| The key domestic indices traded with moderate losses in the afternoon trade, weighed down by concerns over potential U.S. retaliatory tariffs and continued foreign selling, which dampened risk sentiment. The Nifty traded below the 22,800 level.
Barring the Nifty Metal index, all the sectoral indices on the NSE were traded in red.
At 13:25 IST, the barometer index, the S&P BSE Sensex, tumbled 530.71 points or 0.70% to 75,211.66. The Nifty 50 index declined 112.85 points or 0.66% to 22,762.25.
In the broader market, the S&P BSE Mid-Cap index declined 1% and the S&P BSE Small-Cap index shed 0.33%.
The market breadth was negative. On the BSE, 1,749 shares rose and 2,051 shares fell. A total of 157 shares were unchanged.
Economy:
The Flash India Manufacturing PMI for February registered at 60.6, up from a final reading of 57.7 in January. While most of the sub-components of the HSBC Flash India Manufacturing PMI retreated compared to January, the index decreased from 57.7 in January to 57.1 in February. Despite this dip, the latest reading remains well above the long-term average of 54.1, signaling a robust improvement in the sector's overall health.
Pranjul Bhandari, Chief India Economist at HSBC, said, “Rapid restocking around the world continues to lift new export orders. A healthy acceleration in orders and output is keeping firms optimistic about the future. Input prices eased while output prices rose at a faster pace, leading to improved margins, especially for goods producers.”
Gainers & Losers:
Hindalco Industries (up 2.54%), Tata Steel (up 2.26%), Larsen and Toubro (up 1.387%), Eicher Motors (up 1.15%), and HCL Technologies (up 0.91%) were the major Nifty gainers.
Mahindra and Mahindra (down 6%), Wipro (down 2.23%), Tata Motors (down 2.27%), Bharat Petroleum Corporation (down 2.17%), and Adani Ports and Special Economic Zone (down 2.14%) were the major Nifty losers.
Mahindra & Mahindra dropped 6%. The company said it plans to subscribe to shares of Mahindra & Mahindra Financial Services and Mahindra Lifespace Developers to full extent of company's rights entitlement.
Stocks in Spotlight:
JTL Industries rose 0.77%. The company was granted permission by the National Company Law Tribunal (NCLT) to commence operations at the RCI Industries & Technologies plant.
Kamat Hotels (India) rose 0.50%. The company has signed a management agreement for the operation and management of the Orchid Hotel located in Mandavi, Kutch District, Gujarat.
Dee Development Engineers rose 0.49%. The company has announced that it has received a Letter of Intent (LoI) worth Rs 27 crore for the supply of fittings for a thermal power plant.
Sanofi Consumer Healthcare India shed 1.37%. The company has reported 1% rise in net profit to Rs 46.35 crore on a 6.8% increase in net sales to Rs 170.70 crore in Q3 FY25 as compared with Q3 FY24. Total operating expenditure rose by 13.8% YoY to Rs 111.50 crore in Q3 FY25.
Global Markets:
European markets traded mixed, while most Asian stocks declined on Friday due to ongoing worries about U.S. trade tariffs and the prospect of sustained high interest rates. However, strong earnings from Alibaba fueled a rally in Hong Kong.
Japanese stocks were little changed after stronger-than-expected January inflation data. Headline national CPI jumped to a two-year high of 4.0% year-on-years in January, up from 3.6% the previous month, according to government data. Core CPI, excluding fresh food and energy costs, rose slightly to 2.5% year-on-year from 2.4% in the prior month. This data strengthens the case for further interest rate hikes by the Bank of Japan.
Japanese manufacturing activity contracted for the eighth consecutive month in February. The Au Jibun Bank manufacturing purchasing managers' index (PMI) was 48.9 in February, slightly better than January's 48.7. A reading below 50 indicates contraction.
U.S. stocks declined overnight after weak earnings from Walmart, raising concerns about a slowing economy. Wall Street also saw some profit-taking after the S&P 500 reached a series of record highs this week.
The S&P 500 fell 0.4% to 6,117.63, the NASDAQ Composite dropped 0.5% to 19,962.36, and the Dow Jones Industrial Average slid 1% to 44,176.90.
Walmart Inc. stabilized in after-hours trading after falling 6.5% during Thursday's session due to weaker-than-expected earnings for the December quarter. Walmart's losses affected other retail stocks amid concerns that U.S. consumer spending—a key economic driver—was cooling after a strong year.
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