Markets magnify gains in late trade

Indian equity markets extended gains in late trade as traders seemed keen to end the year on a positive note. Investors remained optimistic after the government launched Rs 4,531 crore market access support for exporters under which financial support will be provided to participate in activities such as international fairs and exhibitions. Meanwhile, market participants have shrugged off the worries of foreign fund outflow. The foreign institutional investors were the net sellers on Tuesday’s trade, offloading equities worth Rs 3,844.02 crore. 

On the global front, Asian equity markets were trading mixed tracking cues from Wall Street overnight. European equity markets were remained closed on account of New Year's Day. Back home, steel stocks caught investors’ attention after India imposed safeguard duty on certain steel products for three years to protect domestic players from significant increase in cheap imports.

The BSE Sensex is currently trading at 85350.64, up by 675.56 points or 0.80% after trading in a range of 84705.57 and 85401.10. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 1.01%, while Small cap index was up by 1.08%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.61%, Energy up by 2.26%, Metal up by 1.56%, PSU up by 1.43% and Consumer Durables up by 1.33%, while Telecom down by 1.51%, TECK down by 0.25% and IT down by 0.07% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.48%, Reliance Industries up by 2.05%, Kotak Mahindra Bank up by 1.95%, Axis Bank up by 1.93% and Titan Company up by 1.85%. On the flip side, TCS down by 0.89%, Bajaj Finance down by 0.34%, Tech Mahindra down by 0.31%, Infosys down by 0.24% and Sun Pharmaceutical Industries down by 0.01% were the top losers.

Meanwhile, in a bid to align India’s spectrum framework with evolving global standards, the Department of Telecommunications (DoT), Ministry of Communications, has launched the National Frequency Allocation Plan 2025 (NFAP-2025), a pivotal policy document that governs the management and allocation of radio-frequency spectrum across India.   

The NFAP 2025, effective from December 30, 2025, will provide the allocation of radio-frequency spectrum to various radio-communication services in the frequency range 8.3 kHz to 3000 GHz. It serves as an essential reference for spectrum managers, wireless operators, and telecom equipment manufacturers. NFAP-2025 introduces several strategic and future-ready revisions to meet the growing spectrum demand for next-generation technologies.

This new plan identifies the 6425-7125 MHz band for International Mobile Telecommunications (IMT), thereby enhancing the availability of mid-band spectrum for 5G, 5G Advanced and future 6G networks. It also allocates the Ka, Q and V frequency bands for satellite-based services, which are critical for high-throughput geostationary satellites and large non-geostationary satellite constellations supporting broadband connectivity. In addition, NFAP-2025 enhances spectrum provisions for In-Flight and Maritime Connectivity (IFMC), to ensure seamless broadband access in the air and at sea.

The CNX Nifty is currently trading at 26158.70, up by 219.85 points or 0.85% after trading in a range of 25969.00 and 26179.30. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 4.52%, Tata Steel up by 2.43%, Reliance Industries up by 2.18%, SBI Life Insurance Company up by 2.13% and Kotak Mahindra Bank up by 2.08%. On the flip side, TCS down by 0.94%, Wipro down by 0.72%, Grasim Industries down by 0.48%, Bajaj Finance down by 0.48% and Tech Mahindra down by 0.47% were the top losers.

Asian equity markets were trading mixed; Shanghai Composite strengthened 3.72 points or 0.09% to 3,968.84 and Taiwan Weighted added 256.47 points or 0.89% to 28,963.60, while Hang Seng declined 272.6 points or 1.07% to 25,582.00 and Straits Times fell 9.17 points or 0.2% to 4,646.21. Meanwhile, rest of Asian markets were remained closed on account of New Year's Day and Last day of the year.