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Positive trade continues in Indian markets; Oil & Gas stocks surge
Jan-30-2025

A positive trade continued in Indian equity markets during early afternoon session, with both Sensex and Nifty holding notable gains, aided by heavy buying at Oil & Gas, Energy and Realty counters, despite mixed cues from other Asian markets. Sentiments were upbeat, amid a private report stating that the next 10 days will be pivotal for India's economic trajectory as the upcoming Union Budget announcement on February 1 and the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting on February 7 will lay down the policy road map to boost the slowing economy.

On the global front, Asian markets were trading mixed, as Japan's consumer sentiment decreased unexpectedly in January to the lowest level in nearly two years. The survey data from the Cabinet Office showed that the seasonally adjusted consumer confidence index weakened to 35.2 in January from 36.2 in December. Further, the latest reading was the lowest since April 2023, when it was also the same 35.2. The latest survey was conducted on January 15 among 8,400 households.

Back home, mining and minerals industry stocks were in watch, as the Union Cabinet approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and expected investment of Rs 18,000 crore by PSUs, etc. The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.

The BSE Sensex is currently trading at 76823.00, up by 290.04 points or 0.38% after trading in a range of 76426.83 and 76898.63. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.40%, while Small cap index was up by 0.63%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.11%, Energy up by 1.89%, Realty up by 1.84%, PSU up by 1.45% and Utilities up by 1.13%, while Consumer Durables down by 1.29%, IT down by 0.44% and TECK down by 0.17% were the only losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.74%, Bajaj Finance up by 2.57%, Mahindra & Mahindra up by 2.53%, Indusind Bank up by 1.80% and Reliance Industries up by 1.60%. On the flip side, Tata Motors down by 6.04%, ITC Hotels down by 4.98%, Zomato down by 1.55%, Infosys down by 0.82% and Larsen & Toubro down by 0.62% were the top losers.

Meanwhile, Reserve Bank of India’s (RBI) index that measures the adoption of online transactions showed that digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024. It said RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024.

It noted that the increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country.

The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure Demand-side factors (10 per cent); Payment Infrastructure Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).

The CNX Nifty is currently trading at 23281.70, up by 118.60 points or 0.51% after trading in a range of 23139.20 and 23311.15. There were 39 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Cipla up by 3.02%, Power Grid up by 2.92%, Mahindra & Mahindra up by 2.69%, ONGC up by 2.47% and Bajaj Finance up by 2.45%. On the flip side, Tata Motors down by 5.91%, Shriram Finance down by 1.56%, Wipro down by 1.10%, Infosys down by 0.79% and Larsen & Toubro down by 0.62% were the top losers. 

Asian markets were trading mixed; Jakarta Composite plunged 90.64 points or 1.26% to 7,075.42, while Nikkei 225 surged 99.19 points or 0.25% to 39,513.97.
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