Barometers snaps 8-day's losing streak; pharma shares in demand; VIX rallies 4.71%

The key domestic indices pared all losses and ended with minor gains on Monday, snapping an eight-day declining streak, driven by easing US trade uncertainties, which helped support a market recovery. The Nifty settled above the 22,950 mark.

Healthcare, pharma, and metal shares advanced while Media, IT, and FMCG shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 57.65 points or 0.08% to 75,996.86. The Nifty 50 index added 30.25 points or 0.13% to 22,959.50. In eight consecutive trading sessions, the Sensex and Nifty lost 3.29% and 3.28%, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.51%, and the S&P BSE Small-Cap shed 0.56%.

The market breadth was weak. On the BSE, 1,354 shares rose and 2,733 shares fell. A total of 134 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.71% to 15.72.

Economy:

Indias 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.

Indias 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 88,51,102 shares as against 1,11,12,530 shares on offer, according to stock exchange data at 15:30 IST on 17 February 2025. The issue was subscribed 0.80 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.

New Listing:

Shares of Ajax Engineering were at Rs 592.10 on the BSE, representing a discount of 5.87%, compared with the issue price of Rs 629.

The scrip was listed at Rs 593, exhibiting a discount of 0.15% to the issue price.

The stock has hit a high of 608.45 and a low of 565. On the BSE, over 6.50 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Glenmark Pharmaceuticals rallied 4.18% after the company reported consolidated net profit of Rs 347.96 crore in Q3 FY25 as compared with net loss of Rs 351.37 crore in Q3 FY24. Total revenue from operations surged 35.13% YoY to Rs 3,387.55 crore in the quarter ended 31 December 2024.

Pix Transmissions hit a lower circuit of 20% after the companys consolidated net profit declined 45.13% to Rs 22.24 crore in Q3 FY25 as compared with Rs 40.53 crore in Q2 FY25. Revenue from operations declined 12.29% QoQ to Rs 139.51 crore in Q3 FY25.

Borosil Renewables slipped 3.25% after the company reported a consolidated net loss of Rs 26.75 crore for Q3 FY25, compared to a net loss of Rs 15.56 crore in Q3 FY24. However, revenue from operations jumped 9.41% to Rs 361.49 crore in the quarter ended 31 December 2024.

Permanent Magnets tumbled 7.33% after the company reported a 47% drop in consolidated net profit to Rs 2.04 crore in Q3 FY25 as compared with Q3 FY24. Revenue from operations decreased 2% YoY to Rs 49.35 crore during the period under review.

Easy Trip Planners dropped 1.09% after the companys consolidated net profit declined 25.53% to Rs 34.02 crore in Q3 FY25 as compared with Rs 45.68 crore in Q3 FY24. Revenue from operations fell 6.36% YoY to Rs 150.56 crore in Q3 FY24.

Mahanagar Telephone Nigam (MTNL) added 4.80% after the companys consolidated net loss was reduced to Rs 836.07 crore in Q3 FY25 from a net loss of Rs 839.03 crore posted in Q3 FY24. Revenue from operations declined 11.53% YoY to Rs 170.07 crore in the quarter ended 31 December 2024.

Zen Technologies hit a lower circuit of 20% after the companys standalone net profit fell 40.8% to Rs 38.62 crore in Q3 FY25 as against Rs 65.24 crore posted in Q2 FY25. Revenue from operations dropped 41.4% QoQ to Rs 141.52 crore in the quarter ended 31 December 2024.

Hinduja Global Solutions declined 3.09% 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. Revenue from operations slipped 11.59% to Rs 1,064.05 in Q3 FY25 as against Rs 1,203.67 crore posted in the third quarter of FY24.

Uflex rallied 5.30% after the company reported consolidated net profit of Rs 136.81 crore in Q3 FY25, compared with net loss of Rs 67.27 crore posted in Q3 FY24. Revenue from operations added 12.84% YoY to Rs 3,734.68 crore in the quarter ended 31 December 2024. <

Arvind SmartSpaces shed 0.35%. The company said that it has signed a new residential plotted development project in Ahmedabad, with a total estimated area of approximately 150 acres and a top-line potential of nearly Rs 600 crore.

EMS added 2.63% after the company announced the receipt of a letter of award (LoA) for a project worth Rs 272.89 crore from Jaypee Infratech.

The project involves the execution of civil (structure & finishing) and MEP works for the "ORCHARDS" multi-storeyed group housing project. This includes towers 'OCA-1 to 3' and 'OCB-1 to 5' at Jaypee Wish Town in Noida, Uttar Pradesh.

Global Markets:

European markets advanced on Monday as regional defense and geopolitical uncertainty remain in focus. Geopolitical tensions between the U.S. and Europe are likely to be a focus for European markets this week as U.S. officials prepare for talks with Russia to end the war in Ukraine, with officials in Kyiv and Europe being left out of the discussions.

Most Asian stocks ended higher as investors parsed Japans fourth-quarter economic growth data while awaiting a slew of central bank decisions from the region this week.

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.

Thailand released fourth-quarter GDP data, which showed its economy grew 3.2% year-on-year, missing Reuters expectations of a 3.9% expansion, data from LSEG showed. The countrys annual GDP growth for the year came in at 2.5%.

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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