The key equity benchmarks traded with moderate losses in early trade. The Nifty traded below the 23,000 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE traded in red.
At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 385.26 points or 0.51% to 75,805.20. The Nifty 50 index added 140.10 points or 0.61% to 22,959.80.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 1.99% and the S&P BSE Small-Cap index slipped 3.15%.
The market breadth was weak. On the BSE, 601 shares rose and 2,564 shares fell. A total of 179 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,758.49 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,402.31 crore in the Indian equity market on 24 January 2025, provisional data showed.
Stocks in Spotlight:
JSW Steel declined 2.54% after the company reported a 70.65% decline in consolidated net profit to Rs 719 crore in Q3 FY25 compared with Rs 2,450 crore in Q3 FY24. Revenue from operations declined 1.32% YoY to Rs 40,793 crore during the quarter.
DLF added 2.62% after the company's consolidated net profit surged 61.24% to Rs 1,058.73 crore on a 5.72% rise in total income to Rs 1,737.47 crore in Q3 FY25 over Q3 FY24.
Interglobe Aviation (Indigo) rose 0.80%. The company reported an 18.3% decline in consolidated net profit to Rs 2,448.8 crore in Q3 FY25 compared with Rs 2,998.1 crore in Q3 FY24. Revenue from operations jumped 13.7% to Rs 22,110.70 crore in Q3 FY25 compared with Rs 19,452.15 crore in Q3 FY24.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 0.98% to 6.786 as compared with the previous close of 6.720.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.3750, compared with its close of 86.2200 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement were added 0.24% to Rs 79,836.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 107.67.
The United States 10-year bond yield shed 0.63% to 4.594.
In the commodities market, Brent crude for March 2025 settlement declined 49 cents or 0.49% to $78.01 a barrel.
Global Markets:
The US Dow Jones index futures were currently down by 143 points, signaling a weak opening for US stocks today.
Most Asian stocks advanced on Monday following an 11% year-on-year increase in China's industrial profits for December. However, investors also focused on the unexpected contraction in China's factory activity growth, with the official purchasing managers' index for January coming in at 49.1.
Former President Donald Trump decided to impose tariffs and sanctions on Colombia for hindering U.S. immigration policies. The dollar also edged higher as markets awaited the Federal Reserve's interest rate decision and key inflation data later this week. Trading in Asia may see heightened volatility as major markets prepare to shut mid-week for the Lunar New Year holiday.
On Sunday, Trump announced sanctions and steep tariffs on Colombia after its President, Gustavo Petro, refused to allow U.S. repatriation flights carrying deported individuals to land. Trump declared an immediate 25% tariff on all Colombian imports, escalating to 50% next week. Additionally, the U.S. imposed a travel ban and revoked visas for Colombian officials and affiliates. Trump also hinted at potential tariffs on Mexico, Canada, China, and the European Union by February 1.
U.S. stocks ended lower on Friday as investors digested mixed economic data and corporate earnings. The Dow Jones Industrial Average slipped 0.32%, the S&P 500 closed flat, and the Nasdaq Composite dropped 0.5%.
Tech earnings remain critical for global equities, with particular focus on artificial intelligence (AI). China's AI startup DeepSeek has unveiled its latest model, R1, rivaling leading U.S. systems like OpenAI's ChatGPT at a fraction of the cost. This development challenges industry giants like NVIDIA, which saw its stock decline in response.
The Federal Reserve is widely expected to hold interest rates steady at the conclusion of its two-day meeting on Wednesday, pausing the rate-cutting cycle initiated in September. Key data points this week include the Fed's preferred inflation gauge'the Personal Consumption Expenditures (PCE) Price Index'and fourth-quarter GDP estimates. Weekly jobless claims for December and January's consumer confidence figures are also on the radar.
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