Bourses remain higher in late afternoon session

Indian equity markets continued their fine fettle trade in late afternoon session. Traders paid no heed towards private report that foreign flows into Indian government bonds are set to decline in 2025, after spiking to a record high in 2024 as the debt got added to JPMorgan’s emerging market debt index. Interest rate trajectories in India and the United States and moves in the rupee will influence the pace of flows. Besides, Indian banks’ loan growth moderated for a fifth straight month in November, as lenders continued to rein in unsecured and personal loans after the Reserve Bank of India’s crackdown on ‘exuberant’ lending. 

The BSE Sensex is currently trading at 78618.00, up by 478.99 points or 0.61% after trading in a range of 77898.30 and 78756.49. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.34%, while Small cap index was up by 0.91%.

The gaining sectoral indices on the BSE were Capital Goods up by 1.17%, Auto up by 1.12%, Industrials up by 1.11%, Power up by 0.81% and Consumer discretionary was up by 0.58%, while Realty down by 1.10% and Metal down by 0.12% was the only losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.76%, Mahindra & Mahindra up by 2.28%, Larsen & Toubro up by 1.84%, Indusind Bank up by 1.81% and Bajaj Finance up by 1.45%. On the flip side, Tata Steel down by 0.80%, Adani Ports down by 0.69%, Zomato down by 0.43%, Hindustan Unilever down by 0.20% and Tech Mahindra down by 0.16% were the top losers.

Meanwhile, Reserve Bank of India (RBI) in its latest report ‘Sectoral Deployment of Bank Credit - November 2024’ has showed that credit to agriculture and allied activities registered a growth of 15.3 per cent (y-o-y) as on the fortnight ended November 29, 2024 (18.1 per cent for the corresponding fortnight of the previous year).

According to the report, credit growth to industry was at 8.1 per cent (y-o-y) as on the fortnight ended November 29, 2024 compared to 5.5 per cent for the corresponding fortnight of the previous year. Among major industries, credit to ‘chemicals and chemical products’, ‘infrastructure’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth.

RBI’s report also showed that credit growth to services sector was at 14.4 per cent (y-o-y) as on the fortnight ended November 29, 2024 (22.2 per cent for the corresponding fortnight of the previous year), primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs) and trade segment. However, credit growth (y-o-y) to ‘commercial real estate’ and ‘computer software’ accelerated.

Besides, it said that personal loans registered 16.3 per cent growth (y-o-y) as on the fortnight ended November 29, 2024 as compared with 18.7 per cent for the corresponding fortnight of the previous year, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ - the largest constituent of this segment - recorded accelerated growth (y-o-y).

The CNX Nifty is currently trading at 23779.55, up by 134.75 points or 0.57% after trading in a range of 23562.80 and 23822.80. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 2.93%, Mahindra & Mahindra up by 2.28%, Indusind Bank up by 1.87%, Larsen & Toubro up by 1.86% and Adani Enterprises up by 1.56%. On the flip side, Dr. Reddy's Lab down by 1.79%, Hindalco down by 1.38%, Adani Ports down by 0.87%, Bajaj Auto down by 0.78% and Tata Steel down by 0.77% were the top losers.