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Sensex, Nifty remain positive in late noon deals
Jan-14-2025

Indian equity benchmarks remained positive in late afternoon deals, with both Sensex and Nifty holding notable gains, with several counters attracting bargain hunting after four successive days of losses. The data showing a drop in the nation's consumer price inflation in the month of December is also contributing to the positive mood in the markets. Sentiments remained optimistic, as the government data has showed that the net direct tax collection grew 15.88 per cent to about Rs 16.90 lakh crore so far in the current fiscal year (between April 1, 2024, and January 12, 2025). As per the data by the Central Board of Direct Taxes (CBDT), mop-up from net non-corporate taxes, which include mainly personal income tax, stood at over Rs 8.74 lakh crore.

Adding more optimism, the Commerce Ministry's arm the directorate general of foreign trade (DGFT) updated the export policy for all products, specifying detailed conditions for each item to enhance the ease of doing business in the country. Earlier specific policy conditions were only outlined for goods which were subject to certain restrictions or fell under some norms.

On the global front, Asian markets were trading mostly in green, after a measure of the public assessment of the current situation of the Japanese economy improved for the second straight month in December, while outlook weakened. The survey data from the Cabinet Office showed that the current conditions index of the Economy Watchers' Survey, which measures the present situation of the economy, rose to 49.9 in December from 49.4 in November. 

The BSE Sensex is currently trading at 76621.29, up by 291.28 points or 0.38% after trading in a range of 76335.75 and 76835.61. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 1.95%, while Small cap index was up by 1.38%.

The top gaining sectoral indices on the BSE were Utilities up by 5.14%, Power up by 4.37%, Metal up by 3.26%, PSU up by 3.21% and Auto up by 2.18%, while IT down by 1.62%, TECK down by 1.31% and FMCG down by 1.07% were the few losing indices on BSE.

The top gainers on the Sensex were Adani Ports & SEZ up by 5.30%, NTPC up by 4.02%, Zomato up by 3.52%, SBI up by 3.30% and Indusind Bank up by 3.20%. On the flip side, HCL Tech. down by 8.05%, Hindustan Unilever down by 3.31%, Titan down by 1.77%, TCS down by 1.58% and Infosys down by 1.17% were the top losers.

Meanwhile, Principal Secretary to the Prime Minister P K Mishra has said that India's agriculture sector is poised for stronger growth in the 2024-25 fiscal year, driven by favourable monsoon conditions. He said the agriculture and allied sector had seen a reduction in growth rate to 1.4 per cent in FY24. However, he said agriculture minister Shivraj Singh Chouhan had recently indicated that the sector could see 3.5-4 per cent growth this fiscal year, riding on good monsoon.

Mishra said between 2016-17 and 2022-23, agriculture and allied sectors saw an average annual growth rate of 5 per cent, supported by strong performance in livestock and fisheries. The sector also proved resilient during the Covid-19 pandemic, contributing significantly to overall economic growth. However, challenges remain in pulses and oilseeds production. While pulses output has increased to 24-25 million tonnes from 14 million tonnes a decade ago, India is not yet self-sufficient.

He said ‘a lot of research is going on and we should be making significant progress.’ Talking about high taxes on farm inputs and equipment, he said agricultural issues cannot be viewed in isolation from broader tax policy considerations. There are many tax issues and that need to be looked at more holistically.

The CNX Nifty is currently trading at 23190.25, up by 104.30 points or 0.45% after trading in a range of 23134.15 and 23264.95. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 7.23%, Adani Ports & SEZ up by 5.31%, Hindalco up by 4.26%, NTPC up by 3.97% and Shriram Finance up by 3.71%. On the flip side, HCL Tech. down by 8.23%, Hindustan Unilever down by 3.28%, Apollo Hospital down by 1.99%, Titan down by 1.94% and TCS down by 1.35% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 345.64 points or 1.8% to 19,219.78, Shanghai Composite strengthened 80.18 points or 2.47% to 3,240.94, KOSPI increased 7.84 points or 0.31% to 2,497.40 and Taiwan Weighted added 309.19 points or 1.36% to 22,797.52, while Jakarta Composite plunged 39.9 points or 0.57% to 6,976.98, Straits Times fell 5.14 points or 0.14% to 3,786.56 and Nikkei 225 slipped 716.1 points or 1.86% to 38,474.30.
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