The domestic equity benchmarks closed near flat line on Tuesday, with investors cautiously awaiting key US economic data, including Core PCE and GDP figures, impacting Federal Reserve policy expectations. The Nifty finished just below 22,550. After a slightly lower opening due to global cues, indices traded rangebound, supported by auto, FMCG, and consumer durables. Late-session selling in metal, PSU banks, oil & gas, realty, and IT stocks erased the intraday gains.
The S&P BSE Sensex advanced 147.71 points or 0.20% to 74,602.12. The Nifty 50 index fell 5.80 points or 0.03% to 22,547.55.
Mahindra & Mahindra (up 2.61%), Bharti Airtel (up 2.55%) and Bajaj Finance (up 1.65%) supported the indices.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.57% and the S&P BSE Small-Cap index declined 0.45%.
The market breadth was negative. On the BSE, 1,678 shares rose and 2,253 shares fell. A total of 131 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 5.03% to 13.72.
The stock market will remain closed tomorrow, 26th February 2025, in observance of Mahashivratri.
Numbers to Track:
The yield on India's 10-year benchmark federal paper grew 1.64% to 6.814, compared with the previous close of 6.813.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.2250 compared with its close of 87.7275 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement rose 0.35% to Rs 86,488.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 106.68.
The United States 10-year bond yield rose 1.16% to 4.342.
In the commodities market, Brent crude for the April 2025 settlement added 12 cents or 0.16% to $74.90 a barrel.
Global Market:
European shares advanced on Tuesday as investors waited for corporate earnings and geopolitical developments.
Germany's Federal Statistical Office confirmed that the country's economy contracted by 0.2% quarter-on-quarter in the final three months of 2024, matching the preliminary reading from the end of January.
Meanwhile, the conservative Christian Democratic Union and the allied Christian Social Union (CDU/CSU) secured the largest share of votes in the election on Sunday, with the alliance's candidate Friedrich Merz set to take over from Olaf Scholz as chancellor of Europe's largest economy
Asian stocks tumbled after Wall Street fell overnight as tariff threats by U.S. President Donald Trump stoked a risk-off mood. Concerns over potential U.S. investment restrictions on Chinese technology sectors and anticipation of Nvidia's earnings. The Bank of Korea's expected 0.25% interest rate cut provided limited support to South Korean stocks.
Hong Kong's Hang Seng index continued its downward trend from Monday, following U.S. measures aimed at limiting Chinese investment in strategic areas like semiconductors, artificial intelligence, and aerospace.
Investor sentiment was further dampened by continued uncertainty surrounding potential U.S. tariffs on Mexico and Canada, despite prior hopes of negotiated resolutions.
U.S. indices finished lower on Monday, with tech stocks leading the decline. This followed sharp losses in the previous session, fueled by growing concerns about a potential slowdown in the U.S. economy, as indicated by weaker consumer sentiment data.
The S&P 500 fell 0.5% to 5,983.49 points, while the NASDAQ Composite slid 1.2% to 19,286.93 points. The Dow Jones Industrial Average closed up 0.1% at 43,461.95 points.
All eyes are now on Nvidia's quarterly earnings release, scheduled for after the U.S. market close on Wednesday. Investors are particularly focused on whether the company maintained its high growth trajectory driven by strong demand for its advanced artificial intelligence chips.
Stocks in Spotlight:
Tata Investment Corporation soared 7.2% following reports that Tata Capital's IPO plans have been approved. According to media reports, Tata Capital's board approved its IPO on Tuesday. The offering will include 23 crore new shares and an offer for sale (OFS) from existing shareholders.
Venus Remedies rose 1.29% after the company said it secured exclusive in-licensing rights from UK's Infex Therapeutics to develop and commercialize MET-X in India. MET-X, a metallo-beta-lactamase (MBL) inhibitor, targets drug-resistant Gram-negative bacteria, a significant concern in India due to high meropenem resistance.
Gland Pharma rose 4.62% after the company announced that the United States Food and Drug Administration (USFDA) conducted a Pre-Approval Inspection (PAI) for Sterile Active Pharmaceutical Ingredients (APIs) at its facility in JNPC, Visakhapatnam, Andhra Pradesh.
At the conclusion of the inspection, the USFDA issued a Form 483 with three observations. The company stated that these observations are procedural in nature, and it plans to submit corrective and preventive actions to the USFDA within the required time frame. The company further clarified that the observations are not repeated and are unrelated to any data integrity concerns.
Bhagyanagar India rallied 4.49% after the company received a letter of award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 53 MW (AC) solar power project. The aggregate order size is 53 MW (AC), with an estimated project cost of Rs 245 crore, and it is to be executed within 18 months from the LoA.
CLN Energy jumped 4.53% after the company announced that it had secured an export order valued at approximately $5 million (Rs 43 crore) from a Singapore-based multinational company.
Bharti Airtel added 2.55% after the company and Ericsson strengthen partnership to deploy advanced 5G core network for enhanced connectivity in India.
Maruti Suzuki India jumps 0.88% after the company said that it has commissioned the Phase-I of the manufacturing facility with a capacity of 250,000 units per annum at Kharkhoda, Haryana. Accordingly, the company has commenced the commercial production of vehicles from the said facility w.e.f. 25th February 2025.
Oil & Natural Gas Corporation (ONGC) shed 0.60%. The company has announced an investment of Rs 1,200 crore in its wholly-owned subsidiary, ONGC Green (OGL) by subscribing to a rights issue of equity shares.
Biocon added 0.06% after the company announced that its subsidiary, Biocon Biologics (BBL), has launched Yesintek (ustekinumab-kfce), a biosimilar to Stelara, in the United States. YESINTEK is approved for the treatment of Crohn's disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis, increasing patient access to more cost-effective treatment options for use in the treatment of common chronic autoimmune diseases.
Gensol Engineering declined 0.51%. The company said that it has signed a non-binding term sheet for the sale of its US subsidiary Scorpius Trackers Inc. to a major renewable energy solutions provider in the US for Rs 350 crore.
NTPC fell 0.36%. The company announced that it has signed multiple memorandums of understanding (MoUs) with the Madhya Pradesh government to invest over Rs 2 lakh crore in renewable energy projects.
Zaggle Prepaid Ocean Services advanced 1.74% after the company announced that it has entered into an agreement with Honasa Consumer.
Marksans Pharma declined 2.66%. The company announced that its wholly owned subsidiary, Relonchem, received marketing authorization for the products Ibuprofen and Paracetamol 200 mg/500 mg film-coated tablets.
Adani Wilmar dropped 2.11%. The company announced that it has received shareholder approval to change its name from Adani Wilmar to AWL Agri Business through postal ballot.
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