Barometers tumble in early trade; breadth negative

The key equity indices traded with limited cuts with some negative points in early trade as investors awaited the crucial interest rate announcement from RBI Governor Sanjay Malhotra later in the day. The Nifty traded below the 23,600 level. Metal, auto, and consumer durables shares advanced while media, oil & gas, and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, shed 29.99 points or 0.04% to 78,019.19. The Nifty 50 index fell 6.75 points or 0.03% to 23,596.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.34%, and the S&P BSE Small-Cap index fell 0.82%.

The market breadth was negative. On the BSE, 1,146 shares rose and 1,691 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,549.95 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,721.66 crore in the Indian equity market on 6 February 2025, provisional data showed.

Stocks in Spotlight:

ITC declined 1.31% after the companys consolidated net profit fell 7.5% to Rs 4934.80 crore in Q3 FY25 as compared with Rs 5335.23 crore in Q3 FY24. Net sales increased 8.9% YoY to Rs 18,580.36 crore in Q3 FY25.

Bharti Airtel rallied 3.36% after the companys consolidated net profit soared 460.93% to Rs 16,134.6 crore in Q3 FY25 as against Rs 2,876.4 crore reported in Q3 FY24. Revenue from operations increased 19.07% YoY to Rs 45,129.3 crore in Q3 FY25

Hero Motocorp rose 0.64%. The company reported a 1.3% increase in consolidated net profit to Rs 1,107.55 crore in Q3 FY25 as compared with Rs 1093.41 crore in Q3 FY24. Net sales jumped 4.8% YoY to Rs 10,259.89 crore in Q3 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.59% to 6.763 as compared with previous close 6.664.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.4525, compared with its close of 87.5900 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement rose 0.25% to Rs 84,652.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.06% to 107.76.

The United States 10-year bond yield rose 0.14% to 4.444.

In the commodities market, Brent crude for April 2025 settlement rose 39 cents or 0.52% to $74.68 a barrel.

Global Markets:

Asian stocks were mixed on Friday as investors awaited Indias interest rate decision and assessed Japans household spending data.

The Reserve Bank of India is likely to trim the benchmark repo rate by 25 basis points to 6.25%, as it concludes its policy meeting later in the day.

A robust labor market could strengthen the Fed's resolve to maintain current interest rates, as the central bank has indicated its intention to do, citing concerns about persistent inflation.

On Wall Street, the Nasdaq Composite gained 0.5%, while the S&P 500 added 0.36%. The Dow Jones Industrial Average underperformed, declining 0.28%.

Amazon.com Inc. shares fell over 4% in after-hours trading after the e-commerce giant projected first-quarter 2025 sales between $151 billion and $155.5 billion, missing analysts' expectations.

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