The key equity indices traded with small gains in early trade. The Nifty traded above the 23,200 level. Oil & gas, IT, and auto shares advanced while pharma, FMCG and consumer durables shares declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, gained 171.83 points or 0.22% to 76,669.21. The Nifty 50 index rose 29.45 points or 0.13% to 23,205.50.
In the broader market, the S&P BSE Mid-Cap index shed 0.10% and the S&P BSE Small-Cap index rose 0.39%.
The market breadth was strong. On the BSE, 2,043 shares rose and 831 shares fell. A total of 129 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 8,132.26 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,901.06 crore in the Indian equity market on 14 January 2025, provisional data showed.
Stocks in Spotlight:
Hathway cable & Datacom shed 1.77% after the company reported 38.8% decline in consolidated net profit to Rs 13.67 crore in Q3 Fy25 as compared with Rs 22.34 crore in Q3 FY24. Net sales increased 1.3% YoY to Rs 511.15 crore during the quarter.
Shoppers stop soared 7.42% after the company's consolidated net profit jumped 41.7% YoY to Rs 52.23 crore in the quarter ended 31 December 2024. Net sales jumped 11.5% YoY to Rs 1,379.47 crore in Q3 FY25.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.42% to 6.926 as compared with previous close 6.843.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5500, compared with its close of 86.5300 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement rose 0.25% to Rs 78,350.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 109.23.
The United States 10-year bond yield declined 0.15% to 4.781.
In the commodities market, Brent crude for March 2025 settlement shed 5 cent or 0.06% to $79.97 a barrel.
Global Markets:
Most Asian stocks traded higher on Wednesday, following a subdued US trading session. Investors are eagerly awaiting key US Consumer Price Index (CPI) inflation data, which will provide crucial insights into the Federal Reserve's future interest rate policy. Persistent inflation could limit the Fed's ability to cut interest rates, a concern highlighted in their December meeting.
Eurozone industrial production data is also expected to be released ahead of the US inflation figures.
Meanwhile, impeached South Korean President Yoon Suk Yeol was arrested on Wednesday by authorities. This follows a failed attempt to impose military law in late 2024, as reported by local media. Yoon will now face trial on charges of insurrection after his unsuccessful attempt to implement martial law in December. This move was met with widespread opposition from citizens and policymakers, triggering nationwide protests and calls for his removal.
US indices exhibited mixed performance on Tuesday, with technology stocks continuing to struggle. The markets are also recovering from a weak start to the year, having declined from record highs in December. The S&P 500 rose 0.1% to 5,842.86 points on Tuesday, while the NASDAQ Composite fell 0.2% to 19,044.39 points. The Dow Jones Industrial Average rose 0.5% to 42,518.28 points.
The US Producer Price Index (PPI), a key indicator of consumer price inflation, came in at 0.2% on Tuesday, lower than expected. The PPI, which measures the change in the price of goods sold by manufacturers, remained unchanged compared to the previous reading.
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