Market Commentary - Mid-Session
The headline equity benchmarks reversed all gains and traded with minor losses in the morning trade, supported by the latest GDP growth numbers. However, as the day progressed, the indices struggled to maintain momentum and slipped into the red. The Nifty tanked below the 23,100 level. Media shares extended losses for the three consecutive trading sessions.
At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 213.54 points or 0.28% to 72,004.04. The Nifty 50 index shed 41.60 points or 0.19% to 22,083.10.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.96% and the S&P BSE Small-Cap index declined 1.86%.
The market breadth was weak. On the BSE, 893 shares rose and 2,580 shares fell. A total of 163 shares were unchanged.
FIR against ex-SEBI chief:
A special court has directed the Anti-Corruption Bureau (ACB) to register a first information report (FIR) against former SEBI chairperson Madhabi Puri Buch, the whole-time members of the market regulator, and two BSE officials on charges of alleged stock market fraud, regulatory violations, and corruption linked to the listing of a company in 1994. The Securities and Exchange Board of India (SEBI) said it would take legal steps to challenge the order. The order comes just two days after Buch completed her tenure as SEBI chief.
Economy:
India's economic growth improved to 6.2% in the third quarter of FY25, up from an initially reported 5.4% in the previous quarter. Real GDP has been estimated to grow by 6.5% in FY 2024'25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024'25. Both the growth rates are revised upward from their respective First Advance Estimates.
Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%. The growth rate of real GDP for Q2 of the financial year 2024-25 has been revised upward to 5.6%.
India's core sector recorded a growth of 4.6% (provisional) in January 2025, official data showed today. The final core growth for October 2024 increased by 3.8%, with the cumulative growth rate during April-January 2024-25 at 4.4% (provisional) over the comparable period of last year.
Buzzing Index:
The Nifty Media index lost 2.08% to 1,357.95. The index tumbled 8.87% in the past three consecutive trading sessions.
Saregama India (down 4.92%), Tips Music (down 4.64%), Hathway Cable & Datacom (down 3.56%), Den Networks (down 3.23%), Dish TV India (down 2.81%), Network 18 Media & Investments (down 2.35%), Zee Entertainment Enterprises (down 2.22%), Sun TV Network (down 1.38%), PVR Inox (down 0.7%), and Nazara Technologies (down 0.04%) slipped.
Stocks in Spotlight:
Tata Motors declined 1.53% after the company's total sales tumbled 8.17% to 79,344 units in February 2025 as compared with 79,344 units in February 2024.
Mahindra & Mahindra added 2.04% after the company's overall auto sales grew by 14.78% to 83,702 vehicles sold in February 2025 as against 72,923 vehicles sold in February 2024.
Eicher Motors rose 2% after the company's unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 9% year-on-year growth in commercial vehicle (CV) sales to 8,092 units in February 2025.
SML Isuzu jumped 3.24% after the vehicle manufacturer said that it has sold 1,288 units in February 2025, registering a growth of 27.5% from 1,010 units sold in the same period last year.
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