NIFTY HOVERS BELOW 22,850 MARK; AUTO SHARES SLIDE

The key equity benchmarks traded with modest losses in the mid-morning trade, weighed down by persistent foreign fund outflows from Indian markets and pressure from index heavyweights such as Reliance Industries, M&M, and Infosys. The Nifty hovered below the 22,850 mark. Auto shares extended losses for the sixth consecutive day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 271.16 points or 0.36% to 75,668.05. The Nifty 50 index slipped 80.25 points or 0.36% to 22,845.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.62% and the S&P BSE Small-Cap index slipped 1.15%.

The market breadth was weak. On the BSE, 995 shares rose and 2,705 shares fell. A total of 168 shares were unchanged.

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.

IPO Update:

The initial public offer (IPO) of Quality Power Electrical Equipments received bids for 79,28,700 shares as against 1,11,12,530 shares on offer, according to stock exchange data at 11:12 IST on 17 February 2025. The issue was subscribed 0.71 times.

The issue opened for bidding on 14 February 2025 and it will close on 18 February 2025. The price band of the IPO is fixed between Rs 401 and Rs 425 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index declined 1.28% to 21,786.50. The index tumbled 7.13% in six consecutive trading sessions.

Mahindra & Mahindra (down 3.62%), Samvardhana Motherson International (down 2.58%), Bosch (down 1.21%), Hero MotoCorp (down 1.14%), Exide Industries (down 0.84%), TVS Motor Company (down 0.81%), Bajaj Auto (down 0.31%), Bharat Forge (down 0.31%), Balkrishna Industries (down 0.31%) and Apollo Tyres (down 0.22%) declined.

Stocks in Spotlight:

Zen Technologies hit a lower circuit of 20% after the company�s standalone net profit fell 40.8% to Rs 38.62 crore in Q3 FY25 as agaisnt Rs 65.24 crore posted in Q2 FY25.

Hinduja Global Solutions declined 3.02% after the company reported consolidated net loss of Rs 8.59 crore in Q3 FY25 as against net profit of Rs 8.81 crore in Q3 FY24.

Sandur Manganese & Iron Ores soared 18.98% after company�s consolidated net profit surged to Rs 137.48 crore in Q3 FY25 as compared with Rs 9.07 crore in Q3 FY24.

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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