IGI Logo

Indian equity benchmarks remained higher in late morning session, on the back of positive cues from other Asian markets. Traders were getting relief, as foreign portfolio investors (FPIs) reversed the three-month selling streak in January by investing net Rs 3,117 crore in Indian markets, so far this month. Depositories data showed that they pumped Rs 1,857 crore into equities and Rs 1,743 crore into hybrid instruments during January 1-14. However, gains were limited, amid a private report stating that cities contribute nearly 80 per cent to the global economy but they also account for nearly three-fourths of greenhouse gas emissions and nearly half of the GDP in cities around the world or USD 31 trillion is at risk of disruption from nature loss.

On the global front, Asian markets were trading mostly in green, even after China's economy grew at a slower pace in the fourth quarter of 2021 amid weak property investment and new restrictions imposed at the end of the year to control the spread of coronavirus. The central bank lowered its lending rates for the first time since 2020 and boosted liquidity after the economy logged a slower growth.

The BSE Sensex is currently trading at 61285.69, up by 62.66 points or 0.10% after trading in a range of 61107.60 and 61385.48. There were 17 stocks advancing against 12 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.26%, while Small cap index up by 0.70%.

The top gaining sectoral indices on the BSE were Auto up by 1.85%, Utilities up by 1.08%, Power up by 1.04%, Realty up by 1.02% and Industrials up by 0.76%, while Metal down by 0.97%, Healthcare down by 0.54%, Basic Materials down by 0.37% and Bankex down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.70%, TCS up by 1.63%, NTPC up by 1.29%, Wipro up by 1.27% and SBI up by 1.21%. On the flip side, HCL Tech. down by 5.37%, Axis Bank down by 1.39%, HDFC Bank down by 0.97%, Sun Pharma down by 0.76% and Tata Steel down by 0.69% were the top losers.

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) in its latest data has said that the Passenger vehicle wholesales in the country declined 13 percent to the lowest level in five years in December 2021 as the industry continued to face production issues due to semiconductor shortage. Passenger vehicle dispatches stood at 2,19,421 units in December 2021 as compared to 2,52,998 units in December 2020. While acknowledging that the chip shortage situation is not expected to dramatically change in the short term, the industry body expressed hope that things will improve soon.

As per the latest data, two-wheeler wholesales also fell 11 per cent to 10,06,062 units in December 2021. In the year-ago period, the same stood at 11,27,917 units. Motorcycle sales declined 2 per cent to 7,26,587 units in December last year compared to 7,44,237 units in the same period a year ago. Scooter sales were also down 24 per cent to 2,46,080 units in December 2021. During the same time last year, it was at 3,23,757 units.

In the December quarter of the current fiscal, passenger vehicle sales dropped 15 per cent to 7,61,124 units from 8,97,908 units in the year-ago period. During the same time, two-wheeler sales fell 25 per cent to 35,98,299 units compared to 47,82,110 units in the same period a year earlier. However, commercial vehicle sales saw a marginal increase to 1,94,712 units in the quarter under review as against 1,93,034 units in December quarter of 2020. During the 2021 December quarter, vehicle sales across categories declined 22 per cent on a year-on-year basis to 46,36,549 units. The same was at 59,46,283 units in the year-ago period.

The CNX Nifty is currently trading at 18302.55, up by 46.80 points or 0.26% after trading in a range of 18228.75 and 18313.85. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 5.16%, ONGC up by 3.23%, Tata Motors up by 2.82%, Maruti Suzuki up by 2.63% and Bajaj Auto up by 2.60%. On the flip side, HCL Tech. down by 5.36%, Hindalco down by 1.29%, Axis Bank down by 1.28%, Shree Cement down by 1.00% and HDFC Bank down by 0.97% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 228.93 points or 0.81% to 28,353.21, Taiwan Weighted strengthened 90.39 points or 0.49% to 18,493.72, Shanghai Composite gained 20.77 points or 0.59% to 3,542.03 and Straits Times advanced 2.59 points or 0.08% to 3,284.56. On the flip side, Jakarta Composite lost 37.57 points or 0.56% to 6,655.83, KOSPI fell 42.12 points or 1.44% to 2,879.80 and Hang Seng decreased 143.21 points or 0.59% to 24,240.11.

Above views are of the author and not of the website kindly read disclaimer