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Domestic equity indices maintain gains in early afternoon deals
Jan-14-2025

Domestic equity indices maintained their gains in early afternoon deals as some traders picked up stocks at reduced levels. Meanwhile, broader indices outperformed their large peers with Mid cap index and Small cap index gaining in the range of 1.30-1.75%. Hectic buying in Adani Ports, NTPC, Zomato, Tata Motors and SBI helped the markets to trade higher. There was some encouragement in markets as Principal Secretary to the Prime Minister P K Mishra said India's agriculture sector is poised for stronger growth in the 2024-25 fiscal year, driven by favourable monsoon conditions. Traders overlooked report that India’s wholesale price index (WPI) in December rose to 2.37 per cent from 1.89 per cent in November 2024. During December 2023, WPI inflation came in at 0.73 per cent. On the BSE sectoral front, traders were seen pilling up positions in Utilities, Power, Metal, PSU and Telecom, while selling was witnessed in IT, TECK and FMCG. 

On the global front, Asian markets were trading mixed following mixed cues from the US markets overnight. Back home, in the stock specific development, United Spirits fell after the company announced a leadership transition, with CEO Hina Nagarajan set to step down on March 31, 2025.  

The BSE Sensex is currently trading at 76648.99, up by 318.98 points or 0.42% after trading in a range of 76335.75 and 76835.61. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.72%, while Small cap index up by 1.34%.

The top gaining sectoral indices on the BSE were Utilities up by 5.14%, Power up by 4.20%, Metal up by 2.98%, PSU up by 2.84% and Telecom up by 2.63%, while IT down by 1.14%, TECK down by 0.54% and FMCG down by 0.34% were the few losing indices on BSE.

The top gainers on the Sensex were Adani Ports up by 5.61%, NTPC up by 4.04%, Zomato up by 3.87%, Tata Motors up by 3.20% and SBI up by 2.84%. On the flip side, HCL Technologies down by 7.75%, Hindustan Unilever down by 1.92%, Titan down by 1.01%, Reliance Industries down by 0.84% and Infosys down by 0.69% were the top losers. 

Meanwhile, Ministry of New & Renewable Energy (MNRE) has said that India's renewable energy installed capacity increased by 15.84 per cent to 209.44 GW by December 2024 from 180.80 GW a year ago, marking a record expansion. The total capacity added during 2024 more than doubled to 28.64 GW from 13.05 GW added a year ago.

In 2024, solar power spearheaded this growth with addition of 24.54 GW, registering 33.47 per cent year-on-year rise in its cumulative installed capacity to 97.86 GW in 2024. Wind power addition was 3.42 GW in 2024, taking the total wind capacity to 48.16 GW, a growth of 7.64 per cent from 2023. Bioenergy installed capacity rose from 10.84 GW in December 2023 to 11.35 GW in December last year.

Small hydro power projects saw incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024. MNRE under Union Minister of New and Renewable Energy Pralhad Joshi has been taking various key initiatives to achieve Prime Minister Narendra Modi's vision of 500 GW of renewable energy by 2030.

The CNX Nifty is currently trading at 23196.30, up by 110.35 points or 0.48% after trading in a range of 23134.15 and 23264.95. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 8.08%, Adani Ports up by 5.51%, NTPC up by 4.26%, Hindalco up by 3.92% and Tata Motors up by 3.06%. On the flip side, HCL Technologies down by 8.01%, Hindustan Unilever down by 1.87%, Apollo Hospital down by 1.38%, Titan down by 1.11% and Reliance Industries down by 0.86% were the top losers. 

Asian markets were trading mixed; Hang Seng advanced 322.26 points or 1.71% to 19,196.40, Shanghai Composite strengthened 65.34 points or 2.07% to 3,226.10, KOSPI increased 9.92 points or 0.4% to 2,499.48 and Taiwan Weighted added 230.87 points or 1.02% to 22,719.20. However, Jakarta Composite plunged 35.4 points or 0.51% to 6,981.48, Nikkei 225 slipped 793.15 points or 2.02% to 38,397.25 and Straits Times fell 4.33 points or 0.11% to 3,787.37.

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