Key gauges trade flat with positive bias in morning deals

Indian equity benchmarks traded flat with positive bias in morning deals as traders remained on sidelines ahead of India’s GDP growth data for the latest July-September 2024 quarter (Q2 FY25) to be released on Friday. The GDP is expected to slow to 6.2-6.9 per cent this quarter due to factors like heavy rains and weak corporate margins. However, traders took some support with exchange data showed Foreign Institutional Investors (FIIs) infused Rs 7.78 crore in the capital markets on a net basis on Wednesday. Sector-wise, cement industry stocks remained in watch as rating agency ICRA has revised down its volume growth forecast for the cement industry to 4-5 per cent at 445-450 million tonne for the current fiscal (FY25) on account of sluggish construction activity. On the global front, Asian markets are trading mostly in red as data showed U.S. consumer price inflation accelerated in line with estimates, renewing concerns about the outlook for interest rates. Traders also weighed the news of a ceasefire deal between Israel and Hezbollah. 

The BSE Sensex is currently trading at 80289.87, up by 55.79 points or 0.07% after trading in a range of 80144.85 and 80447.40. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.69%, while Small cap index was up by 1.06%.

The top gaining sectoral indices on the BSE were Utilities up by 1.75%, Oil & Gas up by 1.68%, Energy up by 1.40%, Power up by 1.27% and Realty up by 1.18%, while IT down by 0.67% and TECK down by 0.51% were the few losing indices on BSE.

The top gainers on the Sensex were Adani Ports &SEZ up by 2.00%, Tata Motors up by 0.96%, SBI up by 0.82%, Indusind Bank up by 0.78% and Hindustan Unilever up by 0.75%. On the flip side, Infosys down by 1.23%, Mahindra & Mahindra down by 1.19%, Tech Mahindra down by 1.16%, Power Grid Corporation down by 0.91% and HCL Technologies down by 0.67% were the top losers.

Meanwhile, Union Transport Minister Nitin Gadkari has said that the Indian automobile industry ranks third globally, behind China and the United States, but the government aims to elevate it to the top position within the next five years. The Indian automobile industry’s market size is around Rs 22 lakh crore. China leads with Rs 47 lakh crore, followed by the US at Rs 78 lakh crore. 

Gadkari said ‘Our mission and dream are to make the Indian automobile industry the world’s largest within five years. This industry is crucial to the vision of Atmanirbhar Bharat.’ He stated ‘This sector is our top exporter, contributes the highest GST revenue to both state and central governments, and has so far generated 4.5 crore jobs. By focusing on ethanol, methanol, biodiesel, bio-LNG, electric vehicles, and hydrogen, we are investing in the fuels of the future.’

Besides, talking about the issue of air pollution, he emphasised the need for adopting alternative energy sources for vehicles. He noted ‘We annually import fossil fuels worth Rs 22 lakh crore, a major contributor to pollution. In the transport sector, finding alternatives to fossil fuels is critical.’ He added pollution is a pressing concern. Without reducing fossil fuel imports, the air pollution problem cannot be resolved.

The CNX Nifty is currently trading at 24303.30, up by 28.40 points or 0.12% after trading in a range of 24254.35 and 24345.75. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 5.22%, Adani Ports &SEZ up by 2.09%, Coal India up by 1.70%, BPCL up by 1.47% and ONGC up by 1.10%. On the flip side, Eicher Motors down by 1.39%, Tech Mahindra down by 1.39%, Infosys down by 1.25%, Mahindra & Mahindra down by 1.22% and Power Grid Corporation down by 0.97% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 94 points or 0.42% to 22,240.78, Hang Seng declined 259.06 points or 1.34% to 19,344.07, Jakarta Composite plunged 33.65 points or 0.46% to 7,212.24 and Shanghai Composite weakened 9.91 points or 0.3% to 3,299.87.

On the flip side, Nikkei 225 surged 313.22 points or 0.82% to 38,448.19, KOSPI increased 2.24 points or 0.09% to 2,505.30 and Straits Times rose 6.69 points or 0.18% to 3,714.78.