Markets trade below neutral lines in late afternoon session

Indian equity markets traded below neutral lines in late afternoon session amid volatility. The broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent each. The shares of Reliance, Hindustan Unilever, Paytm remained in focused after reporting quarterly numbers in the previous session. Traders overlooked report that India’s forex reserves jumped $1.634 billion to $618.937 billion for the week ended January 12. The country’s forex kitty had reached an all-time high of $645 billion in October 2021. 

The BSE Sensex is currently trading at 71597.90, down by 85.33 points or 0.12% after trading in a range of 71499.27 and 72026.26. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.69%, while Small cap index was up by 0.66%.

The top gaining sectoral indices on the BSE were PSU up by 2.03%, Utilities up by 1.32%, Telecom up by 1.31%, Metal up by 0.91% and Power was up by 0.84%, while FMCG down by 0.90%, IT down by 0.85%, Realty down by 0.64%, TECK down by 0.55% and Consumer Durables was down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.57%, Power Grid up by 1.47%, Bharti Airtel up by 1.23%, SBI up by 0.91% and ICICI Bank up by 0.89%. On the flip side, Hindustan Unilever down by 3.42%, TCS down by 1.66%, HCL Tech down by 1.59%, Indusind Bank down by 1.46% and Mahindra & Mahindra down by 1.29% were the top losers.

Meanwhile, crediting Prime Minister Narendra Modi for developing a very strong semi-conductor industry in the country in a short span of time with focus on the entire ecosystem, Union Minister Ashwini Vaishnaw has said that the first made-in-India chip will be out by December 2024. The minister said PM Modi launched a semiconductor policy in January 2022.

He added ‘MoUs (Memoranda of Understanding) with 104 universities are already in place, their course curriculum are being revised, there is a lot of focus on design with a separate investment scheme. Many design companies have got the benefit and they are gradually coming up in the value chain. All of this is getting appreciated a lot by companies from the world over’.

Recently, the cabinet had approved an initial pact signed between India and the European Union to boost cooperation for semiconductor research and innovation and advancement of technologies. The Memorandum of Understanding was signed on November 21, 2023, between India and the European Commission on Working Arrangements on Semiconductors Ecosystems, its supply chain and innovation under the framework of EU-India Trade and Technology Council (TTC).

The CNX Nifty is currently trading at 21601.00, down by 21.40 points or 0.10% after trading in a range of 21578.75 and 21720.30. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.37%, Kotak Mahindra Bank up by 2.61%, Power Grid up by 1.40%, Hindalco up by 1.36% and ICICI Bank up by 1.25%. On the flip side, Hindustan Unilever down by 3.29%, HCL Tech down by 1.72%, TCS down by 1.62%, Indusind Bank down by 1.48% and Mahindra & Mahindra down by 1.37% were the top losers.