Bourses trade flat in early afternoon session amid volatility

In volatile trading session, Indian equity markets traded flat in early afternoon session, as traders avoided to take risk ahead of monthly derivatives expiry. Besides, India’s GDP growth rate data is going to be out on February 28. Mixed cues from other Asian markets also forced markets to trade near neutral lines. Traders took note of report that monthly payroll data released by the Employees' Provident Fund Organization (EPFO) has showed that the EPFO has added 16.05 lakh net new members in December 2024, which is 9.69 per cent higher compared to November 2024. Further, a labour ministry statement said there was a growth of 2.74 per cent in net payroll additions compared to December 2023. On the global front, Asian markets are trading mixed as concerns over a global trade war reignited after US President Donald Trump's latest tariff announcements. He newly indicated plans for 25 percent ‘reciprocal’ tariffs on European autos and other goods. 

The BSE Sensex is currently trading at 74593.81, down by 8.31 points or 0.01% after trading in a range of 74556.41 and 74834.09. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.26%, while Small cap index was down by 2.15%.

The only gaining sectoral indices on the BSE was Bankex up by 0.27%, while Industrials down by 2.30%, Realty down by 2.13%, Power down by 1.78%, Auto down by 1.74% and Capital Goods was down by 1.57% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.42%, Bajaj Finserv up by 1.94%, Indusind Bank up by 1.70%, Axis Bank up by 1.12% and HDFC Bank up by 1.02%. On the flip side, Ultratech Cement down by 5.11%, Mahindra & Mahindra down by 2.27%, Tata Motors down by 1.63%, NTPC down by 1.27% and ITC down by 1.16% were the top losers.

Meanwhile, the monthly payroll data released by the Employees' Provident Fund Organization (EPFO) has showed that the EPFO has added 16.05 lakh net new members in December 2024, which is 9.69 per cent higher compared to November 2024. Further, a labour ministry statement said there was a growth of 2.74 per cent in net payroll additions compared to December 2023. 

The data showed that EPFO enrolled around 8.47 lakh new subscribers in December 2024. The new subscribers' addition shows growth of 0.73 per cent from December 2023. This surge in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programmes. A noticeable aspect of the data is the dominance of the 18-25 age group. Total 4.85 lakh new subscribers were added in the 18-25 age group, constituting a significant 57.29 per cent of the total new subscribers added in December 2024. Further, the net payroll addition for the age group 18-25 for December 2024 was around 6.85 lakh, reflecting an increase of 16.91 per cent compared to November 2024. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.

The payroll data further highlights that around 15.12 lakh members exited and subsequently rejoined EPFO. This figure represents a 5.10 per cent increase compared to the previous month of November 2024. It also depicts a significant growth of 25.76 per cent compared to December 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement, thus safeguarding long-term financial well-being and extending their social security protection.

The CNX Nifty is currently trading at 22527.25, down by 20.30 points or 0.09% after trading in a range of 22519.60 and 22613.30. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.50%, Bajaj Finance up by 2.43%, Bajaj Finserv up by 1.99%, Indusind Bank up by 1.66% and HDFC Bank up by 1.13%. On the flip side, Ultratech Cement down by 5.14%, Hero MotoCorp down by 2.49%, Trent down by 2.32%, Mahindra & Mahindra down by 2.19% and BPCL down by 2.01% were the top losers.

Asian markets are trading mixed; Nikkei 225 surged 113.8 points or 0.3% to 38,256.17, Hang Seng advanced 37.24 points or 0.16% to 23,825.17 and Shanghai Composite was up by 1.38 points or 0.04% to 3,381.59. On the flip side, Straits Times fell 1.4 points or 0.04% to 3,906.65, KOSPI dropped 19.34 points or 0.74% to 2,621.75, Jakarta Composite plunged 134.15 points or 2.07% to 6,472.03 and Taiwan Weighted was down by 349.37 points or 1.52% to 23,053.18.