Domestic equity indices remain in green in late morning deals

Domestic equity indices remained in green in late morning deals on account of buying by funds and retail investors. Buying in TCS, Tech Mahindra, Infosys, Sun Pharma and Ultratech Cement companies’ stocks helped the markets to trade higher. Positive cues from the global markets supported domestic sentiments. Fallowing U.S. Treasury yields and crude oil prices also supported domestic sentiments. However, broader indices underperformed their large peers with BSE Mid cap index and Small cap index falling in the range of 1.60-1.85%. Traders were cautious as foreign institutional investors (FIIs) and foreign portfolio investors (FPIs) net sold stocks worth Rs 5,920.28 crore in the secondary markets on January 21.

On the global front, Asian markets were trading mostly higher following positive cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen pilling up positions only in IT and TECK, while selling was witnessed in Realty, Power, Utilities, Industrials and PSU. 

The BSE Sensex is currently trading at 76066.30, up by 227.94 points or 0.30% after trading in a range of 76001.95 and 76280.85. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.62%, while Small cap index down by 1.81%.

The only gaining sectoral indices on the BSE were IT up by 1.03% and TECK up by 0.88%, while Realty down by 3.56%, Power down by 2.12%, Utilities down by 1.97%, Industrials down by 1.91% and PSU down by 1.89% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 2.32%, Tech Mahindra up by 1.99%, Infosys up by 1.91%, Sun Pharma up by 1.67% and Ultratech Cement up by 0.90%. On the flip side, Tata Motors down by 2.18%, Zomato down by 2.10%, Power Grid down by 1.60%, NTPC down by 1.40% and SBI down by 1.16% were the top losers.

Meanwhile, India Ratings and Research (Ind-Ra) in its latest report has said that the share of renewables including large hydro in the country's overall energy mix is expected to remain stable at nearly 21 per cent in FY25. The balance will be largely contributed by thermal capacity. As per official data, as of December 2024, India's overall power generation capacity was at 462 GW, of which 209.444 GW was renewables including hydro.

Further, the agency said that it expects all-India energy requirement to grow 5-5.5 per cent year-on-year (yoy) during FY25, with incremental capacity additions of 30-35GW, largely led by renewables. It has also maintained a stable rating outlook for solar and wind projects for FY26, based on the historical generation profile (factoring volatility), regular payments from counterparties and comfortable internal liquidity.

The renewable energy capacity addition is expected to gain further traction in view of a strong pipeline (largely solar) and contribute 35-40 per cent to the generation mix by 2030. Bharath Kumar Reddy, Associate Director, Infrastructure, Ind-Ra, said ‘Given the uncertainty and intermittency in renewable energy projects, the need for round-the-clock power and to maintain grid stability, renewable tenders with hybrid/storage/round-the-clock tenders are expected to garner further traction. Furthermore, the government's impetus on the sector and favourable input prices are further expected to maintain a strong under construction pipeline.’

The CNX Nifty is currently trading at 23064.95, up by 40.30 points or 0.18% after trading in a range of 23050.55 and 23144.25. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Wipro up by 2.56%, TCS up by 2.27%, Tech Mahindra up by 2.07%, Infosys up by 1.85% and Sun Pharma up by 1.57%. On the flip side, Bharat Electronics down by 3.80%, Tata Motors down by 2.25%, Trent down by 2.18%, Power Grid Corp down by 1.60% and Adani Enterprises down by 1.50% were the top losers.

Asian markets were trading mostly in green; KOSPI increased 33.75 points or 1.34% to 2,551.78, Nikkei 225 surged 624.01 points or 1.6% to 39,651.99, Taiwan Weighted added 263.59 points or 1.13% to 23,563.60 and Jakarta Composite gained 68.24 points or 0.94% to 7,250.06. However, Hang Seng declined 316.76 points or 1.58% to 19,789.79, Shanghai Composite weakened 32.46 points or 1% to 3,210.16 and Straits Times fell 1.53 points or 0.04% to 3,793.84.