MARKET DRIFT LOWER; BREADTH WEAK

The headline equity benchmarks traded with significant losses in early trade. The Nifty traded below the 22,850 mark. Barring the Nifty Pharma index, all the other sectoral indices on the NSE traded in red.

At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 322.76 points or 0.43% to 75,616.45. The Nifty 50 index declined 96.05 points or 0.42% to 22,833.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.55% and the S&P BSE Small-Cap index slipped 0.83%.

The market breadth was weak. On the BSE, 1,126 shares rose and 2,056 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,294.69 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,363.87 crore in the Indian equity market on 14 February 2025, provisional data showed.

Economy:

India�s foreign exchange (forex) reserves jumped $7.654 billion to $638.261 billion in the week ended February 7, according to the latest RBI data released on Friday.

For the week ended February 7, foreign currency assets, a major component of the reserves, increased by $6.422 billion to $544.106 billion, the data released on Friday showed.

Gold reserves increased by $1.315 billion to $72.208 billion during the week. The special drawing rights (SDRs) were down by $11 million to $17.878 billion, according to the data.

India�s reserve position with the IMF was down by $71 million at $4.069 billion in the week under review, the RBI data showed.

Stocks in Spotlight:

Swan Energy added 2.50% after the company�s consolidated net profit zoomed 406.30% to Rs 582.81 crore in Q3 FY25 as against Rs 115.11 crore posted in Q3 FY24. Revenue from operations was at Rs 1,908.18 crore in Q3 FY25, up 19.88% as against Rs 1,591.67 crore posted in the corresponding quarter last year.

Rail Vikas Nigam (RVNL) slipped 3.94% after the company reported a 13.14% decline in consolidated net profit to Rs 311.44 crore in Q3 FY25 as against Rs 358.57 crore posted in Q3 FY24. Revenue from operations decreased 2.60% YoY to Rs 4,567.38 crore in the quarter ended 31 December 2024.

Cupid declined 2.09%. The company�s standalone net profit jumped 25.05% to Rs 11.08 crore on 15.73% increase in total income to Rs 46.35 crore in Q3 FY25 over Q3 FY24. Meanwhile, the company�s board has approved the appointment of Aditya Kumar Halwasiya as managing director and chairman of the company.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.46% to 6.803 as compared with the previous close of 6.712.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.7425, compared with its close of 86.7150 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement were added 0.56% to Rs 85,161.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 106.68.

The United States 10-year bond yield rose 0.45% to 4.493.

In the commodities market, Brent crude for April 2025 settlement rose 10 cents or 0.13% to $74.84 a barrel.

Global Markets:

Most Asian stocks advanced on Monday amid persistent concerns over increased U.S. trade tariffs and high interest rates, with an artificial intelligence-fueled rally in Chinese markets pausing for breath.

Japanese shares took little support from substantially stronger than expected gross domestic product data. GDP grew 2.8% year-on-year, accelerating sharply from the 1.7% seen in the prior quarter, which was revised upwards.

In the US, the S&P 500 closed just shy of record Friday as data pointing to weakness in the consumer and ongoing inflation concerns weighed upside momentum. At the close in NYSE, the Dow Jones Industrial Average fell 0.37%, while the S&P 500 index fell 0.01%, and the NASDAQ Composite index gained 0.41%.

U.S. retail sales contracted by more than anticipated in January as a cold weather snap and natural disasters hit spending activity that has been largely bolstered by a resilient labor market. Retail sales fell by 0.9% last month after an upwardly revised increase of 0.7% in December. Year-on-year, retail sales advanced by 4.2%.

Airbnb stock soared more than 14% after the short-term housing rental company reported fourth quarter earnings and sales ahead of expectations, helped by a "notable acceleration" in the number of first-time bookers on the platform.

Roku stock added 14% after the technology company forecast annual revenue above expectations, signaling strong advertising sales as more customers switch to streaming platforms.

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