The domestic equity benchmarks traded with decent gains in early trade. However, the market could experience volatility as Foreign Institutional Investors (FIIs) continue their record outflows, putting pressure on large-cap stocks. The Nifty traded above the 23,250 mark. Metal, oil & gas and realty shares advanced while pharma, healthcare and media stocks corrected.
At 09:30 IST, the barometer index, the S&P BSE Sensex rose 144.40 points or 0.19% to 76,678.04. The Nifty 50 index added 49.30 points or 0.21% to 23,254.65.
In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index fell 0.08%.
The market breadth was positive. On the BSE, 1,557 shares rose and 1,213 shares fell. A total of 113 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,462.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,712.55 crore in the Indian equity market on 23 January 2025, provisional data showed.
Stocks in Spotlight:
Dr Reddys Laboratories dropped 6.08%. The company's consolidated net profit increased 2.4% to Rs 1413.70 crore on 15.9% jump in net sales to Rs 8358.60 crore in Q3 FY25 over Q3 FY24.
United Spirits slipped 1.94%. The company's consolidated net profit declined 4.3% to Rs 380.23 crore on 14.4% increase in net sales (excluding excise duty) to Rs 3433 crore in Q3 FY25 over Q3 FY24.
Mphasis fell 3.31%. The company's consolidated net profit increased 1.06% to Rs 427.81 crore in Q3 FY25 as compared with Rs 423.33 crore in Q3 FY24. Revenue from operations jumped 23.9% YoY to Rs 3,230 crore during the quarter.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.28% to 6.826 as compared with the previous close of 6.845.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.3000, compared with its close of 86.4400 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement rose 0.37% to Rs 79,923.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.32% to 107.79.
The United States 10-year bond yield fell 0.30% to 4.623.
In the commodities market, Brent crude for March 2025 settlement lost 17 cents, or 0.22% to $78.12 a barrel.
Global Markets:
Most Asian shares advanced on Friday, riding the momentum of a tech stock rally that pushed Wall Street to record highs. Investors are also bracing for the Bank of Japan's (BoJ) policy decision later in the day, with a rate hike widely anticipated.
Chinese equities climbed after U.S. President Donald Trump suggested he would prefer not to impose further tariffs on China during a media interview, easing trade war tensions.
Inflation in Japan stayed on track in December, supporting the case for the BoJ's expected interest rate hike. Core CPI, excluding volatile fresh food prices, rose 3% year-on-year, as widely expected. Headline CPI hit 3.6% y-o-y'a two-year high'up from 2.9% in November.
On the downside, Japanese manufacturing activity contracted further in January. The au Jibun Bank Manufacturing PMI dropped to 48.8 from December's 49.6, marking the seventh consecutive month of contraction. Any reading below 50 signals a shrinking sector.
In the U.S., the S&P 500 closed at a record 6,118.72 points on Thursday, up 0.5%. The Dow Jones Industrial Average gained 0.9% to 44,565.26, while the NASDAQ Composite edged up 0.2%. Investors responded positively to robust corporate earnings and Trump's address at Davos, where he urged for immediate global interest rate cuts.
GE Aerospace shares soared 6.6% after posting better-than-expected Q4 sales and profits. Union Pacific Corporation saw a 5.2% jump in stock price, fueled by strong operational metrics and lower fuel costs. On the flip side, Electronic Arts Inc. tumbled 16.7% after slashing its net bookings guidance, citing weak performance in several games, particularly its soccer franchise. American Airlines Group slid 8.7% as it projected a larger-than-expected Q1 loss due to rising costs, despite exceeding Q4 earnings forecasts.
President Trump, speaking remotely at the World Economic Conference in Davos, Switzerland, addressed global economic issues including interest rates, U.S.-China trade, and energy policies. On monetary policy, he urged for immediate interest rate cuts worldwide, emphasizing their importance for economic growth.
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