Benchmarks add some losses in morning deals

Indian equity benchmarks added some losses in morning deals, following a challenging week marked by foreign investor withdrawals due to concerns over slowing economic growth and corporate earnings. Foreign institutional investors (FIIs) offloaded Rs 7,170.87 crore in the capital markets on a net basis on Thursday, according to exchange data. Some concern also came with report that the nominal GDP is likely to miss the Budget projection for growth for the second consecutive year in FY25. While the government projected 10.5 percent growth for this fiscal year, the nominal GDP growth, according to the first advance estimate released on January 7, was 9.7 percent. Traders overlooked Financial Services Secretary M Nagaraju’s statement that the government would soon launch a new credit guarantee scheme for the Micro, Small and Medium Enterprise (MSME) sector covering loans up to Rs 100 crore. He said the scheme is expected to be placed before the Union Cabinet soon for its approval. MSME sector employs 50 million people. On the global front, Asian markets are trading mostly in red as caution took hold ahead of jobs data that will help shape the outlook for Federal Reserve interest rates. 

The BSE Sensex is currently trading at 77276.84, down by 343.37 points or 0.44% after trading in a range of 77099.55 and 77890.97. There were 7 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.67%, while Small cap index was down by 2.20%.

The top gaining sectoral indices on the BSE were IT up by 1.38% and TECK up by 1.03%, while Utilities down by 2.46%, Power down by 2.40%, PSU down by 1.96%, Basic Materials down by 1.94% and Industrials down by 1.87% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 4.50%, Tech Mahindra up by 2.37%, Infosys up by 1.12%, Bajaj Finserv up by 0.94% and HCL Technologies up by 0.73%. On the flip side, NTPC down by 3.11%, Indusind Bank down by 2.74%, Power Grid Corporation down by 2.18%, Ultratech Cement down by 2.04% and Mahindra & Mahindra down by 2.00% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that the country's organic products' exports have the potential to jump over three-fold to Rs 20,000 crore in the next three years. He said this while releasing the eighth edition of the National Programme for Organic Production (NPOP) with new regulations aimed at enhancing clarity and transparency in organic product standards as well as aligning with global standards.

He stated ‘Currently, our organic product exports are at Rs 5,000-6,000 crore. In the next three years, we can easily achieve Rs 20,000 crore exports, about 3-3.5 times increase from the current level.’ He said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years, a unique opportunity India should not miss.

India already has one of the largest numbers of farmers in the world undertaking organic farming. He also asked startups to come out with solutions that help in growth of the sector. He also launched five portals -- TraceNet 2.0, APEDA, NPOP, Organic Promotion and AgriXchange. The NPOP has undergone several revisions since its inception in May 2001.

The eighth edition marks a significant update to the regulatory framework governing organic products in India, with the last revision occurring in 2014. Key features of the eighth edition of NPOP include farmer-friendly regulations, streamlined certification, enhanced transparency and revamped traceability system. The latest edition aims to bolster India's organic export sector, with an ambitious target of reaching $2 billion in organic food exports by 2030.

The CNX Nifty is currently trading at 23396.40, down by 130.10 points or 0.55% after trading in a range of 23344.35 and 23596.00. There were 8 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were TCS up by 4.25%, Tech Mahindra up by 2.35%, Wipro up by 1.92%, Infosys up by 1.06% and HCL Technologies up by 0.68%. On the flip side, Shriram Finance down by 5.50%, NTPC down by 3.17%, Adani Enterprises down by 3.14%, Hindalco down by 2.94% and Bharat Electronics down by 2.47% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 384.62 points or 0.97% to 39,220.47, Taiwan Weighted lost 82.21 points or 0.36% to 22,998.92, Hang Seng declined 90.34 points or 0.47% to 19,150.55, Straits Times fell 67.19 points or 1.74% to 3,795.41 and Shanghai Composite weakened 12.56 points or 0.39% to 3,198.83.

On the flip side, Jakarta Composite gained 39.7 points or 0.56% to 7,104.29 and KOSPI increased 0.91 points or 0.04% to 2,522.81.