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Domestic indices add more points in late morning deals
Jan-31-2025

Domestic equity indices added more points in late morning deals as market participants indulged in enlarging their positions. Meanwhile, the session was also jubilant for broader indices (BSE Mid cap index and Small cap index), which were trading with gains in the range of 1.20-1.25%. Hectic buying in Titan, Larsen & Toubro, Indusind Bank, Adani Ports and Nestle companies’ stocks helped the markets to add more points. Positive cues from the global markets supported domestic sentiments. Some Support came in markets as private report said that the Reserve Bank of India (RBI) is set to cut its main policy rate on February 7 followed by just one more cut next quarter. Most of sectoral indices on the BSE were trading in green led by Capital Goods, Industrials, Consumer Durables, Power and Realty. 

On the global front, Asian markets were trading mostly higher following positive cues from the US markets overnight. Back home, in the stock specific development, Jindal Steel & Power (JSPL) fell after the company’s profitability declined due to rising costs and compressed margins in third quarter of financial year 2024-25 (Q3FY25).   

The BSE Sensex is currently trading at 77231.67, up by 471.86 points or 0.61% after trading in a range of 76833.87 and 77290.49. There were 28 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.25%, while Small cap index up by 1.20%.

The top gaining sectoral indices on the BSE were Capital Goods up by 3.23%, Industrials up by 2.88%, Consumer Durables up by 2.53%, Power up by 2.09% and Realty up by 1.91%, while Bankex down by 0.02% was the only losing index on BSE.

The top gainers on the Sensex were Titan up by 4.07%, Larsen & Toubro up by 3.86%, Indusind Bank up by 3.00%, Adani Ports up by 2.85% and Nestle up by 2.84%. On the flip side, Bharti Airtel down by 1.73%, ICICI Bank down by 0.94% and Kotak Mahindra Bank down by 0.04% were the few losers.

Meanwhile, Union Minister Nitin Gadkari has said that the sugar industry has the potential to increase its share in the Gross domestic product (GDP) to 3 per cent from the current 1-1.15 per cent. He emphasised on the need to raise per acre production of sugarcane. He said the Indian agriculture sector provides livelihood to about 42.3 per cent of the population and has a share of 18.2 per cent in the country's GDP at current prices. 

Noting that the government has done a lot to encourage production of alternative fuel in India, the minister said the government is now taking steps to encourage exports of ethanol. He said the Union Cabinet has approved a 3 per cent increase in the procurement price for ethanol made from C-heavy molasses to Rs 57.97 per litre for the 2024-25 supply year, while keeping rates unchanged for other feedstocks. The price increase, aimed at boosting ethanol production from sugar industry byproducts, comes as India pushes to meet its accelerated target of 20 per cent ethanol blending in petrol by 2025-26.

Observing that the government's policy of controlling exports of sugar is both beneficial and harmful, he said ‘there is need to re-look at the sugar industry with a new perspective. Because irrespective of party in power in the country, Indian policy makers have urban centric mindset. They are only concerned about inflation in four products --sugar, oil, wheat and rice.’ He said ‘our MSP rates of some crops are higher than market price, still we are not changing our crop patters’. He added that diversification of Indian agriculture and sugar industry has shown good results. 

The CNX Nifty is currently trading at 23403.45, up by 153.95 points or 0.66% after trading in a range of 23277.40 and 23448.70. There were 41 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Tata Consumer up by 5.12%, Trent up by 4.88%, Titan up by 3.96%, Larsen & Toubro up by 3.75% and Bharat Electronics up by 3.43%. On the flip side, Bharti Airtel down by 1.75%, ICICI Bank down by 1.14%, Coal India down by 0.40%, NTPC down by 0.26% and Kotak Mahindra Bank down by 0.24% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 84.64 points or 1.18% to 7,158.12, Straits Times rose 66.36 points or 1.75% to 3,867.43, Nikkei 225 surged 118.68 points or 0.3% to 39,632.65. However, KOSPI dropped 24.79 points or 0.98% to 2,512.01.
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