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Sensex, Nifty trade lower in early deals; TCS Q3FY25 result eyed
Jan-09-2025

Indian equity benchmarks made cautious start on Thursday amid weakness in global markets. Sensex and Nifty are trading lower with marginal cut of around 0.25% each in early deals amid foreign portfolio investor (FPI) selling. FIIs continued their selling spree, offloading shares worth Rs 3,362.18 crore on January 8. Traders avoided to take any long positions ahead of the Q3FY25 earnings of Tata Consultancy Services (TCS), to be out later in the day. However, down side remained capped with a private report that after a poor showing in the first two quarters of 2024-25, the corporate sector could report a modest recovery in revenue and earnings growth for the October-December quarter (Q3FY25). 

On the global front, Asian markets are trading mixed, following the mixed cues from Wall Street overnight, amid uncertainty about the outlook for interest rates following mixed U.S. jobs data. The minutes of the US Fed's latest monetary policy meeting also did not provide much insight into interest rates other than to suggest officials plan to take a 'careful approach' to future decisions.

Back home, metal stocks are in focus with CRISIL in a report stating that steel prices in 2025 would be much higher if the proposed safeguard duty on steel imports is imposed. It added that the impact was expected to be more prominent in the first half. In stock specific development, Aether Industries traded higher as the Gujarat Pollution Control Board has revoked the closure order for Manufacturing Facility-II.

The BSE Sensex is currently trading at 77946.32, down by 202.17 points or 0.26% after trading in a range of 77846.43 and 78206.21. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.19%, while Small cap index was down by 0.10%.

The few gaining sectoral indices on the BSE were Basic Materials up by 0.53%, FMCG up by 0.20% and Telecom up by 0.17%, while Realty down by 1.19%, Consumer Durables down by 0.79%, Healthcare down by 0.70%, Capital Goods down by 0.63% and Industrials down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.77%, Mahindra & Mahindra up by 0.49%, ITC up by 0.48%, Hindustan Unilever up by 0.39% and Infosys up by 0.33%. On the flip side, Zomato down by 1.26%, Ultratech Cement down by 1.26%, Larsen & Toubro down by 1.18%, Bajaj Finance down by 1.05% and Sun Pharma down by 0.97% were the top losers.

Meanwhile, Agricultural and Processed Food Products Export Development Authority (APEDA) Chairman Abhishek Dev has said that Indian exporters have huge opportunities to increase their share in the global agriculture trade from the current 2.4 per cent. The global agriculture trade is about $2 trillion. He said that given these numbers, ‘huge opportunities’ are there to increase exports from the country

Despite being the seventh largest agri exporter in the world, he said ‘our share is 2.4 per cent in the overall world agri trade and immense possibilities are there to increase this share’. India's agri export was about $50 billion in 2023-24 and this year also, the country is looking at pushing the figure to ‘new record’. He added that the overall focus now is to promote exports of value-added goods.

Talking about exports of organic products, the chairman said India's share in this segment is about 2.5 per cent, ‘but we have an ambitious target of increasing the share four-times in the next five years and we are working on that’. The global market for organic goods is $147 billion. The country's organic food exports have grown at a steady pace and over the past decade, exports of organic products have grown from $213 million in 2012-13 to $494.80 million in 2023 -24.

The CNX Nifty is currently trading at 23625.00, down by 63.95 points or 0.27% after trading in a range of 23593.95 and 23689.50. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 1.76%, Bajaj Auto up by 1.21%, Hindalco up by 0.85%, Mahindra & Mahindra up by 0.45% and ITC up by 0.42%. On the flip side, Apollo Hospital down by 1.61%, Ultratech Cement down by 1.26%, Larsen & Toubro down by 1.22%, Trent down by 1.14% and Sun Pharma down by 1.06% were the top losers.

Asian markets are trading mixed; Nikkei 225 slipped 566.35 points or 1.42% to 39,414.71, Taiwan Weighted lost 129.25 points or 0.55% to 23,278.08, Straits Times fell 19.83 points or 0.51% to 3,867.15 and Shanghai Composite was down by 9.45 points or 0.29% to 3,220.72. On the other hand, Hang Seng rose 17.05 points or 0.09% to 19,296.89, Jakarta Composite gained 6.26 points or 0.09% to 7,086.61 and KOSPI was up by 3.06 points or 0.12% to 2,524.11.
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