Domestic indices magnify gains in late morning deals

Indian equity markets magnified their gains and were trading higher by around one percent in late morning deals on account of buying by funds and retail investors. Hectic buying in Bharti Airtel, Sun Pharma, Mahindra & Mahindra, Reliance Industries and Larsen & Toubro companies' stocks helped the markets to magnify their gains. Meanwhile, broader indices were trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.20-0.30%. Traders overlooked private report that Russia unleashed a massive attack on Ukraine’s infrastructure on November 28, leaving more than 1 million people without power in freezing temperatures across the country. There were some buzz in banking industry related stocks as the latest data from the Reserve Bank of India (RBI) showed that credit growth in the fortnight ending November 15 slowed to 11.15 per cent year-on-year (Y-o-Y), while deposit growth slightly outpaced credit growth, reaching 11.21 per cent Y-o-Y.  

On the global front, Asian markets were trading mixed as investors assessed November inflation numbers from Japan’s capital of Tokyo and industrial production figures from South Korea. The November headline inflation rate in Tokyo came in at 2.6%, a rebound from the 1.8% seen in October. Back home, in the stocks specific development, Easy Trip Planners surged after shares of the company were trading ex-bonus today, issuing one bonus equity share for every one fully paid-up equity share. 

The BSE Sensex is currently trading at 79842.94, up by 799.20 points or 1.01% after trading in a range of 79026.18 and 79843.22. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.27%, while Small cap index up by 0.21%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.87%, Telecom up by 1.22%, TECK up by 1.17%, Auto up by 0.92% and Consumer Durables up by 0.92%, while Realty down by 0.31% and PSU down by 0.13% were the only losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.77%, Sun Pharma up by 2.86%, Mahindra & Mahindra up by 2.30%, Reliance Industries up by 2.11% and Larsen & Toubro up by 2.05%. On the flip side, Power Grid down by 0.94%, Indusind Bank down by 0.23% and SBI down by 0.19% were the few losers.

Meanwhile, NITI Aayog member V K Saraswat has said that India must establish nationally accredited testing facilities for battery energy storage systems to support its ambitious clean energy transition goal. He highlighted the significant gap in testing and certification infrastructure as India aims to deploy over 238 gigawatt hours of battery storage capacity by 2030 to balance its expanding renewable energy network.

Saraswat called for authorising third-party testing and certification till the time the government sets up storage certification agencies. He underlined that India requires a universal standard for all types of energy storage systems. While the Bureau of Indian Standards has developed 17 specifications for energy storage systems, with more under development, he pointed out, the country lacks adequate facilities to verify compliance with these standards.

NITI Aayog member also underscored that coal will have a substantial presence in India's energy mix despite aggressive renewable energy targets, with a projected capacity of 150 gigawatts in 2047, down from the current level of 218 gigawatts. At the same time, solar capacity is expected to expand substantially by 2047, requiring extensive storage integration. He outlined various storage technologies under consideration, including pumped hydro which has identified the potential of 100 gigawatt capacities across 60 sites. Flow batteries, sodium-sulphur systems, and emerging technologies like aluminium-air batteries are being evaluated alongside conventional lithium-ion solutions.

The CNX Nifty is currently trading at 24139.85, up by 225.70 points or 0.94% after trading in a range of 23927.15 and 24144.45. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.82%, Cipla up by 3.17%, Sun Pharma up by 2.92%, Mahindra & Mahindra up by 2.36% and Reliance Industries up by 2.14%. On the flip side, SBI Life down by 1.56%, Shriram Finance down by 1.12%, Power Grid down by 0.96%, Adani Enterprises down by 0.59% and Indusind Bank down by 0.23% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 99.31 points or 0.51% to 19,466.27, Shanghai Composite strengthened 44.87 points or 1.36% to 3,340.57 and Taiwan Weighted added 130.82 points or 0.59% to 22,429.72. However, Straits Times fell 23.97 points or 0.64% to 3,713.28, KOSPI dropped 45.37 points or 1.81% to 2,459.30, Nikkei 225 slipped 139.57 points or 0.36% to 38,209.49 and Jakarta Composite plunged 84.78 points or 1.18% to 7,115.38.