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Domestic indices maintain gains amid Finance Minister Nirmala begins Budget speech in parliament
Feb-01-2025

Domestic equity indices maintained their gains in late morning deals amid Finance Minister (FM) Nirmala Sitharaman began her Budget speech in the parliament. Meanwhile, broader indices out performed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.45-0.85%. Sentiments got boost as Finance Minister announced that the credit guarantee for MSME startups will rise from Rs 10 crore to Rs 20 crore. Moreover, she said the Government will allow additional borrowing of 0.5% of GSDP by States. Agriculture industry related stocks were in limelight after Finance Minister announced Dhan Dhanya Krishi Yojana in partnership with States. Also, Textiles industry related stocks were in focus as FM said that the government to launch 5 years’ mission for Cotton Production. 

The BSE Sensex is currently trading at 77781.33, up by 280.76 points or 0.36% after trading in a range of 77434.85 and 77832.05. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.45%, while Small cap index up by 0.84%.

The top gaining sectoral indices on the BSE were Power up by 1.63%, Utilities up by 1.52%, Capital Goods up by 1.45%, Industrials up by 1.20% and Realty up by 1.10%, while Oil & Gas down by 0.07%, Energy down by 0.06% and Consumer Durables down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.49%, Ultratech Cement up by 1.87%, Axis Bank up by 1.69%, NTPC up by 1.33% and Maruti Suzuki up by 1.29%. On the flip side, Zomato down by 1.23%, Titan down by 1.11%, Nestle down by 0.91%, Tech Mahindra down by 0.68% and HCL Technologies down by 0.64% were the top losers.

Meanwhile, the Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries slowed down to 4 per cent in December 2024, as against 5.1 per cent growth registered a year ago. On a monthly basis, the growth rate in the production of these sectors was lower than the 4.4 per cent expansion recorded in November 2024. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). 

Crude Oil production having 8.98 per cent weight increased by 0.6 per cent in December, 2024 over December, 2023, while its cumulative index declined by 2.1 per cent during April to December, 2024-25 over corresponding period of the previous year. Steel production having 17.92 per cent weight increased by 5.1 per cent in December, 2024 over December, 2023 and its cumulative index increased by 5.8 per cent during April to December, 2024-25 over corresponding period of the previous year.  Fertilizer production having 2.63 per cent weight increased by 1.7 per cent in December, 2024 over December, 2023 and its cumulative index increased by 1.6 per cent during April to December, 2024-25 over corresponding period of the previous year. 

Cement production having 5.37 per cent weight increased by 4.0 per cent in December, 2024 over December, 2023 and its cumulative index increased by 3.3 per cent during April to December, 2024-25 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 2.8 per cent in December, 2024 over December, 2023 and its cumulative index increased by 2.7 per cent during April to December, 2024-25 over corresponding period of the previous year. Coal production having 10.33 per cent weight increased by 5.3 per cent in December, 2024 over December, 2023 and its cumulative index increased by 6.2 per cent during April to December, 2024-25 over corresponding period of the previous year. 

Electricity generation having 19.85 per cent weight increased by 5.1 per cent in December, 2024 over December, 2023 and its cumulative index increased by 5.3 per cent during April to December, 2024-25 over corresponding period of the previous year.  However, Natural Gas production having 6.88 per cent weight declined by 1.8 per cent in December, 2024 over December, 2023, while its cumulative index increased by 0.7 per cent during April to December, 2024-25 over corresponding period of the previous year.  

The CNX Nifty is currently trading at 23599.90, up by 91.50 points or 0.39% after trading in a range of 23479.05 and 23604.25. There were 32 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Consumer up by 2.49%, Indusind Bank up by 2.48%, Ultratech Cement up by 1.89%, Axis Bank up by 1.59% and Bharat Electronics up by 1.55%. On the flip side, Titan down by 1.38%, SBI Life down by 1.12%, Nestle down by 1.01%, BPCL down by 0.94% and Wipro down by 0.93% were the top losers.
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