comprehensive global strategic partnership has scaled new heights, including in areas of technology and defence. 

However, upside remained capped amid cautiousness after detection of human metapneumovirus (HMPV) in India. India has reported at least five cases of HMPV, which causes respiratory illness and was recently identified in China and Malaysia. Two cases were detected in Karnataka, two in Tamil Nadu, and one in Gujarat. Traders were also concerned amid the renewed weakening of the Indian rupee to a fresh all-time low of 86 against the US dollar comes in the backdrop of a resurgent dollar index. 

On the global front, Asian markets are trading mixed as traders try to asses Donald Trump’s tariff plans following a report he may take a more targeted approach. Back home, sugar stocks are in focus as Food and Consumer Affairs Minister Pralhad Joshi said the government will soon take a decision on increasing the minimum support price (MSP) of sugar. The MSP of sugar remains unchanged at Rs 31 per kg, a rate established in February 2019. In stock specific development, Adani Enterprises rallied after it joined hands with Thailand's Indorama Resources for a foray into the petrochemical business.

The BSE Sensex is currently trading at 78451.17, up by 486.18 points or 0.62% after trading in a range of 78019.80 and 78451.59. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.27%, while Small cap index was up by 1.47%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.36%, Energy up by 1.97%, Consumer Durables up by 1.71%, Utilities up by 1.55% and Power up by 1.53%, while there was no loser on the BSE sectoral front.

The top gainers on the Sensex were Titan Company up by 2.83%, Adani Ports & SEZ up by 1.65%, Indusind Bank up by 1.42%, Asian Paints up by 1.41% and Reliance Industries up by 1.34%. On the flip side, Zomato down by 3.02%, TCS down by 0.24% and Bajaj Finserv down by 0.20% were the few losers.

Meanwhile, Finance Minister Nirmala Sitharaman has concluded month-long consultations with various stakeholders, including representatives of the industry and social sectors, as part of the budget preparation exercise. The consultations started on December 6, 2024. The Finance Ministry in a statement said ‘In the course of the in-person consultations, more than 100 invitees across 9 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings’.

In the course of the consultations, Sitharaman expressed gratitude to the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2025-26. Additionally, from January 10, 2025, citizens may share their valuable suggestions and ideas for the Union Budget 2025-26 on the MyGov platform. Citizens are encouraged to actively participate in this annual initiative, aimed at making the Budget-making process more inclusive with the spirit of ‘Jan Bhagidari’.

The Ministry of Finance and MyGov eagerly look forward to receiving innovative and constructive suggestions from citizens across the country. To submit the suggestions, citizens can visit the MyGov platform and contribute towards building a Viksit Bharat. Union Minister for State for Finance Pankaj Chaudhary; Finance Secretary and Secretary DIPAM, Tuhin Kanta Pandey; Economic Affairs Secretary, Ajay Seth; Financial Services Secretary, M Nagaraju; Secretaries of Ministries concerned, Chief Economic Adviser, V Anantha Nageswaran, and senior officers from the Ministry of Finance and Ministries concerned were also present during relevant meetings. Union Budget 2025-26 is likely to be tabled in Parliament on February 1.

The CNX Nifty is currently trading at 23783.50, up by 167.45 points or 0.71% after trading in a range of 23679.85 and 23795.20. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were ONGC up by 4.10%, Titan Company up by 2.85%, Tata Consumer Products up by 1.96%, Adani Enterprises up by 1.77% and Hindalco up by 1.67%. On the flip side, Apollo Hospital down by 0.44%, TCS down by 0.21%, Bajaj Finserv down by 0.11% and Bajaj Auto down by 0.01% were the few losers.

Asian markets are trading mixed; Nikkei 225 surged 962.13 points or 2.45% to 40,269.18, Taiwan Weighted added 264.12 points or 1.12% to 23,811.83, KOSPI increased 14.26 points or 0.57% to 2,502.90 and Straits Times rose 7.84 points or 0.21% to 3,829.68. On the other hand, Hang Seng declined 379.24 points or 1.96% to 19,309.05, Jakarta Composite fell 10.61 points or 0.15% to 7,069.86 and Shanghai Composite was down by 10.14 points or 0.32% to 3,196.78.
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