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Sensex, Nifty trade tad higher in early delas
Jan-15-2025

Indian equity benchmarks made a positive start on Wednesday following overnight fall in crude oil prices. Sensex and Nifty are trading tad higher in early delas amid value buying in Utilities, Power and PSU stocks. Sentiments got some support after Union Minister of Commerce and Industry, Piyush Goyal has said that by 2027, India will be the world's third-largest economy, ahead of Japan and Germany. Traders may take note of a report by the State Bank of India (SBI) said the Indian rupee may experience some volatility in the early days of Donald Trump’s presidency, but it is likely to stabilise soon after, terming this short-term phenomenon as Trump Tantrum. However, upside remained capped amid mixed global cues. Also, investors are looking at third quarter earnings from companies to get a sense of direction for the economy, while awaiting the Budget 2025 next month.

Asian markets are trading mixed, following the mixed cues from Wall Street overnight, as traders are cautious and reluctant to make more significant moves ahead of a more closely watched report on US consumer price inflation later in the day that could influence the US Fed's rate trajectory. Back home, auto stocks are in focus as industry body SIAM said automobile dispatches from companies to dealers rose 12 per cent to 2,54,98,763 units in 2024 against 2,28,39,130 units in 2023 on the back of positive consumer sentiments which aided robust demand for two-wheelers. In stock specific development, Hero MotoCorp traded higher after launching new Destini 125 in 3 variants starting at Rs 80,450.

The BSE Sensex is currently trading at 76658.32, up by 158.69 points or 0.21% after trading in a range of 76555.94 and 76901.16. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.32%, while Small cap index was up by 0.07%.

The top gaining sectoral indices on the BSE were Utilities up by 2.39%, Power up by 1.90%, PSU up by 0.91%, Energy up by 0.86% and Oil & Gas up by 0.73%, while Healthcare down by 1.36%, Consumer Durables down by 0.44%, FMCG down by 0.41%, Realty down by 0.24% and IT down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 3.57%, Maruti Suzuki up by 2.98%, Adani Ports &Special up by 1.93%, Power Grid up by 1.72% and Kotak Mahindra Bank up by 1.64%. On the flip side, Bajaj Finserv down by 2.20%, Bajaj Finance down by 2.02%, Axis Bank down by 1.27%, Nestle down by 1.26% and Mahindra & Mahindra down by 1.07% were the top losers.

Meanwhile, the UK government has told Parliament that the Free Trade Agreement (FTA) talks with India have been relaunched to deliver a joint ambition of taking the bilateral relationship to ‘even greater heights’. During a debate on UK economic growth in the House of Commons, British Indian Labour MP Jeevun Sandher asked Foreign Secretary David Lammy about the steps being taken to get a ‘good UK-India trade deal over the line’. Describing 2025 as an ‘exciting year’ for the UK's trading relationship with India, the co-chair of the India All Party Parliamentary Group (APPG) flagged the ‘exchange of green technologies to help prevent and reduce the warming of our planet’ among the areas of focus.

Sandher, a first-time member of Parliament from Loughborough, in the East Midlands region of England, said ‘We are two nations with an intertwined history and common democratic ideals and we face the risks of a dangerous world and a warming planet’. In response, Lammy said ‘We have relaunched the Free Trade Agreement (FTA) - we have said that it is a floor, not a ceiling on our ambition - and it was important that a delegation of Indian businessmen met the chancellor of the exchequer, me and the prime minister [Keir Starmer] just a few weeks before Christmas’.

According to the official UK Department for Business and Trade (DBT) statistics, the total trade in goods and services between the UK and India was GBP 42 billion in the four quarters to the end of 2024. This is expected to be significantly enhanced with an FTA, negotiations for which began in January 2022 before being paused in the fourteenth round for general elections in both countries in 2024. The FTA talks are expected to resume later this month.

The CNX Nifty is currently trading at 23184.55, up by 8.50 points or 0.04% after trading in a range of 23165.30 and 23273.55. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were NTPC up by 3.67%, Maruti Suzuki up by 2.83%, Power Grid up by 1.91%, Adani Ports & SEZ up by 1.72% and Coal India up by 1.58%. On the flip side, Bajaj Finserv down by 2.80%, Shriram Finance down by 2.37%, Bajaj Finance down by 2.23%, Axis Bank down by 1.55% and Tata Consumer Products down by 1.48% were the top losers.

Asian markets are trading mixed; Taiwan Weighted lost 206.69 points or 0.91% to 22,590.83, Straits Times fell 17.58 points or 0.46% to 3,771.19, Shanghai Composite weakened 7.96 points or 0.25% to 3,232.98 and Nikkei 225 slipped 6.09 points or 0.02% to 38,468.21. On the other hand, Hang Seng advanced 44.68 points or 0.23% to 19,264.46, Jakarta Composite gained 42.47 points or 0.61% to 6,999.14 and KOSPI was up by 8.24 points or 0.33% to 2,505.64.
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