Lackluster trade continues over Dalal Street

27 Jan 2025 Evaluate

A lackluster trade continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty falling around a percent, on the back of heavy selling at almost all the sectors except banking along with negative cues from other Asian markets, as Chinese industrial profits and manufacturing data disappointed, and the U.S. and Colombia pulled back from the brink of a trade war. Tech Mahindra was among the major losers on the BSE, plunging over 3%, followed by Power Grid and HCL Tech. The street overlooked Employees' State Insurance Corporation’s (ESIC) latest provisional payroll data showing that 16.07 lakh new employees have been added in the month of November 2024, as against 15.92 lakh during November 2023, marginally higher by 0.942%.

On the global front, Asian markets were trading mostly in red, after Japan's leading index decreased less than initially estimated in November. The latest data from the Cabinet Office showed that the leading index, which measures future economic activity, dropped to a 3-month low of 107.5 in November from 109.1 in October. The flash reading was 107.0.

The BSE Sensex is currently trading at 75480.81, down by 709.65 points or 0.93% after trading in a range of 75348.06 and 75925.72. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index plunged by 2.54%, while Small cap index was down by 3.57%.

The only gaining sectoral index on the BSE was Bankex up by 0.06%, while Telecom down by 3.28%, Industrials down by 2.82%, Healthcare down by 2.76%, IT down by 2.56% and Utilities down by 2.41% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.04%, Hindustan Unilever up by 0.97%, SBI up by 0.82%, Mahindra & Mahindra up by 0.32% and Kotak Mahindra Bank up by 0.19%. On the flip side, Tech Mahindra down by 3.55%, Power Grid down by 3.50%, HCL Tech. down by 3.01%, Zomato down by 2.99% and Tata Motors down by 2.53% were the top losers.

Meanwhile, Agriculture Minister Shivraj Singh Chouhan said the government is working on a model to allow farmers to sell their produce directly to consumers, reducing middlemen's role. He emphasized that the farm to consumer model will help farmers get maximum benefits. 

The minister said agriculture is the backbone of the Indian economy and farmers are its soul and without farmers, India cannot prosper. He said while agriculture is a state subject, the Centre will support farmers comprehensively. He also said the contribution of the agriculture sector and farmers would play a key role in making India a developed nation.  

He highlighted ongoing efforts including procuring crops at Minimum Support Price (MSP), promoting technological solutions, strengthening Krishi Vighyan Kendras, encouraging natural farming and crop diversification. He asserted that the government is making every possible effort to empower and improve farmers' economic conditions. 

The CNX Nifty is currently trading at 22866.30, down by 225.90 points or 0.98% after trading in a range of 22826.85 and 23007.45. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Britannia up by 1.55%, ICICI Bank up by 1.08%, Hindustan Unilever up by 1.02%, SBI up by 0.88% and Mahindra & Mahindra up by 0.29%. On the flip side, Power Grid down by 3.60%, Tech Mahindra down by 3.57%, Wipro down by 3.03%, HCL Tech. down by 3.03% and Tata Motors down by 2.62% were the top losers.

Asian markets were trading mostly in red; Shanghai Composite weakened 2.03 points or 0.06% to 3,250.60, Straits Times fell 7.37 points or 0.19% to 3,796.89 and Nikkei 225 slipped 366.18 points or 0.93% to 39,565.80, while Hang Seng advanced 155.87 points or 0.78% to 20,222.06.

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