Indices nudge lower; breadth strong

The key equity benchmarks traded with modest losses in early trade. The Nifty traded below the 22,900 level. Pharma, IT and auto shares declined while realty, metal and media stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 287.76 points or 0.38% to 75,679.63. The Nifty 50 index declined 92.15 points or 0.40% to 22,853.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index rose 0.94%.

The market breadth was strong. On the BSE, 1,819 shares rose and 989 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,786.56 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,072.19 crore in the Indian equity market on 18 February 2025, provisional data showed.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.23%. The company has acquired the balance 26% stake in L&T Special Steels and Heavy Forgings (LTSSHF), an existing subsidiary of the company, from Nuclear Power Corporation of India (NPCIL), and it also executed the joint venture termination agreement with NPCIL.

Piramal Pharma shed 0.96%. The companys Turbhe facility received Form-483 with six observations from US Food and Drug Administration (USFDA) following an inspection conducted from 11 February to 17 February 2025.

Puravankara added 2.24% after the company acquired in the first phase 37,80,000 equity shares of Rs 10 each (39.54%) of Sobha Puravankara Aviation (SPAL) held by Sobha Projects and Trade. Post-acquisition, the companys shareholding has increased from 49.95% to 84.49%.

Numbers to Track:

MCX Gold futures for 4 April 2025 settlement were shed 0.08% to Rs 86,047.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 106.99.

The United States 10-year bond yield rose 0.11% to 4.549.

In the commodities market, Brent crude for April 2025 settlement rose 05 cents or 0.07% to $75.89 a barrel.

Global Markets:

Asian stock markets traded mixed on Wednesday as Japan reported a larger-than-expected trade deficit of 2.76 trillion yen ($1.8 billion) for the latest period, reversing a prior surplus and exceeding forecasts of a 2.10 trillion yen deficit. Improving domestic demand and a stronger yen sparked an outsized surge in imports, while export growth was also slightly underwhelmed.

Early Asian trading hours were marked by reports of potential 25% U.S. tariffs on automobile, semiconductor, and pharmaceutical imports, with a possible announcement in the coming as soon as April 2.

Investors are awaiting U.S. purchasing managers index (PMI) data for February, seeking further clarity on the U.S. economy's resilience amidst persistent inflation and trade-related uncertainties.

U.S. equities reached record highs on Tuesday, though gains were moderate ahead of Federal Reserve policy signals. The S&P 500 closed at a record high of 6,129.62, representing a 0.24% increase. The NASDAQ Composite rose marginally by 0.07% to 20,041.26. The Dow Jones Industrial Average remained relatively unchanged at 44,556.16.

In Saudi Arabia, the U.S. and Russia engaged in preliminary talks, with the U.S. seeking to gauge Russia's sincerity regarding a peace settlement in Ukraine.

The Federal Reserve is scheduled to release the minutes of its recent policy meeting, which will be closely scrutinized for insights into the central bank's interest rate strategy, particularly following signals of a prolonged pause in rate reductions. Investor focus is on what the feds minutes may reveal about rate intentions.

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