Indices nudge lower; breadth negative

The key equity indices traded with minor cuts in early trade, mirroring mixed cues from global markets. The Nifty traded below the 23,150 mark. PSU bank, FMCG and oil & gas shares declined while IT, media and consumer durables stocks advanced. Trading could be volatile due to weekly F&O series expiry today.

At 09:30 IST, the barometer index, the S&P BSE Sensex slipped 132.42 points or 0.13% to 76,272.85. The Nifty 50 index lost 42.40 points or 0.18% to 23,112.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% and the S&P BSE Small-Cap index fell 0.32%.

The market breadth was negative. On the BSE, 1,165 shares rose and 1,644 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,026.25 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,640.22 crore in the Indian equity market on 22 January 2025, provisional data showed.

Politics:

The JD(U) on Wednesday sacked its Manipur unit president, Ksh. Biren Singh, in an effort to quell growing speculation about its ties with the BJP. Partys national spokesperson Rajiv Ranjan told the media Singhs removal was due to indiscipline and asserted that the party would continue to support the BJP-led government in the northeastern state. Ranjan affirmed that the JD(U) remains committed to supporting the BJP-led NDA, not just in Manipur but across the country. Ranjans remark came shorty after Ksh Biren Singh claimed that the party had withdrawn support to the BJP-led Biren Singh government and informed its decision to governor Ajay Kumar Bhalla. The state unit chief had also claimed that the lone JDU MLA in the state, Md Abdul Nasir, will sit in the opposition benches.

Stocks in Spotlight:

Hindustan Unilever (HUL) slipped 3.63%. The company reported a 19.13% jump in standalone net profit to Rs 3,001 crore in Q3 FY25 as compared with Rs 2,519 crore in corresponding quarter last year. Revenue from operations rose 1.79% to Rs 15,195 crore in Q3 FY25 as compared with Rs 14,928 crore in Q3 FY24.

Bharat Petroleum Corporation (BPCL) declined 1.04%. The company has reported a 36.85% jump in standalone net profit to Rs 4,649.20 crore in Q3 FY25 as against Rs 3,397.27 crore posted in Q3 FY24. Net sales (excluding excise duty) declined 2.02% year on year (YoY) to Rs 1,13,135.8 crore in the December 2024 quarter.

Pidilite Industries rallied 4.98%. The company reported a 18.8% increase in consolidated net profit to Rs 534.56 crore in Q3 Fy25 as compared with Rs 450.15 crore in Q3 FY24. Net sales rose 5.2% YoY to Rs 3,234.91 crore during the quarter.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.12% to 6.837 as compared with the previous close of 6.829.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.3550, compared with its close of 86.5850 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement shed 0.16% to Rs 79,444.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 108.27.

The United States 10-year bond yield rose 0.17% to 4.607.

In the commodities market, Brent crude for March 2025 settlement lost 34 cents, or 0.27% to $78.73 a barrel.

Global Markets:

Most Asian stocks climbed on Thursday, buoyed by a rally on Wall Street driven by optimism over increased spending on artificial intelligence (AI). However, Asian investors remain cautious as they assess the implications of US President Donald Trumps early days in office, which have sent mixed signals. While Trump reiterated tariff threats against China, fears of an escalation in the trade war have largely been avoided, leaving the worlds second-largest economy somewhat unscathed for now.

In China, investors are considering additional measures from Beijing to stabilize its stock market. On Wednesday, the government introduced a series of policies, including plans to increase the portion of pension funds that can be invested in listed companies, aiming to shore up market confidence.

South Korea's economy grew by 0.1% quarter-on-quarter in the final three months of 2024, according to preliminary data from the central bank. On a year-on-year basis, GDP growth slowed to 1.2% from 1.5%, reflecting challenges in the broader economic environment.

Meanwhile, Japan posted a surprising trade surplus of 130.9 billion yen ($840 million) in December, beating expectations for a deficit of 55 billion yen. This marked a significant turnaround from November's 110.3 billion yen deficit, supported by strong exports, according to government data released Thursday.

In the US, the S&P 500 came close to a record high on Wednesday, boosted by a surge in tech stocks and AI-related companies. The rally followed President Trumps announcement of a $500 billion initiative to enhance domestic AI development.

Netflix shares soared nearly 10% after the company reported a record-breaking addition of 19 million new subscribers in Q4 2024, surpassing market expectations by a wide margin.

The S&P 500 briefly touched an all-time high of 6,100.81 points before trimming gains to close 0.6% higher at 6,086.28 points. The NASDAQ Composite gained 1.3% to reach 20,009.34 points, while the Dow Jones Industrial Average edged up 0.3%.

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