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Domestic equity indices continue to trade under pressure in late morning deals
Feb-10-2025

Domestic equity indices continued to trade under pressure in late morning deals as market participants indulged in reducing their positions. Meanwhile, broader indices underperformed their large peers with BSE Mid cap index and Small cap index dropping in the rage of 1.70-2.15%. Sentiment remained weak following U.S. President Donald Trump announcement to impose reciprocal tariffs on several countries this week. Traders overlooked a report that Indian Prime Minister Narendra Modi is preparing additional tariff cuts ahead of his meeting with US President Donald Trump that could boost American exports to India and avoid a potential trade war. 

On the global front, Asian markets were trading mostly in green, after opening lower as escalating trade tensions keep investors on edge. Back home, all the BSE sectoral indices were trading in red led by Realty, Metal, Healthcare, Utilities and Consumer Durables. 

The BSE Sensex is currently trading at 77301.65, down by 558.54 points or 0.72% after trading in a range of 77189.04 and 77849.58. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.70%, while Small cap index down by 2.11%.

The top losing sectoral indices on the BSE were Realty down by 2.77%, Metal down by 2.63%, Healthcare down by 2.23%, Utilities down by 2.08% and Consumer Durables down by 2.01%, while there were no gainers.  

The top gainers on the Sensex were Hindustan Unilever up by 0.76%, Kotak Mahindra Bank up by 0.58%, Mahindra & Mahindra up by 0.56%, Bharti Airtel up by 0.38% and HCL Technologies up by 0.18%. On the flip side, Power Grid down by 3.34%, Tata Steel down by 3.29%, Zomato down by 2.91%, NTPC down by 1.96% and Titan down by 1.91% were the top losers.

Meanwhile, Indian Biogas Association (IBA) has said that the proposed increase in MSME financing in the General Budget 2025 is a right step to boost biogas industry. With a strong push for manufacturing, green energy, and digital transformation, this Budget sets the stage for Aatmanirbhar and Viksit Bharat. It noted that from the standpoint of the fledgling biogas/CBG (compressed biogas) industry, the announced increase to the MSME Credit Guarantee Scheme will significantly benefit the biogas industry, which often faces challenge in securing credit with reasonable terms.

IBA said by expanding the credit guarantee cover from Rs 5-10 crore, the scheme ensures easier access to collateral-free loans, thus reducing financial barriers for the CBG developers. Additionally, the revised MSME classification criteria allow for almost 2-2.5 times higher investment and turnover limits as compared to earlier regime. The amendment ensures that now even the larger-capacity CBG projects are eligible for these incentives.

It suggested that while the recent Budget takes adequate steps in supporting the MSME sector, inclusion of specific policy measures for the CBG industry would have made it even more conducive for the sector. So, to foster the growth of the biogas and CBG producers, it has already requested the Indian government for development of a framework that allows the biogas plant promoters to sell carbon credits in both international and domestic platforms, enhancing financial viability and aiding climate targets. It said the policies further must include funding for collection of agricultural residues, subsidised transportation costs, and expansion of the anti-crop burning scheme as that existing in Haryana to the rest of the country.

The CNX Nifty is currently trading at 23399.85, down by 160.10 points or 0.68% after trading in a range of 23357.60 and 23568.60. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Britannia up by 2.13%, Tata Consumer up by 1.13%, Kotak Mahindra Bank up by 0.97%, Hindustan Unilever up by 0.85% and Bharti Airtel up by 0.60%. On the flip side, Power Grid down by 3.31%, Tata Steel down by 3.20%, ONGC down by 2.75%, Trent down by 2.58% and JSW Steel down by 2.49% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 385.5 points or 1.79% to 21,519.04, Shanghai Composite strengthened 16.34 points or 0.49% to 3,320.01, Straits Times rose 32.34 points or 0.83% to 3,893.76, KOSPI increased 3.15 points or 0.12% to 2,525.07, Nikkei 225 surged 70.84 points or 0.18% to 38,857.86. However, Taiwan Weighted lost 226.13 points or 0.97% to 23,252.14 and Jakarta Composite plunged 111.93 points or 1.69% to 6,630.65. 
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