Sensex,Nifty turn positive in late afternoon

Erasing all of their losses, Indian equity benchmarks turned positive in late afternoon deals, with both Sensex and Nifty trading notably higher, aided by heavy buying in all sectors excluding Auto. Sentiments remained optimistic, as Union Minister for Commerce & Industry, Piyush Goyal has said that India’s focus on infrastructure is empowering the economy and giving it a fillip. The Minister also said that massive investments both from the government and from the private sector, directed towards infrastructure is boosting the infrastructural capabilities of the country. Adding more comfort, a private report noted that in a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks.

On the global front, European and Asian stock markets remained closed today on New Year’s Day. Back home, auto stocks were trading lower, amid weak sales data for December month. Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES) has reported 17.66% fall in total tractor sales (Domestic + Exports) during December 2023 at 19,138 units, as against 23,243 units for the same period last year, while Maruti Suzuki India has reported a 1.28 per cent decline in total sales at 1,37,551 units in December 2023. The company had posted total sales of 1,39,347 units in the same month a year ago. 

The BSE Sensex is currently trading at 72401.24, up by 160.98 points or 0.22% after trading in a range of 72032.97 and 72423.73. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.82%, while Small cap index was up by 0.95%.

The top gaining sectoral indices on the BSE were PSU up by 1.22%, Energy up by 1.10%, Telecom up by 1.10%, Basic Materials up by 1.08% and Oil & Gas up by 0.90%, while Auto down by 0.05% was the only losing index on BSE.

The top gainers on the Sensex were Nestle up by 2.45%, Tech Mahindra up by 2.00%, Wipro up by 1.94%, HCL Tech. up by 1.46% and ITC up by 1.38%. On the flip side, Bharti Airtel down by 2.02%, Mahindra & Mahindra down by 1.28%, NTPC down by 0.37%, Maruti Suzuki down by 0.33% and HDFC Bank down by 0.32% were the top losers.

Meanwhile, Union Minister for Commerce & Industry, Piyush Goyal has said that India’s focus on infrastructure is empowering the economy and giving it a fillip. The Minister also said that massive investments both from the government and from the private sector, directed towards infrastructure is boosting the infrastructural capabilities of the country. 

Goyal said competitive source of financing is attracting investments from those who are looking for greater safety. He said the stock market is also hitting a 4 trillion mark for the first time and India being amongst the top five global markets has huge opportunities.

The Minister pointed out that the country is the fifth largest economy in the world and the fastest growing economy at 7.6%, this quarter. He further said 'The world trusts India today,' mentioning that the country stands at the cusp of a very bright future as a trusted partner of the world and as a vibrant democracy where people recognize and respect the rule of law.

Besides, Goyal said a resilient debt capital market will be the catalyst for innovation, entrepreneurship and infrastructure development. He noted that massive urbanization will happen over the next few decades even as Tier 2 cities are also going to become metropolitan cities. Also, he noted that Rural Areas incomes are rising, raising spending power across the country. 

The CNX Nifty is currently trading at 21795.20, up by 63.80 points or 0.29% after trading in a range of 21684.05 and 21801.20. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.01%, Adani Ports & SEZ up by 2.89%, Nestle up by 2.51%, Wipro up by 2.03% and Tech Mahindra up by 2.01%. On the flip side, Eicher Motors down by 2.30%, Bharti Airtel down by 1.93%, Mahindra & Mahindra down by 1.44%, Bajaj Auto down by 1.29% and Hero MotoCorp down by 0.46% were the top losers.