MARKET OPENS LOWER; NIFTY SLIDES BELOW 23,000

The domestic equity benchmarks traded with substantial losses in early trade. The Nifty traded below the 23,000 level. Barring the IT index, all the other sectoral indices on the NSE were traded in red.

At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 301.84 points or 0.43% to 75,965.74. The Nifty 50 index lost 94.60 points or 0.41% to 22,977.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.54%, and the S&P BSE Small-Cap index declined 1.90%.

The market breadth was weak. On the BSE, 780 shares rose and 2,182 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,486.41 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,001.89 crore in the Indian equity market on 11 February 2025, provisional data showed.

Stocks in Spotlight:

Birlasoft declined 1.58%. The company�s consolidated net profit declined 8% to Rs 116.94 crore in Q3 FY25 as compared with Rs 127 crore in Q2 FY25. Revenue fell marginally to Rs 1,362.0 crore, down 0.4% as compared with Rs 1,368.22 crore in Q3 FY25.

Vodafone Idea (VI) slipped 3.74% after the company reported consolidated net loss of Rs 6,609.30 crore in Q3 FY25 as compared with net loss of Rs 6,985.90 crore in Q3 FY24. Net sales increased 4% YoY to Rs 11,100.50 crore in Q3 FY24.

Berger Paints India added 0.61%. The company�s consolidated net profit fell 1.5% to Rs 295.13 crore despite of 3.2% increase in net sales to Rs 2,975.06 crore in Q3 FY25 over Q3 FY24.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.67% to 6.809 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 86.5350, compared with its close of 86.7950 during the previous trading session.

MCX Gold futures for the 5 April 2025 settlement fell 0.79% to Rs 84,845.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.10% to 108.04.

The United States 10-year bond yield added 0.22% to 4.547.

In the commodities market, Brent crude for April 2025 settlement lost 28 cents or 0.36% to $76.72 a barrel.

Global Markets:

Asian markets traded higher on Wednesday as investors digested the impact of recent U.S. trade policy changes on regional economies.

U.S. Federal Reserve Chair Jerome Powell re-emphasized on Tuesday the central bank�s focus on curbing inflation and signaled that policymakers were not in a rush to push interest rates lower.

In the U.S., the three major averages closed mixed. The S&P 500 added 0.03%, while the Nasdaq Composite lost 0.36%. The Dow Jones Industrial Average gained 0.28%.

Tesla Inc was a major weight on tech stocks, losing 6.3% during Tuesday�s session as investors fretted over a slew of headwinds for the stock, including heightened competition from Chinese EV makers, as well as concerns that CEO Elon Musk�s focus may be too diluted.

Investors were still digesting the impact of recently imposed higher trade tariffs, which are expected to potentially underpin inflation and weigh on economic growth in the coming months. Further trade policy changes have also been signaled.

The Fed Chair is set to testify before Congress on Wednesday, where he is likely to be questioned about the impact of these policies on the economy and inflation.

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