| The headline equity benchmarks traded with substantial cuts in mid-afternoon trade as investors considered the likely consequences of Donald Trump's second term, focusing on US-China trade tensions, US Fed rate cuts, and global economic growth. The Nifty traded below the 23,200 level after hitting the day’s high of 23,426.30 in early trade. Bank shares declined after advancing in the past trading session. Trading was volatile due to the weekly F&O series expiry of the Sensex today.
At 14:30 IST, the barometer index, the S&P BSE Sensex, dropped 762.44 points or 0.99% to 76,290.13. The Nifty 50 index lost 186 points or 0.80% to 23,158.75.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.51% and the S&P BSE Small-Cap index declined 1.57%.
The market breadth was weak. On the BSE, 1,279 shares rose and 2,613 shares fell. A total of 140 shares were unchanged.
Buzzing Index:
The Nifty Bank index slipped 1.21% to 48,752.50. The index gained 1.25% in the past trading session.
ICICI Bank (down 2.29%), State Bank of India (down 1.57%), Axis Bank (down 1.07%), Kotak Mahindra Bank (down 0.96%), Canara Bank (down 0.84%), IDFC First Bank (down 0.69%), Federal Bank (down 0.67%), Bank of Baroda (down 0.59%), IndusInd Bank (down 0.52%) and HDFC Bank (down 0.25%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.31% to 6.853 as compared with the previous close of 6.874.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5525, compared with its close of 85.4500 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement rose 0.47% to Rs 78,917.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.47% to 108.58.
The United States 10-year bond yield fell 1.47% to 4.543.
In the commodities market, Brent crude for March 2025 settlement lost 99 cents, or 1.23% to $79.80 a barrel.
Stocks in Spotlight:
DEE Development Engineers advanced 2.88% after the firm commissioned 2nd phase of its manufacturing plant in Anjar, Gujarat, enhancing the capacity by 9,000 MT per annum.
Indoco Remedies shed 0.04%. The pharmaceutical company reported standalone net loss of Rs 10.23 crore in Q3 FY25 as against net profit of Rs 20.01 crore posted in Q3 FY24. Revenue from operations stood at Rs 364.91 crore in the third quarter of FY25, down 18.61% as against Rs 448.38 crore posted in Q3 FY24.
Raghav Productivity Enhancers rallied 3.12% after the company’s consolidated net profit surged 64.3% to Rs 9.81 crore in Q3 FY25 as against Rs 5.97 crore posted in Q3 FY24. Revenue from operations climbed 73.6% YoY to Rs 55.04 crore in the quarter ended 31 December 2024.
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