Markets Today: Nykaa, Eicher Q3; Trump steel tariff; Ajax Engineering IPO

Stock Market Today, Feb 10: The stock markets will see a flurry of IPOs this week, including Ajax Engineering (Feb 10), Hexaware Technologies (Feb 12), & Quality Power Electrical Equipment (Feb 14)

Stock Markets Today, Monday, February 10, 2025: India stock markets are expected to open lower today, February 10, amid weak global cues. Moreover, the last batch of Q3 earnings, coupled with foreign institutional sellers’ (FIIs) activities, and US President Donald Trump’s statements on tariffs will influence the market on Monday.

 

At 7:00 AM, GIFT Nifty futures were down 56 points at 23,566 level.

 

Last Friday, the benchmark equity indices, BSE Sensex and NSE Nifty50, ended with losses even as the Reserve Bank of India (RBI) Governor announced a 25 basis points (bps) repo rate cut. The central bank’s decision to keep the policy stance ‘Neutral’, along with lack of more liquidity easing measures, disappointed Street, as per experts.

 

 

The BSE Sensex ended a highly volatile session 198 points (0.25 per cent) lower at 77,860. The NSE Nifty 50 index closed the week at 23,560 - down 43 points (0.18 per cent).

 

FIIs/FPIs net sold stocks worth Rs 470.39 crore on February 7, 2025. DIIs, on the other hand, bought stocks worth Rs 454.20 crore.

Stock Market Prediction Today, Feb 10:

India stock markets are looking to open lower today. Amid lack of domestic cues today, global developments will guide the stock markets today.

 

Domestically, Apollo Hospitals, Avadh Sugar, Avanti Feeds, Bata India, Eicher Motors, Escorts Kubota, Nykaa, and Patanjali Foods are among the prominent companies scheduled to report their December quarter (Q3FY25) results today.

 

Globally, the European Central Bank’s President Christine Lagarde will deliver a speech on the state of the European Economy during a Parliament session.

 

That apart, investors will track whether the US President Donald Trump, on Monday, will announce new 25 per cent tariffs on all steel and aluminum imports into the US.

 

Global markets have reacted negatively to the tariff news Monday morning. In Japan, the Nikkei 225 index fell 0.41 per cent at open, South Korea’s Kospi fell 0.58 per cent at open, and Australia’s ASX200 declined 0.31 per cent at open.

 

Stock Market Triggers for the Week

During the rest of the week, Q3FY25 earnings; January CPI inflation data for India and the US (February 12); India’s Industrial Production data for December (February 12); the UK’s GDP, the US’ PPI inflation data, US’ jobless claims data (Feb 13); and India’s WPI inflation data (Feb 14) will guide the stock markets.

 

Also, during the week ahead, US Fed Chair Jerome Powell will testify before the Senate Banking Committee on February 11 and the House Financial Services Panel (finance committee) on February 12 on the state of the US economy and the outlook ahead.

IPOs This Week

The stock markets will see a flurry of initial public offerings (IPOs) this week, including Ajax Engineering (February 10), Hexaware Technologies (February 12), and Quality Power Electrical Equipments (February 14) in the mainboard category.

 

In the SME segment, Chandan Healthcare (opens today), PS Raj Steels, Voler Car, Maxvolt Energy Industries, LK Mehta Polymers, and Shanmuga Hospital will see their IPOs opening this week, while Solarium Green Energy, Readymix Construction Machinery, and Eleganz Interiors will close their IPOs.

 

Among new listings, shares of SME companies, including Chamunda Electricals (Feb 11), Ken Enterprises (Feb 12), Amwill Healthcare (Feb 12), Solarium Green Energy (last day today, listing on Feb 13), Readymix Construction (closes today, listing on Feb 13), and Eleganz Interiors (closes tomorrow, listing on Feb 14).

 

Stock Market Outlook, Feb 10: How to trade Sensex today, key levels on Nifty today?

 

Rupak De, Senior Technical Analyst, LKP Securities:

Friday’s volatility did not push the Nifty index below the 21-EMA on the daily timeframe, signifying a positive short-term trend. The trend is likely to remain positive as long as the index stays above 23,450. On the higher end, resistance is placed at 23,700. A decisive move above 23,700 could lead to a rally toward 24,050.

 

Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities:

A reasonable negative candle was formed on the Nifty daily chart with minor upper and long lower shadow. Technically, this pattern is indicating downward correction from the hurdle of 23,800 levels (down trend line resistance). The Nifty is currently placed at the support of 23,500-23,400 levels as per change in polarity and is in the process of showing short-term bottom reversal pattern from near the supports.

 

The underlying short-term trend of the Nifty is weak with high volatility. A sustainable upside bounce from the support could pull Nifty towards 23,800 levels again in the near-term. However, any breakdown of the support could negate the bullish bet and likely to bring sharp weakness.