The key equity benchmarks traded with moderate gains in early trade. The Nifty traded above the 22,850 mark. PSU bank, financial services and bank shares advanced while pharma, media and FMCG stocks declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 313.53 points or 0.42% to 75,679.70. The Nifty 50 index added 70.20 points or 0.31% to 22,899.35.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.74% and the S&P BSE Small-Cap index slipped 1.86%.
The market breadth was weak. On the BSE, 1,048 shares rose and 1,875 shares fell. A total of 133 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,015.46 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,642.15 crore in the Indian equity market on 27 January 2025, provisional data showed.
Stocks in Spotlight:
Union Bank of India rallied 3.45% after the company's standalone net profit jumped 28.24% to Rs 4,603.63 crore in Q3 FY24 as compared with Rs 3589.91 crore posted in corresponding quarter last year. Total income increased 7.68% YoY to Rs 31,374.50 crore in Q3 FY25.
Coal India declined 1.08% after the company reported a 17.04% decrease in consolidated net profit to Rs 8,505.57 crore in Q3 FY25 from Rs 10,253.48 crore in Q3 FY24. Revenue from operations fell 1.03% to Rs 35,779.78 crore in the third quarter of FY25 from Rs 36,153.97 crore recorded in the same period last year.
Tata Steel rose 0.83%. The company's consolidated net profit declined 43.4% to Rs 295 crore in Q3 FY25 as compared with Rs 522 crore in Q3 FY24. Revenue from operations fell 5% YoY to Rs 32,760.45 crore
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.09% to 6.748 as compared with the previous close of 6.792.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5450, compared with its close of 86.3100 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement were added 0.20% to Rs 79,738.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.55% to 107.93.
The United States 10-year bond yield shed 0.44% to 4.548.
In the commodities market, Brent crude for March 2025 settlement declined 7 cents or 0.09% to $77.15 a barrel.
Global Markets:
The US Dow Jones index futures were currently down by 67 points, signaling a negative opening for US stocks today.
Asian stocks were mixed on Tuesday, following a sharp decline on Wall Street. Fears of overvalued artificial intelligence (AI) companies triggered the sell-off after a Chinese startup, DeepSeek, released a cost-effective AI model, raising concerns about the sustainability of current valuations.
Many Asian markets, including China and South Korea, were closed for the Lunar New Year holiday.
On Monday, the S&P 500 and Nasdaq 100 plummeted 1.46% and 3.07%, respectively. The Dow Jones Industrial Average, however, gained 0.65%, reaching a one-month high.
The US dollar strengthened against all Group-of-10 currencies after the President announced plans to impose tariffs on foreign-produced semiconductors, pharmaceuticals, and certain metals to incentivize domestic manufacturing.
Leading AI companies experienced significant losses. NVIDIA, a prominent figure in the AI boom, saw a nearly 17% drop in its stock price. Advanced Micro Devices (AMD) declined by 6.4%. Broadcom Inc. and Oracle Corporation also suffered substantial losses, falling by 17.4% and 14%, respectively.
DeepSeek, a Chinese AI startup, recently unveiled its latest model, R1. This model is claimed to be comparable in performance to leading US models like OpenAI's ChatGPT but at a considerably lower cost. DeepSeek was founded by Liang Wenfeng, the head of High Flyer, an AI-driven quantitative hedge fund. The company focuses on developing open-source AI models, allowing the wider developer community to inspect and improve the software.
DeepSeek's mobile app surged to the top of the US iPhone download charts shortly after its release in January.
Powered by Capital Market - Live News