Benchmarks rise for 3rd day; Nifty closes near 23,250 mark

The domestic equity indices saw healthy gains on Thursday, extending their upward trend for the third consecutive session as investors look ahead to the Union Budget 2025, anticipating growth-supportive policies in line with fiscal prudence. Investors assessed the U.S. Federal Reserve's decision to keep interest rates unchanged at 4.25'4.5%. The Nifty ended near the 23,250 mark.

The barometer index, the S&P BSE Sensex, rallied 226.85 points or 0.30% to 76,759.81. The Nifty 50 index added 86.40 points or 0.37% to 23,249.50. In three consecutive trading sessions, the Sensex and Nifty added by 1.85% and 1.84%, respectively.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index rose 0.02%.

The market breadth was strong. On the BSE, 2,139 shares rose and 1,808 shares fell. A total of 127 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 6.70% to 17.39.

Among the sectoral indices, the Nifty Realty index (up 1.78%), the Nifty Oil & Gas index (up 1.55%) and the Nifty Healthcare index (up 1.29%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Consumer Durables index (down 1.84%), the Nifty Media index (down 1.21%) and the Nifty IT index (down 1.14%) underperformed the Nifty 50 index.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.04% to 6.794 as compared with the previous close of 6.791.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.6325, compared with its close of 86.5575 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement gained 0.78% to Rs 80,960.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 108.07.

The United States 10-year bond yield fell 0.58% to 4.507.

In the commodities market, Brent crude for March 2025 settlement declined 18 cents or 0.24% to $76.40 a barrel.

Stocks in Spotlight:

Adani Enterprises slipped 2.85% after the company's consolidated net profit tanked 96.93% to Rs 57.83 crore in Q3 FY25 as against Rs 1,888.45 crore reported in Q3 FY24. Revenue from operations declined 8.78% to Rs 22,848.42 crore in Q3 FY25 from Rs 25,050.23 crore recorded in the same period a year ago.

Bajaj Finserv's consolidated net profit increased 3.4% to Rs 2,231 crore on a 10.34% rise in total income to Rs 32,041.81 crore in Q3 FY25 over Q3 FY24.

Bharat Electronics (BEL) advanced 4.38% after the company's standalone net profit surged 47.33% to Rs 1,316.06 crore on 39.15% rise in revenue from operations to Rs 5,756.12 crore in Q3 FY25 over Q3 FY24.

Tata Motors slipped 7.37% after its consolidated net profit declined 22.41% to Rs 5,451 crore despite of 2.71% rise in revenue from operations to Rs 113,575 crore in Q3 FY25 over Q3 FY24.

Adani Ports and Special Economic Zone (APSEZ) fell 1.86%. The company's consolidated net profit jumped 14.12% to Rs 2,520.26 crore on 15.07% rise in revenue from operations to Rs 7,963.55 crore in Q3 FY25 over Q3 FY24.

Bajaj Finance rallied 2.36% after the company's consolidated net profit jumped 18% to Rs 4308 crore in Q3 FY25 as compared with Rs 3,639 crore in Q3 FY24. Net interest income (NII) increased 23% YoY to Rs 9,382 crore in Q3 FY25.

Hitachi Energy India hit an upper circuit of 20% after the company's standalone net profit stood at Rs 137.28 crore in Q3 FY25, steeply higher than Rs 22.97 crore in Q3 FY24. Revenue from operations jumped 27.16% to Rs 1,620.27 crore in Q3 FY25 as compared with Rs 1,274.20 in Q3 FY24.

Whirlpool of India hit the lower circuit of 20% after the company's parent, Whirlpool Corporation, announced its intention to sell a 20% stake in the company by mid-to-late 2025 by way of one or more market sales.

SRF gained 5.76% after the specialty chemical maker's consolidated net profit rose 6.96% to Rs 271.08 crore on 14.36% increase in total revenue from operations to Rs 3,491.31 crore in Q3 FY25 over Q3 FY24.

Info Edge (India) added 2.17% after the company informed that its board will meet on Wednesday, 5 February 2025, to consider the subdivide or split of its existing equity shares with a face value of Rs 10 each.

Ifb Agro Industries rallied 6.17% after the company reported consolidated net profit of Rs 11.28 crore in Q3 FY25, compared with net loss of Rs 5.05 crore posted in Q3 FY24.

Aarti Drugs advanced 2.42% after the pharmaceutical company's consolidated net profit rose 1.04% to Rs 37.05 crore in Q3 FY25, compared with Rs 36.67 crore recorded in Q3 FY24.

Brigade Enterprises added 2.53% after the company reported a consolidated net profit of Rs 236.2 crore in Q3 FY25, which is more than 3 times the PAT of Rs 73.5 crore posted in Q3 FY24. Revenue rose by 27% YoY to Rs 1,529.7 crore during the period under review.

Olectra Greentech soared 7.31% after the company's consolidated net profit rallied 71.68% to Rs 46.32 crore on 50.62% rise in revenue to Rs 515.36 crore in Q3 FY25 over Q3 FY24.

Global Markets:

The US Dow Jones index futures were currently up by 163 points, signaling a positive opening for US stocks today.

European shares advanced on Thursday as investors await key earnings, economic data and the European Central Bank's latest monetary policy decision.

Markets in Japan and Australia ended mixed, breaking ranks with Wall Street that fell overnight as the Federal Reserve kept interest rates unchanged. Several Asia-Pacific markets were closed for the Lunar New Year holiday.

Recent data released by the Australian Bureau of Statistics showed that Australia's export price index climbed 3.6% in the fourth quarter of 2024, but fell 8.6% through the year. Its import price index rose 0.2% in the same quarter but fell 1.9% through the year. These indexes reflect the changes in prices of imports into and exports from the country.

Overnight in the U.S., benchmark indexes fell after the Federal Reserve left interest rates unchanged in its first policy decision of the year on Wednesday.

The S&P 500 slid 0.47% to close at 6,039.31, while the Nasdaq Composite lost 0.51% to end at 19,632.32. The Dow Jones Industrial Average shed 136.83 points, or 0.31%, to 44,713.52.

IPO Update:

The initial public offer (IPO) of Dr. Agarwals Health Care received bids for 2,11,22,360 shares as against 5,35,26,172 shares on offer, according to stock exchange data at 15:27 IST on 30 January 2025. The issue was subscribed to 0.06 times.

The issue opened for bidding on 29 January 2025 and it will close on 31 January 2025. The price band of the IPO is fixed between Rs 382 and Rs 402 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

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