Indian equity markets added more points in late morning deals on account of buying by funds and retail investors. Buying in Axis Bank, HDFC Bank, ICICI Bank, Indusind Bank and Bajaj Finance companies’ stocks supported the markets to add more points. Sentiments got boost following the Reserve Bank of India's announcement of several measures to boost liquidity in the banking system. Further, some support also came in as U.S. Treasury yields and crude oil prices fell yesterday. The 10-year Treasury yield slipped nine basis points to 4.532%. However, the broader markets were facing the heat of selling; the BSE mid-cap index declined by 1.50 per cent and the small-cap index was down 3.65 per cent.
On the global front Asian markets were trading mixed as Chinese AI startup DeepSeek’s challenge to America’s global leadership in artificial intelligence threatens Asian tech companies part of the U.S. AI value chain. Most of the major markets in the region were closed for Lunar New Year holidays. Back home, on the BSE sectoral front, traders were seen pilling up positions in Bankex, Auto, TECK and Realty, while selling was witnessed in Industrials, Capital Goods, Power, Healthcare and Utilities.
The BSE Sensex is currently trading at 75957.94, up by 591.77 points or 0.79% after trading in a range of 75622.88 and 76075.07. There were 19 stocks advancing against 11 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index was down by 1.50%, while Small cap index down by 3.65%.
The top gaining sectoral indices on the BSE were Bankex up by 1.51%, Auto up by 0.46%, TECK up by 0.08% and Realty up by 0.02% while, Industrials down by 3.18%, Capital Goods down by 2.72%, Power down by 2.66%, Healthcare down by 2.28% and Utilities down by 2.23% were the top losing indices on BSE.
The top gainers on the Sensex were Axis Bank up by 3.23%, HDFC Bank up by 2.87%, ICICI Bank up by 2.28%, Indusind Bank up by 1.82% and Bajaj Finance up by 1.61%. On the flip side, Sun Pharma down by 3.95%, NTPC down by 3.07%, Power Grid down by 1.13%, Larsen & Toubro down by 0.93% and Ultratech Cement down by 0.80% were the top losers.
Meanwhile, Union Minister Shivraj Singh Chouhan said the government is trying to bring policy-level changes for simplifying agriculture. He indicated that providing subsidies on fertiliser, seed and farming equipment through direct benefit transfer (DBT) could be considered in the future.
He said ‘the fertiliser subsidy that the government gives costs to the tune of Rs 2,00,000 crore. A sack of urea costs Rs 265 to the farmers, but it costs Rs 2,400. The subsidy goes to the company. The fertilizer is also used for other purposes-- if there is a reliable system, farmers can be given the subsidy directly in their accounts.’ He also said the PM Kisan Samman Nidhi’s cost comes to around Rs 60,000 crore, if the fertilizer subsidy is given through DBT, the bank balance will increase further.
Similarly, the minister said the government will explore if direct benefit transfer can be applied for other subsidies related to agriculture as well, like for drip irrigation, polyhouse or tractors. He also said that the government is considering bearing the transportation cost for agricultural produce so as to enable farmers to sell their products across the country.
He said ‘we are making efforts to simplify agriculture for farmers. Soybean rates went down, so we imposed a 20 per cent duty on import of (soybean) oil--we removed the restriction from export of Basmati rice’. He said ‘that agricultural produce is cheap, but it becomes expensive by the time it reaches cities. We are contemplating how to reduce this difference for the consumer, like if the Centre and states can share the transport expense.’
The CNX Nifty is currently trading at 22971.20, up by 142.05 points or 0.62% after trading in a range of 22857.65 and 22987.10. There were 26 stocks advancing against 24 stocks declining on the index.
The top gainers on Nifty were Axis Bank up by 3.23%, HDFC Bank up by 2.96%, ICICI Bank up by 2.41%, Bajaj Finance up by 1.82% and Indusind Bank up by 1.78%. On the flip side, Sun Pharma down by 4.21%, NTPC down by 3.79%, Bharat Electronics down by 3.18%, Dr. Reddy's Lab down by 1.97% and Hindalco down by 1.88% were the top losers.
Asian markets were trading mixed; Hang Seng advanced 27.34 points or 0.14% to 20,225.11 and Straits Times rose 4.36 points or 0.11% to 3,801.07. However, Nikkei 225 slipped 559.28 points or 1.41% to 39,006.52.