HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Indian markets remain lackluster in early noon
Jan-09-2025

Indian equity benchmarks remained lackluster during early afternoon deals, with both Sensex and Nifty falling half a percent each, on the back of heavy selling at Oil & Gas and Realty counters along with negative cues from other Asian markets as Chinese inflation data disappointed and reports suggested that U.S. President-elect Donald Trump was mulling a national economic emergency declaration to provide legal justification for a series of universal tariffs on allies and adversaries. The street overlooked reports that the United Nations kept its growth forecast for the Indian economy unchanged at 6.6 percent for 2025, as it noted that private investment and consumption along with strong export growth of services and technology will help sustain the momentum.

On the global front, Asian markets were trading mostly in red, even after Indonesian consumer confidence strengthened further in December to the highest level in eight months. The survey data from the Bank Indonesia showed that the consumer confidence index rose to 127.7 in December from 125.9 in the previous month. A reading above 100 indicates optimism among households. The increase in consumer confidence in December was driven by a stronger current economic condition index and a persistently optimistic consumer expectation index. 

Back home, processed food industry stocks were in watch, as Chirag Paswan has said “Due to the evolving lifestyle and changing family configurations; processed food demand will grow manyfold and is the future, as it holds immense possibilities for growth. I am sure that the processed food segment of the industry will be a major contributor to the Prime Minister’s vision and resolve to make India ‘Viksit Bharat’.”

The BSE Sensex is currently trading at 77725.13, down by 423.36 points or 0.54% after trading in a range of 77663.33 and 78206.21. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.54%, while Small cap index was down by 0.68%.

The only gaining sectoral indices on the BSE were FMCG up by 1.25%, Auto up by 0.10% and Telecom up by 0.01%, while Oil & Gas down by 1.88%, Realty down by 1.65%, Energy down by 1.54%, PSU down by 1.42% and Power down by 1.31% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 2.23%, Nestle up by 1.98%, Mahindra & Mahindra up by 1.75%, Kotak Mahindra Bank up by 1.18% and Bharti Airtel up by 1.14%. On the flip side, Larsen & Toubro down by 1.80%, HDFC Bank down by 1.74%, Tata Steel down by 1.58%, Adani Ports & SEZ down by 1.53% and NTPC down by 1.44% were the top losers.

Meanwhile, Railway Ministry has said that the Railways has spent 76 percent of its budgetary outlay within the first nine months of the current fiscal. According to a latest expenditure report of Indian Railways till January 5, 2025, heavy investment is made in capacity augmentation, a reality aiming to make rail travel a world class experience in India.

According to the Ministry, the total capex for railways in the Budget Estimate 2024-25 is Rs 2,65,200 crore with Gross Budgetary Support of Rs 2,52,200 crore. Out of it, Rs 1,92,446 crore have already been spent. For rolling stock, the budgetary provision was for Rs 50,903 crore. Out of it, Rs 40,367 crore were spent by 5th January, which is 79 per cent of the budget, allotted for rolling stock. In safety-related works, out of budgetary allocation of Rs 34,412 crore, the amount spent is Rs 28,281, which is 82 percent of the allocated amount. The government has prioritised transforming Railways into a world class entity, which ferries on an average ‘2.3 crore Indians’ daily at an affordable cost.

The ministry said the fruit of the consistent Capital Expenditure (Capex) for the last one decade are visible in the form of 136 Vande Bharat trains, about 97 percent electrification of broad gauge, laying of new lines, gauge conversion, doubling of tracks, traffic facilities work, investment in PSUs and metropolitan transport. It also mentioned the ongoing safety and speed trial of Vande Bharat sleeper trains and said rail commuters are all set to experience world class travel very soon for long distance journeys too. 

The CNX Nifty is currently trading at 23555.80, down by 133.15 points or 0.56% after trading in a range of 23537.25 and 23689.50. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 2.13%, Britannia up by 1.97%, Nestle up by 1.94%, Mahindra & Mahindra up by 1.77% and Tata Consumer Products up by 1.25%. On the flip side, ONGC down by 2.70%, Shriram Finance down by 2.44%, Coal India down by 2.14%, Larsen & Toubro down by 1.79% and HDFC Bank down by 1.77% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 1.84 points or 0.01% to 19,278.00, Shanghai Composite weakened 18.78 points or 0.58% to 3,211.39, Straits Times fell 29.34 points or 0.75% to 3,857.64, Nikkei 225 slipped 375.97 points or 0.95% to 39,605.09 and Taiwan Weighted lost 326.2 points or 1.41% to 23,081.13, while Jakarta Composite gained 6.53 points or 0.09% to 7,086.88 and KOSPI increased 0.85 points or 0.03% to 2,521.90.
  RELATED NEWS >>
Most Viewed >>
December 28 , 2024
Nifty forms Doji candle but crosses 200-DMA
January 01 , 2025
Rupee closes at new all-time low
December 31 , 2024
At Rs 1,20,598 crore, FPI selling makes 2024 s
January 03 , 2025
Local indices hit Bull's Aye! 2% bounce best i
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.