The headline equity benchmarks traded with significant losses in the morning trade, following the announcement by US President Donald Trump of new tariffs on goods from Canada, Mexico, and China. This move has sparked concerns about an escalating global trade war, dampening investor sentiment. The Nifty traded below the 23,300 level. Oil & gas shares extended losses for the two consecutive trading sessions.
At 10:30 ST, the barometer index, the S&P BSE Sensex, tumbled 553.64 points or 0.71% to 76,953.96. The Nifty 50 index declined 200.90 points or 0.86% to 23,281.25.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.27% and the S&P BSE Small-Cap index lost 1.80%.
The market breadth was weak. On the BSE, 966 shares rose and 2,355 shares fell. A total of 155 shares were unchanged.
Economy:
India's forex reserves increased $5.574 billion to $629.557 billion in the week ended January 24, the Reserve Bank of India said on Friday (January 31). In the previous reporting week, the overall kitty had dropped $1.888 billion to $623.983 billion.
For the week ended January 24, foreign currency assets, a major component of the reserves, increased from $4.758 billion to $537.891 billion, as per the RBI data.
Gold reserves increased $704 million to $69.651 billion during the week. The Special Drawing Rights (SDRs) were up $79 million to $17.861 billion, the apex bank said.
India's reserve position with the IMF was up $33 million to $4.154 billion in the reporting week, the apex bank data showed.
Meanwhile, the budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90% of individual taxpayers to embrace the new tax regime as compared to the about 75% as of now, CBDT Chairman Ravi Agrawal said on Sunday. Agrawal said the government's and the Income-Tax Department's philosophy and approach is to ensure a non-intrusive tax administration in the country through an enhanced usage of artificial intelligence (AI) apart from the regular human intelligence gathering mechanism. The CBDT chief said the tax processes available to a common taxpayer for reporting their income were not very complex, giving examples of the simplified ITR-1, pre-filled income tax returns, automatic computation of tax deducted at source (TDS), etc. available to them.
Result Today:
Power Grid Corporation of India (down 3.47%), Divis Laboratories (down 0.72%), Alembic Pharmaceuticals (down 1.47%), Aditya Birla Capital (down 2.46%), Barbeque-Nation Hospitality (down 1.36%), Bombay Dyeing (down 2.06%), Castrol India (up 0.28%), DOMS Industries (down 0.73%), Gateway Distriparks (down 0.18%), General Insurance Corporation of India (down 5.76%), Gland Pharma (down 1.15%), Garden Reach Shipbuilders & Engineers (down 5.89%), HFCL (down 4.15%), KEC International (down 4.62%), NLC India (down 3.92%), Paradeep Phosphates (down 0.64%), Poly Medicure (down 2.87%), Premier Energies (down 5.87%), Shalby (down 0.86%,) Tata Chemicals (down 0.64%), Vishnu Prakash R Punglia (down 2.74%), and Welspun Enterprises (down 0.62%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty Oil & Gas index declined 2.73% to 10,153.30. The index slipped 4.10% in two consecutive trading sessions.
Hindustan Petroleum Corporation (down 6.41%), Bharat Petroleum Corporation (down 4.93%), Mahanagar Gas (down 4.35%), Oil & Natural Gas Corpn (down 4.12%), Indian Oil Corporation (down 3.08%), Aegis Logistics (down 2.84%), Oil India (down 2.78%), Reliance Industries (down 1.87%), Petronet LNG (down 1.46%) and Adani Total Gas (down 1.33%) declined
On the other hand, Gujarat State Petronet (up 1.1%), GAIL (India) (up 0.04%) added.
Stocks in Spotlight:
Atul Auto added 1.49% after the company reported an 8.68% rise in total auto sales to 2,772 units in January 2025 from 2,313 units in January 2024.
Eicher Motors rose 1.68% after the company's VE Commercial Vehicles (VECV) reported a 20.14% year-on-year growth in commercial vehicle (CV) sales to 8,489 units in January 2025.
Happiest Minds Technologies rallied 3.33% after the company said that it has executed a share purchase agreement with Gavs Technologies to acquire a 100% stake in their Middle East business, aiming to consolidate existing customer relations contracts along with a delivery team.
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