Key gauges manage to keep their heads above water in morning deals

Indian equity benchmarks managed to keep their heads above water in morning deals, amid value buying at lower levels after falling sharply in the previous trading sessions. Traders took note of domestic rating agency ICRA’s report stated that Indian companies are likely to clock 7-8 per cent revenue growth during the March quarter of the current fiscal year (Q4FY25), led by revival in rural demand and uptick in government spending. ICRA expects the private capital expenditure (capex) cycle to remain measured in view of the uncertainties around geopolitical developments and relatively subdued outlook on merchandise exports from India. However, gains remain capped as some concern came with exchange data showed Foreign institutional investors (FIIs) offloaded equities worth Rs 6,286.70 crore on a net basis on Monday. Sector-wise, IT stocks remained in focus as Nasscom said the Indian IT industry is expected to grow by 5.1 per cent to $282.6 billion in FY25, up from the 4 per cent growth in FY24. It added the sector was likely to surpass the $300 billion revenue milestone in FY26. On the global front, Asian markets are trading lower after US President Donald Trump’s move to curb Chinese investments and proceed with tariffs on Canada and Mexico prompted investors to trim positions. A decline in US stocks at the end of trading also hurt sentiment. 

The BSE Sensex is currently trading at 74644.11, up by 189.70 points or 0.25% after trading in a range of 74400.37 and 74785.08. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index fell 0.03%, while Small cap index was up by 0.07%.

The top gaining sectoral indices on the BSE were Telecom up by 0.91%, Auto up by 0.42%, Consumer Durables up by 0.38%, TECK up by 0.37% and Consumer discretionary up by 0.36%, while Metal down by 1.27%, Capital Goods down by 0.54%, PSU down by 0.49%, Basic Materials down by 0.48% and Industrials down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were Zomato up by 2.74%, Mahindra & Mahindra up by 2.17%, Bharti Airtel up by 1.75%, Bajaj Finserv up by 1.55% and Bajaj Finance up by 1.24%. On the flip side, Power Grid Corporation down by 1.29%, Larsen & Toubro down by 1.29%, NTPC down by 1.05%, Axis Bank down by 0.99% and TCS down by 0.67% were the top losers.

Meanwhile, Union minister Ashwini Vaishnaw has said that the railways will achieve 100 per cent electrification in the next fiscal year and is making rapid progress in the usage of renewable energy as well. As of date, over 97 per cent electrification of Railways has been achieved and by FY 2025-26, it will achieve 100 per cent electrification. The minister after signing the power purchase agreement (PPA) with the state of Madhya Pradesh (MP) said that the government has set a target of making railways net zero by 2030. The railway as of date has renewable energy capacity of 1500 MW or 1.5 GW, and 170 MW PPA signed MP is an important step in that direction.

The PPA has been signed between Railways, Waree Energies and Rewa Ultra Mega Solar (RUMSL). The minister assured that Railways is ready to purchase from MP whatever renewable power it can generate provided supplies are stable. He said ‘If Madhya Pradesh can set up nuclear power plants too, Railways is ready to buy. We are interested in wind power as well’. The minister asserted that railways is also open to sign PPA with other states on similar models signed with MP for renewable energy supplies.

While talking about the railway budget and development in MP, he stated that MP has received a record railway budget of Rs 14745 crore for 2025-26 and comparing the rate of construction of railway lines he said that before 2014 it is used to be only 29-30 km per year which now increased to 223 km per year. The speed of work has increased by 7.5 times and the fund has been increased by 23 times.

The CNX Nifty is currently trading at 22572.70, up by 19.35 points or 0.09% after trading in a range of 22516.45 and 22625.30. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 2.31%, Bharti Airtel up by 1.73%, Bajaj Finserv up by 1.69%, Bajaj Finance up by 1.27% and Nestle up by 1.17%. On the flip side, Hindalco down by 3.54%, Dr. Reddy's Lab down by 1.42%, Coal India down by 1.37%, Larsen & Toubro down by 1.27% and Power Grid Corporation down by 1.22% were the top losers.

All Asian markets are trading lower; Nikkei 225 slipped 533.95 points or 1.38% to 38,242.99, Taiwan Weighted lost 288.11 points or 1.22% to 23,277.20, Hang Seng declined 145.28 points or 0.63% to 23,196.33, KOSPI dropped 11.30 points or 0.43% to 2,633.97, Straits Times fell 4.42 points or 0.11% to 3,923.33, Jakarta Composite plunged 140.9 points or 2.09% to 6,608.70 and Shanghai Composite weakened 4.79 points or 0.14% to 3,368.24.