NIFTY SLIDES BELOW 23,400; RUPEE HITS FRESH RECORD LOW; METAL SHARES LOSE SHEEN

The domestic equity benchmarks traded with significant losses in the morning trade after US President Donald Trump announced that the United States would impose a 25 percent tariff on all steel and aluminum imports starting Monday. This move is expected to be in addition to further metal duties, which are anticipated to be disclosed later in the week. The Nifty traded below the 23,400 level. Metal shares tumbled after advancing in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 553.61 points or 0.71% to 77,308.33. The Nifty 50 index lost 173.60 points or 0.74% to 23,386.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.34%, and the S&P BSE Small-Cap index declined 1.87%.

The market breadth was weak. On the BSE, 1,059 shares rose and 2,636 shares fell. A total of 187 shares were unchanged.

Indian Rupee hit a fresh record low against the US dollar on Monday. The currency opened at 87.9400 and touched a fresh all-time low of 87.9525 and is currently trading at 87.7650.

Politics

The Bharatiya Janata Party (BJP) won the Delhi legislative assembly elections with 48 out of 70 seats, marking its return to power in the capital after 27 years, while the Aam Aadmi Party (AAP) secured 22 seats. A party that wins more than the halfway mark of 35 seats can form the government.

AAP leaders Arvind Kejriwal and Manish Sisodia lost their seats to BJP candidates. The BJP`s campaign focused on financial assistance for women and senior citizens, subsidies on essential goods, and infrastructure development. AAP�s vote share declined by approximately 10% compared to the previous election. The Congress party failed to secure any seats for the third consecutive time but saw a slight increase in its vote share.

Result Today:

Eicher Motors (down 0.17%), Grasim Industries (down 1.68%), Apollo Hospitals Enterprises (down 0.33%), Ashoka Buildcon (down 1.61%), Avanti Feeds (down 0.53%), Bata India (down 0.42%), Crisil (down 0.42%), EIH Associated Hotels (down 0.70%), Elgi Equipments (down 1.39%), Electronics Mart India (down 3.25%), Engineers India (down 1.67%), ESAB India (down 3.09%), Escorts Kubota (up 0.71%), Eureka Forbes (down 2.24%), Force Motors (down 2.28%), Galaxy Surfactants (up 0.38%), Garware Technical Fibres (down 0.78%), Genus Power Infra (down 2.96%), Gillette India (down 1.22%), Gujarat State Fertilizers & Chemicals (down 2.63%), HBL Engineering (down 2.53%), HLE Glascoat (down 1.53%) and Honda India Power Product (down 2.01%) will declare their earnings later today.

Buzzing Index:

The Nifty Metal index dropped 2.90% to 8,336.50. The index jumped 2.66% in the past trading session.

Vedanta (down 4.45%), Steel Authority of India (down 4.19%), Tata Steel (down 3.50%), JSW Steel (down 3.1%), NMDC (down 2.81%), National Aluminium Company (down 2.73%), Hindalco Industries (down 2.55%), Jindal Steel & Power (down 2.53%), Welspun Corp (down 2.21%) and Jindal Stainless (down 2.06%) declined.

Stocks in Spotlight:

Paras Defence and Space Technologies declined 1.95%. The company has reported a consolidated net profit of Rs 15.04 crore in Q3 FY25, zoomed 125.82% as against Rs 6.66 crore posted in Q3 FY24. Revenue from operations spiked 33.63% to Rs 85.77 crore in Q3 FY25 as against Rs 64.18 crore recorded in the corresponding quarter last year.

Shipping Corporation of India dropped 5.32% after the company reported 43.8% decline in consolidated net profit of Rs 75.52 crore in Q3 FY25 as against Rs 134.35 crore posted in Q3 FY24. Revenue from operations slipped 1.9% YoY to Rs 1,315.60 crore in the quarter ended 31 December 2024.

VA TECH WABAG rallied 3.67% after the company announced that it has bagged a significant consortium order worth $371 million (approximately Rs 3,251 crore) from Al Haer Environmental Services Company.

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