Indices drop for 8th day amid FII selling, US tariff fears

The domestic equity benchmarks declined for an eighth straight session on Friday, with the Nifty closing below 22,950 after reaching a high of 23,133.70. Persistent FII selling and weak Q3 earnings dampened investor confidence, overshadowing earlier optimism from easing Russia-Ukraine tensions, a US tariff delay, and hopes of trade talks between Indian and US leaders. Concerns about reciprocal US tariffs and a potential global trade war persist. The BSE Midcap and Smallcap indices were particularly hard hit, each falling over 3%. All the sectoral indices on the NSE ended in the red. Media, pharma and healthcare stocks were under pressure.

The S&P BSE Sensex declined 199.76 points or 0.26% to 75,939.21. The Nifty 50 index lost 102.15 points or 0.44% to 22,929.25. In eight consecutive trading sessions, the Sensex and Nifty lost 3.37% and 3.41%, respectively.

Bharat Electronics (down 4.38%), Adani Ports and Special Economic Zone (down 4.20%) and Adani Enterprises (down 4.12%) were major drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 2.59%, and the S&P BSE Small-Cap index tumbled 3.24%.

The market breadth was negative. On the BSE, 681 shares rose and 3320 shares fell. A total of 82 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.40% to 15.02.

According to NSDL data, FIIs have sold shares worth Rs 21034.83 crore (so far) in the secondary market during February 2025. This follows their sale of shares worth Rs 81903.72 crore in January 2024.

Economy:

Wholesale price inflation moderated to 2.31% in January 2025 due to the decline in price of food items, especially vegetables, government data released on Friday showed. The wholesale price index (WPI)-based inflation was 2.37% in December 2024. It was 0.33% in January 2024.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.56% to 6.817 compared with previous close 6.821.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.82, compared with its close of 86.93 during the previous trading session.

MCX Gold futures for the 4 April 2025 settlement rose 0.49% to Rs 86,321.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.07% to 106.98.

The United States 10-year bond yield rose 0.04% to 4.527.

In the commodities market, Brent crude for April 2025 settlement added 25 cents or 0.33% to $75.27 a barrel.

Global Markets:

US Dow Jones index futures were down 141 points, indicating a weak opening for US equities.

Most European stocks declined on Friday after reaching record highs earlier in the week.

Markets in Asia ended higher, tracking overnight gains on Wall Street, as investor sentiment improved after U.S. President Donald Trump held off on imposing immediate reciprocal tariffs'despite earlier threats.

However, concerns over escalating U.S. trade tariffs and stubborn inflation lingered while an AI-fueled rally continued to boost Chinese equities.

Wall Street saw relief on Thursday, supported by a decline in Treasury yields, even as U.S. inflation data came in hotter than expected. The producer price index (PPI) for January rose 0.4% month-on-month, exceeding forecasts. On an annual basis, PPI held steady at 3.5%.

Despite the inflationary pressure, stocks rallied after Trump signed an order to explore reciprocal tariffs but stopped short of immediate implementation, giving trading partners a potential window for negotiations.

The S&P 500 climbed 1.04%, approaching record highs, while the NASDAQ Composite surged 1.5% and the Dow Jones Industrial Average gained 0.77%. Tech stocks led the charge'Nvidia and Apple advanced 3.2% and 2%, respectively, while Tesla rebounded nearly 6% from a 2.5-month low. With inflation concerns still looming, investors remain watchful of policy moves and market momentum in the days ahead.

Stocks in Spotlight:

Godfrey Phillips India hit an upper circuit of 20% after the company's consolidated net profit climbed 48.7% to Rs 315.85 crore in Q3 FY25 as compared with Rs 212.35 crore in Q3 FY24. Revenue from operations (excluding excise duty) increased 28.2% YoY to Rs 1,899.35 crore in Q3 FY25.

Senco Gold hit a lower limit of 20% after the company's consolidated net profit declined 69.37% to Rs 33.48 crore in Q3 FY25 as compared with Rs 109.32 crore in Q3 FY24. Revenue from operations jumped 27.26% to Rs 2,102.54 crore in Q3 FY25 as compared with Rs 1,652.20 crore in Q3 FY24.

Deepak Nitrite slumped 15.06% after the company's consolidated net profit tanked 51.45% to Rs 98.09 crore in Q3 FY25, compared with Rs 202.05 crore recorded in the same period last. Revenue from operation stood at Rs 1,903.40 crore in Q3 FY25, down 5.27%, compared with Rs 2,009.23 crore posted in Q3 FY24.

KNR Constructions fell 5.21% after the company's consolidated net profit tumbled 57.19% to Rs 248.28 crore in Q3 FY25 as against Rs 580.03 crore reported in Q2 FY25. Revenue from operations declined 48.30% to Rs 469.12 crore in Q3 FY25 as against Rs 907.41 crore posted in Q2 FY25.

NBCC (India) slipped 4.16%. The company said that it has received work orders for providing construction and maintenance services from Damodar Valley Corporation and the Ministry of Housing and Urban Affairs.

Afcons Infrastructure declined 3.43%. The company's consolidated net profit jumped 35.86% to Rs 148.85 crore on a 2.73% increase in revenue from operations to Rs 3,211.10 crore in Q3 FY25 over Q3 FY24.

GRM Overseas dropped 5.88% after the company's consolidated net profit fell 12.58% to Rs 13.54 crore in Q3 FY25, compared with Rs 15.49 crore in Q3 FY24. Revenue from operations declined 2.93% YoY to Rs 371.24 crore in Q3 FY25.

SJVN slipped 3.20% after the company's consolidated net profit fell 66.2% to Rs 149.03 crore in Q3 FY25 as against Rs 441.14 crore posted in Q2 FY24. Revenue from operations declined 34.6% QoQ to Rs 670.99 crore in the quarter ended 31 December 2024.

Concord Enviro Systems hit a lower limit of 20% after the company reported consolidated net loss of Rs 8.56 crore in Q3 FY25 as against net profit of Rs 18.58 crore posted in corresponding quarter last year. Revenue from operations shed 0.27% YoY to Rs 122.82 crore in Q3 FY25.

Concord Biotech slumped 20% after the company's consolidated net profit fell 2.1% to Rs 75.92 crore in Q3 FY25 as compared with Rs 77.57 crore in Q3 FY24. Revenue from operations increased 1.4% YoY to Rs 244.22 crore in Q3 FY25.

Rites lost 3.30% after the company said that it has entered into a memorandum of understanding (MoU) with Neyveli Uttar Pradesh Power (NUPPL) for a contract worth Rs 120.13 crore.

Allcargo Logistics fell 4.87% after the company's consolidated net profit dropped 11.51% to Rs 9.69 crore in Q3 FY25 as against Rs 10.95 crore posted in Q3 FY24. Revenue from operations jumped 27.84% year on year to Rs 4,105.74 crore in the quarter ended 31 December 2024.

SEPC declined 2.11% after the company's consolidated net profit tumbled 19.71% to Rs 4.44 crore in Q3 FY25 as against Rs 5.33 crore posted in Q3 FY24. Revenue from operations declined 5.44% YoY to Rs 133.04 crore in Q3 FY25.

Gujarat Pipavav Port shed 1.63% after the company's consolidated net profit fell 14.38% to Rs 99.37 crore on 2.49% decline in revenue from operations to Rs 262.89 crore in Q3 FY25 over Q3 FY24.

Titagarh Rail Systems (TSRL) fell 5.41% after the company's standalone net profit dropped 8.12% to Rs 68.94 crore on a 5.5% decrease in revenue from operations to Rs 902.18 crore in Q3 FY25 over Q3 FY24.

IPO Update:

The initial public offer (IPO) of Quality Power Electrical Equipments received bids for 69,24,658 shares as against 1,11,12,530 shares on offer, according to stock exchange data at 17:00 IST on 14 February 2024. The issue was subscribed 62%.

The issue opened for bidding on 14 February 2024 and it will close on 18 February 2024. The price band of the IPO is fixed between Rs 401 and Rs 425 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Hexaware Technologies' IPO received bids for 24,28,43,874 shares as against 9,14,23,354 shares on offer, according to stock exchange data at 17:00 IST on 14 February 2024. The issue was subscribed 2.66 times.

The issue opened for bidding on 12 February 2024 and it will close on 14 February 2024. The price band of the IPO is fixed between Rs 674 and Rs 708 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.

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