| The key equity indices traded with modest gains in early trade. The Nifty traded above the 23,050 mark. FMCG, IT and pharma shares advanced while realty, media and metal shares declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex rose 280.82 points or 0.38% to 76,118.53. The Nifty 50 index added 60.90 points or 0.26% to 23,085.55.
The broader market underperformed the frontline indices. the S&P BSE Mid-Cap index dropped 1.03% and the S&P BSE Small-Cap index fell 1.35%.
The market breadth was weak. On the BSE, 901 shares rose and 2,039 shares fell. A total of 111 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,920.28 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,500.32 crore in the Indian equity market on 20 January 2025, provisional data showed.
Stocks in Spotlight:
JK Tyre & Industries rose 0.04%. The International Finance Corporation has sanctioned a $100 million sustainability-linked loan to JK Tyre. The funding includes $30 million for JK Tyre & Industries and up to $70 million for Cavendish Industries (CIL), a subsidiary of the company.
PNB Housing Finance rose 0.33%. The company’s profit jumped 36% YoY to Rs 471.4 crore as compared with 40.1 crore in Q3 FY24. Revenue increased 10% YoY to Rs 1922.8 crore in Q3 FY25.
India Cements added 1.85% after the company reported net loss of Rs 428.8 crore in Q3 FY25 as compared with net loss of Rs 16.5 crore in Q3 FY24. Revenue from operations declined 16.5% YoY to RS 903 crore in Q3 FY25.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.18% to 6.912 as compared with the previous close of 6.899.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5925, compared with its close of 85.5850 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement added 0.18% to Rs 6.857.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 108.14.
The United States 10-year bond yield rose 0.39% to 4.592.
In the commodities market, Brent crude for March 2025 settlement lost 03 cents, or 0.04% to $79.26 a barrel.
Global Markets:
Most Asian stocks advanced on Wednesday after President Donald Trump held off from imposing sweeping trade tariffs in his first day in office.
After being sworn in, Trump vowed to sign a series of executive orders, including one declaring a national emergency at the U.S.-Mexico border. However, the initial executive actions stopped short of introducing new tariffs on the three largest U.S. trading partners. Instead, the president directed his administration to address unfair trade practices on a global scale, hinting at a more measured approach to trade policy.
Wall Street had a decent showing on Tuesday as investors digested the potential impact of Trump’s policy announcements. Netflix stole the spotlight with stellar earnings. The Dow Jones Industrial Average rose 1.2% to 44,025.81 points, the S&P 500 climbed 0.9% to 6,049.24 points, while the NASDAQ Composite gained 0.6% to 19,756.7.
Netflix Inc. shares surged over 14% in after-hours trading to $993.99, following the announcement of a record-breaking 19 million new subscriber additions in Q4 2024—far exceeding expectations.
Meanwhile, President Trump unveiled a $500 billion joint venture named Stargate, involving tech heavyweights like OpenAI, Oracle, SoftBank, Microsoft, NVIDIA, and others. The initiative aims to build advanced AI data centers and energy-generation facilities in Texas over the next four years. This massive collaboration is expected to elevate the U.S.'s AI capabilities to unprecedented levels.
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