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Bourses trim some gains in late afternoon session
Jan-07-2025

Indian equity markets trimmed some of their gains but continued to trade in green in late afternoon session. Traders took note of report that Domestic rating agency ICRA said 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). Sector wise, steel sector remained in focus as Ministry of Steel has launched the second round of Production Linked Incentive (PLI) scheme for Specialty Steel, termed as PLI Scheme 1.1 on January 6, 2025, for five product categories which is the same as the existing PLI Scheme to enable further participation as industry participants requested the ministry for relaxation.

On the global front, Asian markets were trading mostly in green as investors speculated on the possible outcomes of President-elect Donald Trump's tariff plans. European markets were trading mostly in green amid Data on euro area inflation for the month of December, due later this morning, is expected to provide some direction.

The BSE Sensex is currently trading at 78133.39, up by 168.40 points or 0.22% after trading in a range of 77925.09 and 78452.74. There were 20 stocks advancing against 10 stocks declining on the index. 

The broader indices were trading in green; the BSE Mid cap index gained 0.98%, while Small cap index was up by 1.75%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.63%, Industrials up by 1.49%, Energy up by 1.49%, Basic Materials up by 1.44% and Healthcare was up by 1.30%, while TECK down by 0.53% and IT down by 0.44% was the only losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.52%, Indusind Bank up by 2.25%, Reliance Industries up by 1.59%, Titan Company up by 1.36% and Adani Ports up by 1.34%. On the flip side, Zomato down by 4.55%, HCL Tech down by 1.76%, TCS down by 1.57%, Tech Mahindra down by 1.09% and Power Grid down by 0.70% were the top losers.

Meanwhile, Ministry of Steel has launched the second round of Production Linked Incentive (PLI) scheme for Specialty Steel, termed as PLI Scheme 1.1 on January 6, 2025, for five product categories which is the same as the existing PLI Scheme to enable further participation as industry participants requested the ministry for relaxation. PLI Scheme 1.1 will remain open from January 6 to January 31, 2025. The scheme will operate within the funds originally allocated for the scheme, i.e., Rs 6,322 crore.

PLI Scheme 1.1 covers five product categories in line with the existing PLI Scheme, namely Coated / Plated Steel Products, High Strength / Wear resistant Steel, Specialty Rails, Alloy Steel Products & Steel wires and Electrical Steel. These products have a wide range of application, from white goods to transformers to Automobiles and other niche sectors. 

PLI Scheme for specialty steel has brought the issue of developing self-reliance in production of specialty steel to the forefront. Country shall benefit from reduction in imports of specialty steel, achieving ‘Atmanirbharta’ through capacity creation, ensuring investments leading to job creation and moving up the value chain in steel business.

The CNX Nifty is currently trading at 23717.60, up by 101.55 points or 0.43% after trading in a range of 23637.80 and 23795.20. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were ONGC up by 4.56%, SBI Life up by 3.24%, Tata Motors up by 2.40%, Indusind Bank up by 2.25% and HDFC Life Insurance up by 2.15%. On the flip side, HCL Tech down by 1.79%, TCS down by 1.57%, Eicher Motors down by 1.18%, Tech Mahindra down by 1.01% and Trent down by 0.87% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 776.25 points or 1.94% to 40,083.30, Taiwan Weighted added 103.56 points or 0.44% to 23,651.27, Shanghai Composite strengthened 22.72 points or 0.7% to 3,229.64, Jakarta Composite gained 3.97 points or 0.06% to 7,084.44, KOSPI increased 3.46 points or 0.14% to 2,492.10 and Straits Times was up by 0.99 points or 0.03% to 3,822.83. On the flip side, Hang Seng was down by 240.71 points or 1.24% to 19,447.58.

European markets were trading mostly in green; France’s CAC rose 29.26 points or 0.39% to 7,474.95 and Germany’s DAX was up by 0.39 points to 20,216.58. On the flip side, UK’s FTSE 100 was down by 24 points or 0.29% to 8,225.66.

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