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Bears hold grip on Indian markets
Jan-13-2025

Bears were holding their tight grip on Indian equity markets, amid concerns that the Federal Reserve will likely hold interest rates at current levels for longer after data showed a much bigger than expected increase in U.S. non-farm payroll employment in the month of December. Investors, digesting India's industrial production data, were cautious ahead of India's consumer price inflation data due after trading hours today. Higher crude oil prices were weighing as well. 

The street took a note of reports that the Securities and Exchange Board of India (Sebi) proposed an increase in the investment threshold for granular disclosures by foreign portfolio investors (FPIs). The current threshold, set at Rs 25,000 crore, will be raised to Rs 50,000 crore under the proposed amendments. This move, outlined in a consultation paper released by Sebi, is attributed to a substantial rise in daily market turnover.

Asian markets were trading lower, even after China's exports registered a stronger-than-expected growth in December taking the trade surplus for 2024 to a record high as businesses front loaded orders as trade tariff treats loom. The data from the General Administration of Customs on Monday showed that exports advanced 10.7 percent on a yearly basis in December, faster than the 6.7 percent increase in November and also the street’s forecast of 7.3 percent.

The BSE Sensex is currently trading at 76773.23, down by 605.68 points or 0.78% 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 fell by 2.62%, while Small cap index was down by 2.73%.

The top losing sectoral indices on the BSE were Realty down by 4.48%, Consumer Durables down by 2.96%, Consumer discretionary down by 2.73%, Industrials down by 2.56% and Utilities down by 2.28%, while there were no gaining sectoral indices on the BSE.

The top gainers on the Sensex were Axis Bank up by 1.46%, TCS up by 1.18%, Indusind Bank up by 1.17% and Infosys up by 0.27%. On the flip side, Zomato down by 4.18%, Power Grid down by 2.70%, Adani Ports & SEZ down by 2.22%, Tech Mahindra down by 2.03% and Sun Pharma down by 1.90% were the top losers.

Meanwhile, Ports, Shipping and Waterways Minister Sarbananda Sonowal has said that an investment of Rs 50,000 crore will be made to boost infrastructure along national waterways in the next five years. He said the investment proposals were announced in Inland Waterways Development Council (IWDC) meeting at Kohora in Kaziranga. 

The minister said 1,000 green vessels will be launched in the next five years to boost green shipping inland waterways. After the success of Kochi's Water Metro project, it will be expanded to 15 cities of the country, including Guwahati, Sonowal added. He also said ship repair facilities will be established at more national waterways soon. According to him, more than Rs 23,000 crore has been earmarked for New National Waterways Development and Green Shipping initiatives. 

IWDC was organised by the Inland Waterways Authority of India (IWAI), the nodal agency for development of waterways under the Ministry of Ports, Shipping & Waterways (MoPSW). IWDC, which was set up in 2023, is an exercise to derive the maximum economic potential out of the inland water bodies. It requires exceptionally coordinated centre-state relationship, collaborations and cooperation in the spirit of cooperative federalism. 

The CNX Nifty is currently trading at 23222.35, down by 209.15 points or 0.89% after trading in a range of 23172.70 and 23340.95. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 1.47%, Indusind Bank up by 1.22%, TCS up by 1.13%, Shriram Finance up by 0.41% and Infosys up by 0.22%. On the flip side, Trent down by 4.26%, Apollo Hospital down by 3.59%, Adani Enterprises down by 3.09%, BPCL down by 2.70% and Wipro down by 2.33% were the top losers.

Asian markets were trading lower; Hang Seng declined 206.3 points or 1.08% to 18,857.99, Jakarta Composite plunged 27.01 points or 0.38% to 7,061.86, Shanghai Composite weakened 8.68 points or 0.27% to 3,159.84, Straits Times fell 21.97 points or 0.58% to 3,779.59, KOSPI dropped 26.22 points or 1.05% to 2,489.56 and Taiwan Weighted lost 523.53 points or 2.33% to 22,488.33.
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