The domestic equity benchmarks displayed a mixed performance today, with benchmark indices Nifty and Sensex rallying on the back of strong third-quarter earnings from HDFC Bank. However, losses in energy, metal, and public sector bank stocks capped the upside. The IT sector emerged as a key driver, contributing significantly to the late-session rally. The Nifty closed above the 23,150 mark after hitting the day's low of 22,981.30 in mid-afternoon trade.
Mid-cap and small-cap indices, on the other hand, witnessed a sharp decline, plunging over 1% each. Analysts attributed this to elevated valuations in these segments, which currently surpass historical averages.
Relentless selling by Foreign Portfolio Investors (FPIs) continues to exert pressure on market sentiment. Concerns over a potential slowdown in the Indian economy persist, adding to the prevailing uncertainty. The upcoming Union Budget and a weakening dollar are seen as potential catalysts that could trigger an upmove in the market.
The S&P BSE Sensex advanced 566.63 points or 0.75% to 76,404.99. The Nifty 50 index added 130.70 points or 0.57% to 23,155.35.
Infosys (up 3.16%), TCS (up 2.97%) and HDFC Bank (up 1.42%) boosted the indices.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.20% and the S&P BSE Small-Cap index fell 1.56%.
The market breadth was weak. On the BSE, 1,142 shares rose and 2,802 shares fell. A total of 115 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.65% to 16.77.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.51% to 6.836 as compared with previous close 6.844.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.3425, compared with its close of 86.5850 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement rose 0.43% to Rs 79,562.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 107.78.
The United States 10-year bond yield fell 0.13% to 4.568.
In the commodities market, Brent crude for March 2025 settlement added 35 cents or 0.44% to $79.64 a barrel.
Global Markets:
The US Dow Jones index futures were currently up by 67 points, signaling a positive opening for US stocks today.
European market advanced, mirroring the positive sentiment seen in global markets since the start of the week.
Asian stocks ended mixed on Wednesday, with Chinese stocks falling following comments from President Donald Trump about imposing a 10% tariff on China.
After being sworn in, Trump vowed to sign a series of executive orders, including one declaring a national emergency at the U.S.-Mexico border. However, the initial executive actions stopped short of introducing new tariffs on the three largest U.S. trading partners. Instead, the president directed his administration to address unfair trade practices on a global scale, hinting at a more measured approach to trade policy.
Wall Street had a decent showing on Tuesday as investors digested the potential impact of Trump's policy announcements. Netflix stole the spotlight with stellar earnings. The Dow Jones Industrial Average rose 1.2% to 44,025.81 points, the S&P 500 climbed 0.9% to 6,049.24 points, while the NASDAQ Composite gained 0.6% to 19,756.7.
Netflix Inc. shares surged over 14% in after-hours trading to $993.99, following the announcement of a record-breaking 19 million new subscriber additions in Q4 2024'far exceeding expectations.
Meanwhile, President Trump unveiled a $500 billion joint venture named Stargate, involving tech heavyweights like OpenAI, Oracle, SoftBank, Microsoft, NVIDIA, and others. The initiative aims to build advanced AI data centers and energy-generation facilities in Texas over the next four years. This massive collaboration is expected to elevate the U.S.'s AI capabilities to unprecedented levels.
IPO Update:
The initial public offer (IPO) of Denta Water and Infra Solutions received bids for 8,93,75,450 shares as against 52,50,000 shares on offer, according to stock exchange data at 17:00 IST on 22 January 2024. The issue was subscribed to 17.02 times.
The issue opened for bidding on 22 January 2024 and it will close on 24 January 2024. The price band of the IPO is fixed between Rs 279 and Rs 294 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index jumped 2.14% to 42,590.70 after US President Trump unveiled plans to make the US an AI powerhouse. The index dropped 1.17% in the past trading session.
Wipro (up 3.87%), Infosys (up 3.02%), TCS (up 2.88%), Tech Mahindra (up 2.36%), HCL Technologies (up 1.42%), LTIMindtree (up 1.42%) and Mphasis (up 1.06%) slumped.
Stocks in Spotlight:
HDFC Bank advanced 1.42% after the bank reported 2.21% increase in standalone net profit to Rs 16,735.50 crore in Q3 FY25 as against Rs 16,372.54 crore posted in Q3 FY24. Total income rose 7.02% YoY to Rs 87,460.44 crore in the quarter ended 31 December 2024.
Hindustan Unilever rose 0.11%. The FMCG major reported 19.13% to Rs 3,001 crore in Q3 FY25 as compared with Rs 2,519 crore in corresponding quarter last year. Revenue from operations rose 1.79% to Rs 15,195 crore in Q3 FY25 compared with Rs 14,928 crore in Q3 FY24.
HUL has acquired the homegrown skincare brand Minimalist at a pre-money valuation of Rs 2,955 crore (nearly $350 million). The board at HUL has entered into the share purchase agreement for the acquisition of 90.5% of Minimalist shares at a cash consideration of Rs 2,670 crore (secondary buyout) along with Rs 45 crore as a primary infusion in the company.
Polycab India lost 6.23%. The company's consolidated net profit jumped 10.82% to Rs 457.56 crore on a 20.40% rise in revenue from operations to Rs 5,226.1 crore in Q3 FY25 over Q3 FY24.
ICICI Prudential Life Insurance Company fell 6.04%. The company reported 43.2% surge in standalone net profit to Rs 325.65 crore in Q3 FY25 as against Rs 227.47 crore posted in Q3 FY24. However, total income tumbled 83.1% YoY to Rs 4,516.47 crore in the quarter ended 31 December 2024.
KEI Industries rose 2.32% after the company reported 9.38% jump in consolidated net profit to Rs 164.81 crore on 19.80% increase in revenue from operations to Rs 2,467.3 crore in Q3 FY25 over Q3 FY24.
India Cements tumbled 8.35% after the company reported a standalone net loss of Rs 428.84 crore in Q3 FY25 as against a net loss of Rs 16.51 crore posted in Q3 FY24. Revenue from operations stood at Rs 903.16 crore in the third quarter of FY25, down 16.51% as against Rs 1,081.88 crore posted in Q3 FY24.
Tata Technologies slipped 2.12%. The IT firm reported 7.13% jump in consolidated net profit to Rs 168.64 crore in Q3 FY25 as compared with Rs 157.41 crore in Q2 FY25. Revenue from operations rose 1.16% to Rs 1,317.38 crore in Q3 FY25 as compared with Rs 1,296.45 crore in Q2 FY25.
IndiaMART InterMESH dropped 6.44%. The company has reported 48% rise in net profit to Rs 121 crore on a 16% increase in revenue from operations to Rs 354 crore in Q3 FY25 over Q3 FY24.
Jana Small Finance Bank surged 19.54% after the lender's net profit rose 14.43% to Rs 111 crore in Q3 December 2024 over Q2 September 2024. The bank' net profit fell 17.81% to Rs 110.66 crore on 15.06% increase in total income to Rs 1,354.82 crore in Q3 December 2024 over Q3 December 2023.
South Indian Bank rallied 4% after the bank's standalone net profit increased 11.95% to Rs 341.87 crore in Q3 FY25 as against Rs 305.36 crore recorded in Q3 FY24. Total income jumped 6.88% year on year to Rs 2,817.96 crore in the third quarter of 2025.
Cyient DLM slumped 14% after the company's consolidated net profit dropped 40.4% to Rs 10.99 crore in Q3 FY25 as compared with Rs 18.44 crore in Q3 FY24. Revenue from operations jumped 38.37% YoY to Rs 444.23 crore during the quarter.
Dalmia Bharat added 1.60%. The company reported a consolidated net profit tumbled 76.81% to Rs 61 crore on 11.74% decrease in revenue from operations to Rs 3,181 crore in Q3 FY25.
Rossari Biotech slipped 5.45% after the specialty chemical maker reported 7.82% decline in consolidated net profit to Rs 31.70 crore in Q3 FY25 as against Rs 34.39 crore posted in Q3 FY24. However, revenue from operations jumped 10.55% to Rs 512.73 crore in the third quarter of FY25 as against Rs 463.77 crore posted in the corresponding quarter last year.
Tanla Platforms dropped 5.69% after the company's consolidated net profit declined 15.43% to Rs 118.51 crore on 0.21% fall in net sales to Rs 1,000.43 crore in Q3 FY25 over Q3 FY24.
Indiabulls Enterprises hit an upper circuit of 5% after the company, through its wholly owned subsidiary, signed a memorandum of understanding (MOU) with landowners to develop a real estate project in Ludhiana, Punjab.
Neuland Laboratories rallied 5.49% after its board approved a capital expenditure of Rs 342 crore to expand the peptide synthesizer reactor capacity at Unit-1 from 0.5 KL to 6.37 KL, and to add 52 KL of capacity at Unit-3.
JK Tyre & Industries slipped 3.05%. The company said that International Finance Corporation (IFC) has sanctioned a $100 million sustainability-linked loan (SLL) to the company.
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