Market Commentary - Mid-Session
The key domestic indices traded with limited losses in the afternoon trade, weighed down by persistent foreign fund outflows from Indian markets. The Nifty traded below the 22,850 mark.
Barring pharma stocks, while all the sectoral indices on the NSE were traded in red, with media, IT, and realty shares witnessing the sharpest declines.
At 13:25 IST, the barometer index, the S&P BSE Sensex, declined 218.64 points or 0.29% to 75,720.57. The Nifty 50 index fell 66.30 points or 0.29% to 22,826.95.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.43%, and the S&P BSE Small-Cap dropped 1.36%.
The market breadth was weak. On the BSE, 978 shares rose and 3,009 shares fell. A total of 145 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 5.82% to 15.89.
Gainers & Losers:
Indusind Bank (up 1.76%), Bajaj Finserv (up 1.62%), Adani Enterprises (up 1.41%), Power Grid Corporation of India (up 1.38%), and Coal India (up 1.20%) were the major Nifty gainers.
Mahindra & Mahindra (down 4.46%), Bharat Heavy Electricals (down 1.11%), Wipro (down 1.70%), Axis Bank (down 1.64%), and Bharti Airtel (down 1.63%) were the major Nifty losers.
Economy:
India's foreign exchange (forex) reserves jumped $7.654 billion to $638.261 billion in the week ended February 7, according to the latest RBI data released on Friday.
For the week ended February 7, foreign currency assets, a major component of the reserves, increased by $6.422 billion to $544.106 billion, the data released on Friday showed.
Gold reserves increased by $1.315 billion to $72.208 billion during the week. The special drawing rights (SDRs) were down by $11 million to $17.878 billion, according to the data.
India's reserve position with the IMF was down by $71 million at $4.069 billion in the week under review, the RBI data showed.
Stocks in Spotlight:
Glenmark Pharmaceuticals rallied 4.54% after the company reported consolidated net profit of Rs 347.96 crore in Q3 FY25 as compared with net loss of Rs 351.37 crore in Q3 FY24. Total revenue from operations surged 35.13% YoY to Rs 3,387.55 crore in the quarter ended 31 December 2024.
Uflex rallied 2.82% after the company reported consolidated net profit of Rs 136.81 crore in Q3 FY25, compared with net loss of Rs 67.27 crore posted in Q3 FY24. Revenue from operations added 12.84% YoY to Rs 3,734.68 crore in the quarter ended 31 December 2024.
Easy Trip Planners dropped 3.60% after the company's consolidated net profit declined 25.53% to Rs 34.02 crore in Q3 FY25 as compared with Rs 45.68 crore in Q3 FY24. Revenue from operations fell 6.36% YoY to Rs 150.56 crore in Q3 FY24.
Arvind SmartSpaces shed 0.60%. The company said that it has signed a new residential plotted development project in Ahmedabad, with a total estimated area of approximately 150 acres and a top-line potential of nearly Rs 600 crore.
EMS added 1.05% after the company announced the receipt of a letter of award (LoA) for a project worth Rs 272.89 crore from Jaypee Infratech.
The project involves the execution of civil (structure & finishing) and MEP works for the ORCHARDS multi-storeyed group housing project. This includes towers 'OCA-1 to 3' and 'OCB-1 to 5' at Jaypee Wish Town in Noida, Uttar Pradesh.
Global Markets:
European markets advanced on Monday as regional defense and geopolitical uncertainty remain in focus. Geopolitical tensions between the U.S. and Europe are likely to be a focus for European markets this week as U.S. officials prepare for talks with Russia to end the war in Ukraine, with officials in Kyiv and Europe being left out of the discussions.
Most Asian stocks rallied on Monday as investors parsed Japan's fourth-quarter economic growth data while awaiting a slew of central bank decisions from the region this week.
Japanese shares took little support from substantially stronger than expected gross domestic product data. GDP grew 2.8% year-on-year, accelerating sharply from the 1.7% seen in the prior quarter, which was revised upwards.
Thailand released fourth-quarter GDP data, which showed its economy grew 3.2% year-on-year, missing Reuters' expectations of a 3.9% expansion, data from LSEG showed. The country's annual GDP growth for the year came in at 2.5%.
In the US, the S&P 500 closed just shy of record Friday as data pointing to weakness in the consumer and ongoing inflation concerns weighed upside momentum. At the close in NYSE, the Dow Jones Industrial Average fell 0.37%, while the S&P 500 index fell 0.01%, and the NASDAQ Composite index gained 0.41%.
U.S. retail sales contracted by more than anticipated in January as a cold weather snap and natural disasters hit spending activity that has been largely bolstered by a resilient labor market. Retail sales fell by 0.9% last month after an upwardly revised increase of 0.7% in December. Year-on-year, retail sales advanced by 4.2%.
Airbnb stock soared more than 14% after the short-term housing rental company reported fourth quarter earnings and sales ahead of expectations, helped by a notable acceleration in the number of first-time bookers on the platform.
Roku stock added 14% after the technology company forecast annual revenue above expectations, signaling strong advertising sales as more customers switch to streaming platforms.
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