Markets add more gains in late morning deals

Indian equity markets added more gains in late morning deals on account of buying in Mahindra & Mahindra, Larsen & Toubro, Asian Paints, Bajaj Finance and Indusind Bank. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.10-0.75%. There was some encouragement in the markets as the commerce ministry's arm APEDA has revised the NPOP's regulations to make it more farmer-friendly and help India achieve $2 billion exports target for organic food products by 2030. The National Programme for Organic Production (NPOP) provides standards for organic production and procedure for accreditation of Certification Bodies. Traders overlooked report that the output of eight key infrastructure sectors slowed down to 4.3 per cent in November 2024 against 7.9 per cent growth registered a year ago. On the BSE sectoral front, traders were seen pilling up positions in Industrials, Capital Goods, Telecom, TECK and Healthcare, while selling was witnessed in Realty, Metal, Oil & Gas and Utilities. On the global front, Asian markets remained closed for the New Year holiday.

The BSE Sensex is currently trading at 78469.29, up by 330.28 points or 0.42% after trading in a range of 77898.30 and 78637.71. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.11%, while Small cap index up by 0.73%.

The top gaining sectoral indices on the BSE were Industrials up by 0.76%, Capital Goods up by 0.74%, Telecom up by 0.60%, TECK up by 0.39% and Healthcare up by 0.35%, while Realty down by 0.61%, Metal down by 0.20%, Oil & Gas down by 0.15% and Utilities down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.80%, Larsen & Toubro up by 1.71%, Asian Paints up by 1.57%, Bajaj Finance up by 1.43% and Indusind Bank up by 1.17%. On the flip side, Adani Ports down by 0.55%, NTPC down by 0.49%, Tata Steel down by 0.40%, Power Grid down by 0.31% and Zomato down by 0.09% were the top losers.

Meanwhile, the Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries rose 4.3 per cent year-on-year in November 2024 primarily due to an uptick in production of coal, cement and steel. In November 2023, the core sector had grown by 7.9 per cent on year, and in October by 3.7 per cent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Steel production having 17.92 per cent weight increased by 4.8 per cent in November, 2024 over November, 2023, and its cumulative index increased by 5.9 per cent during April to November, 2024-25 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 2.0 per cent in November, 2024 over November, 2023, and its cumulative index increased by 1.6 per cent during April to November, 2024-25 over corresponding period of the previous year. Cement production having 5.37 per cent weight increased by 13.0 per cent in November, 2024 over November, 2023, and its cumulative index increased by 3.1 per cent during April to November, 2024-25 over corresponding period of the previous year. 

Petroleum Refinery production having 28.04 per cent weight increased by 2.9 per cent in November, 2024 over November, 2023, and its cumulative index increased by 2.7 per cent during April to November, 2024-25 over corresponding period of the previous year. Coal production having 10.33 per cent weight increased by 7.5 per cent in November, 2024 over November, 2023, and its cumulative index increased by 6.4 per cent during April to November, 2024-25 over corresponding period of the previous year. Electricity generation having 19.85 per cent weight increased by 3.8 per cent in November, 2024 over November, 2023, and its cumulative index increased by 5.3 per cent during April to November, 2024-25 over corresponding period of the previous year.  

However, Natural Gas production having 6.88 per cent weight declined by 1.9 per cent in November, 2024 over November, 2023, while its cumulative index increased by 1.1 per cent during April to November, 2024-25 over corresponding period of the previous year. Crude Oil production having 8.98 per cent weight declined by 2.1 per cent in November, 2024 over November, 2023 and its cumulative index fell by 2.4 per cent during April to November, 2024-25 over corresponding period of the previous year.  

The CNX Nifty is currently trading at 23742.90, up by 98.10 points or 0.41% after trading in a range of 23562.80 and 23778.85. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 1.78%, Asian Paints up by 1.58%, Apollo Hospital up by 1.58%, Larsen & Toubro up by 1.51% and Bajaj Finance up by 1.25%. On the flip side, Hindalco down by 1.93%, Bajaj Auto down by 1.82%, Dr. Reddy's Lab down by 1.45%, Adani Ports down by 0.90% and Wipro down by 0.61% were the top losers.