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Key gauges continue to trade higher in morning deals
Jan-07-2025

Indian equity benchmarks continued to trade higher in morning deals, driven by buying in blue-chip stocks like Titan Company, Reliance Industries and Asian Paints. Traders took support with domestic rating agency ICRA’s report stated that securitization volumes jumped 80 per cent on-year to Rs 68,000 crore in the December quarter (Q3FY25), and has also upped its estimates on total volumes for this financial year (FY25). The financial system is estimated to witness securitization deals, where a lender passes on future receivables to another stakeholder against upfront cash, of around Rs 2.4 lakh crore, up from the previously estimated Rs 2.1 lakh crore. The new estimate represents a 25 per cent increase over the Rs 1.92 lakh crore in FY24. However, gains remain capped as some concern came with exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,575.06 crore on Monday. On the global front, Asian markets are trading mostly in green tracking Wall Street's positive lead and as some investors hoped incoming US President-elect Donald Trump could adopt a less aggressive tariff stance than promised when he takes office.

The BSE Sensex is currently trading at 78293.12, up by 328.13 points or 0.42% after trading in a range of 77925.09 and 78452.74. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.82%, while Small cap index was up by 1.13%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.12%, Energy up by 1.82%, Basic Materials up by 1.32%, Metal up by 1.11% and Healthcare up by 0.95%, while TECK down by 0.01% was the lone losing index on BSE.

The top gainers on the Sensex were Titan Company up by 2.38%, Reliance Industries up by 1.84%, Asian Paints up by 1.62%, Adani Ports &SEZ up by 1.27% and ICICI Bank up by 1.26%. On the flip side, Zomato down by 3.87%, TCS down by 1.25%, Tech Mahindra down by 0.96%, HCL Technologies down by 0.70% and Bajaj Finserv down by 0.09% were the top losers.

Meanwhile, with an aim to achieve self-sufficiency in edible oil production, reduce dependence on imports and enhance farmer incomes, the Minister of Agriculture and Farmers’ Welfare Shivraj Singh Chouhan has urged all states to intensify their efforts under the National Mission on Edible Oils - Oil Palm (NMEO-OP). Launched to promote domestic oil palm cultivation, the mission aims to bring 6.5 lakh hectares under oil palm plantations by 2025-26. Special emphasis is being placed on leveraging the agro-climatic potential of the North-eastern region and other oil palm-growing states. 

While significant progress has been made in certain regions, others need to accelerate their efforts. The under utilization of allocated funds and delays in achieving plantation targets underscore the urgency for a more focused and coordinated approach. Quoted by Ministry of Agriculture and Farmers Welfare in a release, Chouhan emphasised the need for states to prioritise achieving their plantation targets by addressing bottlenecks and mobilizing available resources. With substantial unspent funds under NMEO-OP, states are encouraged to enhance resource utilisation for infrastructure development, farmer support, and plantation expansion. 

States must also intensify farmer engagement, tackle challenges such as misinformation, and expedite the disbursal of assistance to ensure farmer satisfaction and sustained participation. To improve transparency and efficiency, the government has introduced initiatives such as digital monitoring through geo-mapping and drone surveillance. He urged states to fully cooperate with these measures.

The CNX Nifty is currently trading at 23740.45, up by 124.40 points or 0.53% after trading in a range of 23637.80 and 23795.20. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were ONGC up by 4.33%, Titan Company up by 2.43%, Reliance Industries up by 1.83%, Hindalco up by 1.77% and SBI Life Insurance up by 1.70%. On the flip side, TCS down by 1.27%, Tech Mahindra down by 1.01%, HCL Technologies down by 0.75%, Apollo Hospital down by 0.69% and Wipro down by 0.27% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 862.18 points or 2.19% to 40,169.23, Taiwan Weighted added 207.47 points or 0.88% to 23,755.18, KOSPI increased 9.09 points or 0.37% to 2,497.73, Straits Times rose 7.78 points or 0.2% to 3,829.62 and Jakarta Composite gained 0.05 points or 0% to 7,080.52.

On the flip side, Shanghai Composite weakened 10.14 points or 0.32% to 3,196.78 and Hang Seng declined 379.24 points or 1.96% to 19,309.05.
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