Indices edge higher in early trade; market breadth weak

The key equity benchmarks traded near flat line with positive bias in early trade. The Nifty traded above 22,550 mark. Consumer durables, media and IT shares declined while banking and metal stocks advanced.

At 09:25 IST, the barometer index, the S&P BSE Sensex, advanced 56.45 points or 0.08% to 74,.658.57. The Nifty 50 index added 19.80 points or 0.09% to 22,567.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.02% and the S&P BSE Small-Cap index fell 0.58%.

The market breadth was weak. On the BSE, 1,348 shares rose and 1,487 shares fell. A total of 183 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,529.10 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,030.78 crore in the Indian equity market on 25 February 2025, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.58% to 6.812 as compared with the previous close of 6.700.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87,4050, compared with its close of 86.1900 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement were fell 0.10% to Rs 85,761.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 106.63.

The United States 10-year bond yield advanced 0.75% to 4.281.

In the commodities market, Brent crude for April 2025 settlement added 20 cents or 0.28% to $72.73 a barrel.

Stocks in Spotlight:

Tata Steel rose 0.88%, The company acquired 788,53,50,318 ordinary equity shares of face value $ 0.157 each aggregating to $1,238 million (Rs 10,726.85 crore) in T Steel Holdings (TSHP).

Spicejet declined 3.40%. The company reported standalone net profit of Rs 24.96 crore in Q3 FY25 as compared with net loss of Rs 301.45 crore in Q3 FY24. Revenue from operations fell 35.33% to Rs 1231.06 crore in Q3 FY25 as compared with Rs 1,903.57 crore in Q3 FY24.

Emcure Pharmaceuticals fell 1.10%. The company announced that the United States Food and Drug Administration (USFDA) had conducted a current good manufacturing practices (cGMP) inspection of the companys API manufacturing facility in Kurkumbh, Maharashtra.

Global Markets:

Most Asian shares declined on Thursday, influenced by a combination of Nvidia's earnings results and renewed US trade tariff concerns.

Nvidia, a key player in the AI sector, reported strong quarterly figures, forecasting first-quarter revenue of $43 billion, exceeding expectations of $42.05 billion. However, a projected softer-than-expected gross margin, attributed to the Blackwell production ramp-up, led to a volatile after-hours trading session, with the stock fluctuating between gains and losses. This muted investor response followed a period of consistently high expectations.

Adding to market unease, President Donald Trump announced plans to impose 25% tariffs on the European Union and reiterated that tariffs on Mexico and Canada would take effect on April 2. Contradictory statements within his announcement created confusion and uncertainty among investors.

These developments followed a flat close for U.S. stocks on Wednesday, which had already seen four consecutive days of losses. Concerns about a potential U.S. economic slowdown, reflected in weak consumer sentiment data, further contributed to the negative market sentiment.

Specifically, the S&P 500 closed unchanged at 5,956.18 points, the NASDAQ Composite rose 0.3% to 19,075.26 points, and the Dow Jones Industrial Average fell 0.4% to 43,433.12 points.

Investors are now awaiting key economic data, including fourth-quarter gross domestic product figures due Thursday and the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, scheduled for Friday.

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