Domestic indices remain in green in afternoon session

Domestic equity indices remained in green and were trading higher by quarter a percent in afternoon session on account of buying in Tata Motors, Nestle, Mahindra & Mahindra, ITC and Hindustan Unilever. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.25-0.40%. Positive cues from the global markets supported domestic sentiments. There was also some encouragement in the markets as retail inflation for farm workers and rural labourers dipped to 5.35 per cent and 5.47 per cent in November compared to 5.96 per cent and 6 per cent, respectively, in October this year. However, upside remained limited as foreign portfolio investors sold shares worth Rs. 168.71 crore on December 23. On the BSE sectoral front, traders were seen pilling up positions in Oil & Gas, Energy, Auto, FMCG and Realty, while selling was witnessed in Metal, Basic Materials, Power Bankex and Consumer Durables. 

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. However, South Korea’s consumer confidence slipped to the lowest in over two years. The country’s consumer sentiment index dropped by more than 12 points from November to 88.4 in December, falling below the 100-point mark that separates optimism from pessimism. Back home, in the stock specific development, HG Infra Engineering gained after the company announced that its subsidiary HG Banaskantha BESS has signed a battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam for a 185 MW/370 MWh project on a long-term basis.  

The BSE Sensex is currently trading at 78764.82, up by 224.65 points or 0.29% after trading in a range of 78397.79 and 78877.36. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.26%, while Small cap index up by 0.37%.

The gaining sectoral indices on the BSE were Oil & Gas up by 1.03%, Energy up by 0.92%, Auto up by 0.84%, FMCG up by 0.74% and Realty up by 0.62%, while Metal down by 1.04%, Basic Materials down by 0.16%, Power down by 0.10%, Bankex down by 0.10% and Consumer Durables down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.12%, Nestle up by 1.05%, Mahindra & Mahindra up by 0.99%, ITC up by 0.94% and Hindustan Unilever up by 0.68%. On the flip side, Tata Steel down by 1.24%, Bajaj Finance down by 0.59%, SBI down by 0.58%, Indusind Bank down by 0.56% and Titan down by 0.34% were the top losers.

Meanwhile, the Telecom Regulatory Authority of India (TRAI) in its subscription data for October 2024 has revealed a decline of 33 lakh active subscribers across the country. The total number of telephone subscribers, including wireless and wireline, stood at 1,188.20 million as of October 31, 2024, reflecting a monthly decline rate of 0.21 per cent. Urban and rural subscribers experienced reductions, with urban subscriptions decreasing to 660.42 million and rural subscriptions falling to 527.79 million. The broadband segment also saw a marginal decline, with total subscribers decreasing from 944.40 million in September 2024 to 941.47 million in October 2024, registering a decline rate of 0.31 per cent.

However, wired broadband showed growth, rising from 43.63 million to 44.66 million subscribers, an increase of 2.37 per cent. Conversely, fixed wireless connections such as Wi-Fi and Wi-Max dropped significantly by 22.72 per cent, while mobile device users fell by 0.42 per cent to 896.05 million. Wireless subscriptions, which form the bulk of India’s telecom base, declined from 1,153.72 million in September 2024 to 1,150.42 million in October 2024, registering a monthly decline rate of 0.29 per cent.

Both urban and rural wireless subscriptions saw decreases, with urban areas shrinking by 0.41 per cent and rural areas by 0.14 per cent. The wireless tele-density reduced to 81.77 per cent, while urban and rural tele-densities dropped to 124.38 per cent and 58.06 per cent, respectively. In contrast to the wireless segment, wireline subscribers increased from 36.93 million in September 2024 to 37.79 million in October 2024, marking a growth rate of 2.31 per cent. Urban areas accounted for 92.25 per cent of the wireline subscriber base, while rural areas contributed 7.75 per cent. The overall wireline tele-density rose to 2.69 per cent during this period.

The CNX Nifty is currently trading at 23822.15, up by 68.70 points or 0.29% after trading in a range of 23709.65 and 23867.65. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 2.73%, Tata Motors up by 2.17%, Trent up by 1.47%, Dr. Reddy's Lab up by 1.40% and BPCL up by 1.28%. On the flip side, Tata Steel down by 1.26%, JSW Steel down by 1.02%, Hindalco down by 0.77%, Indusind Bank down by 0.74% and Bajaj Finance down by 0.63% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 215.16 points or 1.07% to 20,098.29, Shanghai Composite strengthened 29.2 points or 0.87% to 3,380.46, Straits Times rose 17.22 points or 0.46% to 3,769.55 and Taiwan Weighted added 15.7 points or 0.07% to 23,120.24. However, KOSPI dropped 3.91 points or 0.16% to 2,438.10, Jakarta Composite plunged 3.62 points or 0.05% to 7,092.83 and Nikkei 225 slipped 94.29 points or 0.24% to 39,067.05.