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Domestic indices remain under pressure as crude oil prices surge
Jan-13-2025

Domestic equity indices remained in red and were trading with cut of over 0.75 percent in late morning deals as market participants indulged in reducing their positions. Meanwhile, the broader markets were facing the heat of selling; the BSE mid-cap index declined by 2.42 per cent and the small-cap index was down 2.20 per cent. Weak cues from the global markets weighed on the domestic sentiments. Traders were cautious as crude oil prices surged, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India. Further, sentiments were also weak as U.S. Treasury yields jumped to their highest level since November 2023. The 10-year Treasury yield added nearly six basis points at 4.745%. Besides, weakness also prevailed in the markets as IMF Managing Director Kristalina Georgieva has said that the Indian economy is expected to be 'a little weaker' in 2025 despite steady global growth.

On the global front, Asian markets were trading in red following weak cues from the US markets on Friday. Back home, all the sectoral indices on the BSE were trading in red led by Realty, Consumer Durables, Consumer Disc, Oil & Gas and Industrials.

The BSE Sensex is currently trading at 76790.12, down by 588.79 points or 0.76% after trading in a range of 76535.24 and 77128.35. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 2.42%, while Small cap index down by 2.20%.

The top losing sectoral indices on the BSE were Realty down by 3.82%, Consumer Durables down by 2.49%, Consumer Disc down by 2.43%, Oil & Gas down by 2.13% and Industrials down by 2.10%, while there were no gainers. 

The few gainers on the Sensex were Indusind Bank up by 1.88%, Axis Bank up by 1.71%, TCS up by 0.57% and Infosys up by 0.29%. On the flip side, Zomato down by 3.74%, Adani Ports down by 2.36%, Tata Steel down by 2.35%, Mahindra & Mahindra down by 2.06% and Asian Paints down by 2.01% were the top losers.

Meanwhile, the Ministry of New & Renewable Energy in its latest data has showed that India logged a record high renewable energy capacity addition of about 30 GW in 2024, more than 113 per cent higher than 13.75 GW recorded in 2023. It said this assumes significance in view of India's ambitious plan to have 500 GW of renewable energy capacity in the country by 2030. It noted that India needs to add an average of 50 GW of renewable energy capacity per annum over the next six years to achieve its target. 

According to the data, India had 35.84 GW of renewable energy capacity as of March 31, 2014. Since the fiscal year 2014-15, when the NDA government took the reins at the Centre, India recorded the highest renewable capacity addition of 18.48 GW in 2023-24. It said the government is eyeing adding 50GW of renewable energy capacity addition per annum to achieve its target of 500GW by 2030.

Besides, New & Renewable Energy Minister Pralhad Joshi has said that exponential growth from 13.75 GW in 2023 to around 30 GW in 2024, resulting in achieving nearly 218 GW now underscores India's growing commitment to clean energy and its progress in building a greener future. 

The CNX Nifty is currently trading at 23240.55, down by 190.95 points or 0.81% after trading in a range of 23172.70 and 23340.95. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 1.86%, Axis Bank up by 1.71%, Shriram Finance up by 0.92%, TCS up by 0.48% and Infosys up by 0.07%. On the flip side, Trent down by 4.59%, Apollo Hospital down by 2.83%, Wipro down by 2.51%, Grasim Industries down by 2.46% and Adani Enterprises down by 2.44% were the top losers.

All Asian markets were trading lower; Hang Seng declined 214.08 points or 1.14% to 18,850.21, Jakarta Composite plunged 32.01 points or 0.45% to 7,056.86, Shanghai Composite weakened 12.78 points or 0.4% to 3,155.74, Straits Times fell 24.68 points or 0.65% to 3,776.88, KOSPI dropped 27.69 points or 1.11% to 2,488.09 and Taiwan Weighted lost 523.53 points or 2.33% to 22,488.33. 
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