INDICES TRADE SIDEWAYS; BREADTH POSITIVE

The headline equity benchmarks traded in sideways in early trade. The Nifty traded above the 23,000 level. Pharma, media and private bank shares advanced while IT, consumer durables and and FMCG stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, shed 35.16 points or 0.03% to 76,135.77. The Nifty 50 index added 3.05 points or 0.01% to 23,048.30.

In the broader market, The S&P BSE Mid-Cap index rose 0.02%, and the S&P BSE Small-Cap index declined 0.30%.

The market breadth was positive. On the BSE, 1,574 shares rose and 1,186 shares fell. A total of 121 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,969.30 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,929.24 crore in the Indian equity market on 12 February 2025, provisional data showed.

Economy:

India�s retail inflation, based on the Consumer Price Index (CPI), eased to a five-month low of 4.31% in January 2025, mainly due to lower food prices, according to official data released on Wednesday. CPI-based retail inflation was 5.22% in December, and 5.1% in January 2024.

India�s industrial production growth, measured by the Index of Industrial Production (IIP) eased to 3.2% in December, down from a 6-month high of 5.2% in the previous month, according to data released by Ministry of Statistics & Programme Implementation (MoSPI). The slowdown was largely due to weaker manufacturing activity, which grew 3% in December compared to 5.5% in November.

Stocks in Spotlight:

Muthoot Finance rallied 4.38% after the company�s consolidated net profit jumped 25.9% to Rs 1,389.19 crore in Q3 FY25 as compared with Rs 1,103.52 crore in Q3 FY24. Total income increased 35.9% YoY to Rs 5,221.69 crore in Q3 FY25.

Landmark Cars slipped 3.38% after the company�s consolidated net profit declined 37.7% to Rs 11.36 crore in Q3 FY25 as compared with Rs 18.24 crore in Q3 FY24. Net sales jumped 24.6% YoY to Rs 1,195.03 crore in Q3 FY25.

Suven Pharmaceuticals surged 6.63% after the company reported 77.3% jump in consolidated net profit to Rs 82.88 crore in Q3 FY25 as compared with Rs 46.75 crore in Q3 FY24. Net sales jumped 39.7% YoY to Rs 307.15 crore during the quarter ended 31st December 2024.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.75% to 6.814 as compared with previous close 6.806.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.7700, compared with its close of 86.9500 during the previous trading session.

MCX Gold futures for the 5 April 2025 settlement gained 0.38% to Rs 85,806.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.29% to 107.70.

The United States 10-year bond yield lost 0.43% to 4.614.

In the commodities market, Brent crude for April 2025 settlement declined 76 cents or 1.01% to $74.42 a barrel.

Global Markets:

Asian stocks saw a mixed performance on Thursday. A surge in Chinese tech stocks, driven by enthusiasm for artificial intelligence, and news of potential deals in Japan`s technology sector provided positive momentum. However, concerns about high U.S. inflation tempered gains.

Market sentiment was also boosted by reports of potential peace talks between Russia and Ukraine, raising hopes for an end to the protracted conflict. This news contributed to a drop in oil prices.

It was reported that both the Russian and Ukrainian presidents expressed a desire to resolve the conflict in separate phone calls, and that steps were being taken to initiate peace talks. This development followed reports that Ukraine would no longer pursue NATO membership, a key point of contention for Russia.

U.S. stocks fell overnight after stronger-than-anticipated consumer price index (CPI) data was released. The inflation figures lessened expectations of near-term interest rate cuts.

At the NYSE close, the Dow Jones Industrial Average decreased by 0.50%, the S&P 500 index fell by 0.27%, and the NASDAQ Composite index showed a slight gain of 0.03%.

The CPI increased by 0.5% month-over-month, while the core CPI rose by 0.4%. These results fueled concerns about persistent inflationary pressures. Analysts pointed to the "upside surprise" in the CPI report, noting that it contradicted earlier forecasts of moderating inflation.

Overall market sentiment remained cautious due to ongoing trade tensions, including recently implemented tariffs on commodity imports and the potential for retaliatory tariffs.

Individual stock performance saw CVS Health Corp. rallying by nearly 15%, and Gilead Sciences Inc. increasing by 7.5%.

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