Indian markets cut almost all gains during early noon

22 Jan 2025 Evaluate

Indian equity benchmarks cut some of their gains during early afternoon session, on the back of heavy selling at all sector except IT and TECK, however they managed to keep their heads in green, tracking positive cues from other Asian markets. Traders got some relief, as the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report has showed that 14.63 lakh net members have been added in the month of November 2024, an increase of 9.07% as compared to the previous month of October 2024. Further, on the year on year basis, there was a growth of 4.88% in net member additions compared to November 2023.

On the global front, Asian markets were trading mostly in green, after South Korea's consumer sentiment increased for the first time in three months in January. The survey results from the Bank of Korea showed that the consumer confidence index rose to 91.2 in January from 88.2 in December. The consumer confidence survey was conducted between January 7 and 14 among 2,500 households.

The BSE Sensex is currently trading at 75978.42, up by 140.06 points or 0.18% after trading in a range of 75851.49 and 76280.85. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 2.15%, while Small cap index was down by 2.47%.

The only gaining sectoral indices on the BSE were IT up by 1.14% and TECK up by 1.01%, while Realty down by 4.81%, Industrials down by 2.60%, PSU down by 2.43%, Power down by 2.42% and Capital Goods down by 2.39% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.65%, TCS up by 2.36%, Tech Mahindra up by 2.00%, Maruti Suzuki up by 1.33% and Sun Pharma up by 1.33%. On the flip side, Tata Motors down by 2.89%, Adani Ports & SEZ down by 1.77%, NTPC down by 1.74%, SBI down by 1.67% and Power Grid down by 1.57% were the top losers.

Meanwhile, with an aim to enhance the global competitiveness of India’s diamond sector, Department of Commerce, Government of India has introduced the Diamond Imprest Authorization (DIA) Scheme. Among the key features, this scheme allows the duty-free import of Natural Cut and Polished Diamonds, of less than 1/4 Carat (25 Cents). This scheme mandates export obligation with a value addition of 10 per cent. All Diamond exporters holding Two Star Export House status and above and having $15 Million exports per year, are eligible for availing the benefit under this scheme.

The Ministry of Commerce and Industry added that the scheme is made in response to Beneficiation policies undertaken in a number of natural diamond mining countries like Botswana, Namibia Angola etc where Diamond manufactures are obliged to open cut and polishing facilities for a minimum percentage of value addition. It said this scheme is aimed towards retaining India’s position as a global leader in the entire value chain of Diamond industry.

The scheme is designed to provide a level playing field for Indian diamond exporters, particularly MSME exporters, enabling them to compete effectively with larger peers. It aims to prevent the potential flight of investments by Indian diamantaires to diamond-mining destinations. Additionally, the scheme is expected to generate more employment opportunities, particularly for diamond assorters and in the processing of semi-finished diamonds in factories, the release added. By facilitating Indian exporters, it seeks to protect the domestic diamond processing industry and sustain the associated employment.

The CNX Nifty is currently trading at 23026.05, up by 1.40 points or 0.01% after trading in a range of 22989.60 and 23144.25. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Infosys up by 2.59%, TCS up by 2.21%, Wipro up by 2.16%, Tech Mahindra up by 1.90% and Maruti Suzuki up by 1.36%. On the flip side, Bharat Electronics down by 4.03%, Tata Motors down by 3.10%, Trent down by 2.36%, Adani Ports & SEZ down by 1.99% and Adani Enterprises down by 1.89% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 65.92 points or 0.91% to 7,247.74, KOSPI increased 29.03 points or 1.14% to 2,547.06, Nikkei 225 surged 618.27 points or 1.56% to 39,646.25 and Taiwan Weighted added 225.4 points or 0.96% to 23,525.41, while Shanghai Composite weakened 29.48 points or 0.92% to 3,213.14, Straits Times fell 7.56 points or 0.2% to 3,787.81 and Hang Seng declined 366.07 points or 1.85% to 19,740.48. 

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