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Benchmark stock indices opened slightly higher on Monday, driven by gains in IT stocks after a nearly 1% decline last week. The S&P BSE Sensex rose 254.19 points to 79,477.30, while the NSE Nifty50 climbed 61.50 points to 24,066.25 by 9:23 AM.
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that external factors, such as a strong dollar index at 109 and 10-year U.S. bond yields at 4.62%, continue to weigh on foreign inflows. However, positive domestic cues, including strong auto sales, are expected to support market resilience.
Among early gainers, Titan rose 1.86%, followed by Bajaj Finance and Infosys. Tata Steel led decliners with a 2.17% drop. Sectorally, Nifty Consumer Durables gained 1.08%, while Nifty IT rose 0.99%. On the downside, Nifty PSU Bank fell 1.63%, with Oil & Gas and Metal indices also under pressure.
Institutional investments in Indian real estate surged to $6.5 billion in 2024, marking a 22% increase from $5.4 billion in 2023, according to Colliers. This represents the highest annual investment inflow since 2020, driven by both domestic and foreign investors. The fourth quarter of 2024 was particularly significant, with inflows reaching $1.9 billion, 2.3 times higher than Q4 2023. Domestic investors accounted for 43% of Q4 inflows, reflecting growing confidence in local markets.
The industrial and warehousing segment led with a 39% share of total investments, surpassing the office sector. Residential investments also rose by 46% year-on-year to $1.1 billion. Foreign investments contributed 66% of total inflows, with APAC investors representing one-third of this.
Mumbai attracted $1.6 billion, or 24% of total investments, while Bengaluru, Chennai, and Delhi NCR each captured 8-9%. Looking ahead, Tier-I cities are expected to drive growth, supported by infrastructure development and the "Make in India" initiative.
India’s Services Purchasing Managers' Index (PMI) rose to 59.3 in December 2024, up from 58.4 in November, indicating robust growth in the services sector. Strong demand drove new business inflows, boosting output and prompting workforce expansion, according to the HSBC India Services PMI by S&P Global. This marked the sector's strongest expansion in four months.
New orders increased for the 41st consecutive month, with finance and insurance leading growth. Economist Ines Lam noted optimism among firms, supported by easing input price inflation. Despite rising costs for food, labour, and materials, overall inflation softened from November’s peak. Consumer services faced the highest cost pressures, while transport and communication saw notable price hikes.
International service orders grew, albeit at a slower pace. Meanwhile, the manufacturing PMI fell to 56.4, the lowest in 12 months, reflecting softer growth in production and orders. The Composite Output Index rose to 59.2, signalling overall economic expansion.
Prime Minister Narendra Modi is set to inaugurate and lay the foundation stone for several railway projects across the country on Monday, as announced by the Prime Minister's Office. The virtual event will begin at 12:30 PM via video conferencing.
Key projects include the inauguration of the Jammu Railway Division, spanning 742.1 km and covering key routes like Pathankot-Jammu-Udhampur-Srinagar-Baramulla. This division aims to enhance connectivity in Jammu and Kashmir, boost tourism, create jobs, and spur socio-economic development.
In Telangana, the Charlapalli New Terminal Station, developed at a cost of ₹413 crore, will serve as an eco-friendly coaching terminal, easing congestion at existing terminals in Secunderabad, Hyderabad, and Kacheguda.
Additionally, the foundation stone for the Rayagada Railway Division Building of East Coast Railway will be laid. This initiative will improve connectivity in Odisha and Andhra Pradesh, fostering regional development and infrastructure growth.
