Indices open on firm note; breadth strong

The key equity benchmarks traded with modest gains in early trade. The Nifty traded above the 23,200 level. Consumer durables, IT and auto advanced while metal, realty and PSU bank stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 167.86 points or 0.22% to 76,927.67. The Nifty 50 index added 78.20 points or 0.32% to 23,323.30.

In the broader market, the S&P BSE Mid-Cap index advanced 0.60% and the S&P BSE Small-Cap index added 0.20%.

The market breadth was strong. On the BSE, 1,769 shares rose and 1,119 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,582.95 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,165.89 crore in the Indian equity market on 30 January 2025, provisional data showed.

Stocks in Spotlight:

Larsen & Toubro rallied 3.76% to Rs 3,548.25 after the company reported 13.96% increase in consolidated net profit to Rs 3,358.84 crore in Q3 FY25 compared with Rs 2,947.36 crore in Q3 FY24. Revenue from operations jumped 17.31% YoY to Rs 64,667.78 crore in Q3 FY25.

Bank of Baroda declined 3.46%. The banks standalone net profit increased 5.6% to Rs 4,837.3 crore in Q3 FY25 compared with Rs 4,579.3 crore in Q3 FY24. Total income jumped 10.38% YoY to Rs 34,676.47 crore in Q3 FY25.

Biocon advanced 2.20%. The companys consolidated net profit tumbled 96.2% to Rs 25.1 crore in Q3 FY25 as compared with Rs 660 crore in Q3 FY24. Revenue from operations fell 3.35% YoY to Rs 3,821.4 crore during the quarter.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.74% to 6.794 as compared with the previous close of 6.792.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.6425, compared with its close of 86.6250 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement were added 0.52% to Rs 82,150.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 108.21.

The United States 10-year bond yield rose 0.60% to 4.539.

Global Markets:

The US Dow Jones index futures were currently in the green, signaling a positive opening for US stocks today.

Most Asian stocks advanced on Friday, mirroring the Wall Street rally as investors assessed big tech earnings.

The Tokyo consumer price index, excluding fresh food, rose 2.5% year on year in January, compared with 2.4% in the previous month. Japans unemployment rate for December fell to 2.4% from 2.5% in the previous month.

Additionally, Japans retail sales for December climbed 3.7% from the previous year, while its industrial output figures for December grew at 0.3%, month on month, from the 2.2% drop in the month before.

Hong Kong and Chinese markets remain closed for the Lunar New Year holiday.

Overnight, U.S. benchmark indexes ended with decent gains as investors assessed Apple's earnings report and other well-known companies earnings.

The US economy grew at an annualised rate of 2.3 per cent in Q4 2024, down from 3.1 per cent in Q3. Notably, US initial jobless claims fell by 16,000 to 207,000 for the week ending January 25th as compared with 223,000 in 18th Jan 2025.

The Dow Jones Industrial Average climbed 0.38% to close at 44,882.13, the S&P 500 rose 0.53% to end at 6,071.17 and the Nasdaq Composite gained 0.25% to end at 19,681.75.

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