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Key gauges slip into red in morning deals
Feb-14-2025

Indian equity benchmarks erased initial gains and slipped into red in morning deals, due to unabated foreign fund withdrawal and higher crude oil prices. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,789.91 crore on net basis on Thursday, according to exchange data. Traders overlooked Prime Minster Narendra Modi’s statement that the United States and India have set a target of doubling their bilateral trade to $500 billion by 2030 and will work on concluding a mutually beneficial trade agreement very soon. Sector-wise, Auto stocks remained in focus as data from the Society of Indian Automobile Manufacturers (Siam) showed that the Indian auto industry has kick-started the year with strong showing in exports, as major segments, including passenger vehicles (PVs), two-wheelers (2Ws), and three-wheelers (3W), recorded double-digit growth in January. On the global front, Asian markets are trading mostly in green buoyed by hopes of a resolution to the Ukraine war and U.S. President Trump's decision to delay the implementation of his much-hyped additional tariffs on foreign goods.  

The BSE Sensex is currently trading at 75790.38, down by 348.59 points or 0.46% after trading in a range of 75725.13 and 76483.06. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 2.30%, while Small cap index was down by 2.60%.

The lone gaining sectoral index on the BSE were FMCG up by 0.11%, while Healthcare down by 2.68%, Industrials down by 2.30%, Power down by 2.20%, Utilities down by 2.08% and Capital Goods down by 2.02% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.04%, ITC up by 0.72%, Hindustan Unilever up by 0.52%, HCL Technologies up by 0.40% and ICICI Bank up by 0.20%. On the flip side, Adani Ports &SEZ down by 2.68%, Sun Pharma down by 2.03%, Ultratech Cement down by 1.86%, NTPC down by 1.73% and Indusind Bank down by 1.60% were the top losers.

Meanwhile, the Coal and Mines Minister G Kishan Reddy has said with the rapidly growing energy demand of India, the government is working on increasing the coal production to achieve the vision of 'Viksit Bharat'. In an attempt to ensure that people do not have to face power shortage, especially in the summer season, the government has set the target of producing one billion tonnes of coal this year. He said, ‘Energy demand is increasing rapidly in India and coal is an important pillar of our energy security. Coal production is very important for the next 50 years to achieve the aim of Viksit Bharat.’ 

On the coal supply, he explained that India is the second largest consumer and producer of coal after China. The government is also taking steps to reduce coal import. He also said ‘More than 74 per cent of electricity generation in the country is coal-based. Our coal production has increased from last year and the government is working on increasing the coal production every year’. Further he emphasized the crucial role played by Coal India and all its subsidiaries in ensuring energy security. 

Considering a huge demand for critical minerals like lithium and copper, he said ‘The country is acquiring critical mineral blocks in Argentina’. Minister said Prime Minister Modi had directed him to prepare an action plan to meet the rising energy demand by ensuring proper coal storage, land for coal production, safety of coal mining workers and welfare of farmers. The government also eyes to increase mining activity to raise employment opportunities. He also promised to roll out various welfare programmes for coal mine workers.

The CNX Nifty is currently trading at 22904.10, down by 127.30 points or 0.55% after trading in a range of 22885.85 and 23133.70. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Nestle up by 0.93%, ITC up by 0.73%, Hindustan Unilever up by 0.62%, Britannia Industries up by 0.44% and HCL Technologies up by 0.39%. On the flip side, Adani Enterprises down by 2.97%, Adani Ports &SEZ down by 2.90%, Bharat Electronics down by 2.75%, Sun Pharma down by 2.05% and Dr. Reddy's Lab down by 2.00% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 489.43 points or 2.19% to 22,303.80, KOSPI increased 13.08 points or 0.51% to 2,596.25, Jakarta Composite gained 9.53 points or 0.14% to 6,623.10 and Shanghai Composite strengthened 8.47 points or 0.25% to 3,340.95.

On the flip side, Nikkei 225 slipped 257.85 points or 0.65% to 39,203.62, Taiwan Weighted lost 238.35 points or 1.02% to 23,161.06 and Straits Times fell 4.69 points or 0.12% to 3,877.89.
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