Indices turn rangebound; European mrkt opens higher

The key domestic indices traded in rangebound with minor gains in afternoon trade. The Nifty traded above 22,550 mark. FMCG, financial services and metal stocks advanced while oil & gas, consumer durables and realty shares under pressure.

The upcoming trading week will be shorter due to holidays, with market participants closely monitoring both global and domestic events.

At 13:26 IST, the barometer index, the S&P BSE Sensex, rose 164.89 points or 0.22% to 74,497.47. The Nifty 50 index added 28.05 points or 0.12%, to 22,580.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.62% and the S&P BSE Small-Cap index declined 1.22%.

The market breadth was weak. On the BSE, 1,402 shares rose and 2,562 shares fell. A total of 177 shares were unchanged.

Economy:

India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday.

Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion.

Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said.

India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.

Gainers & Losers:

Power Grid Corporation of India (up 2.64%), Hindustan Unilever (up 2.46%), Infosys (up 1.62%), JSW Steel (up 1.35%) and Nestle India (up 1.23%) were the major Nifty50 gainers.

JSW Steel advanced 1.35% after the company said that its consolidated crude steel production jumped 12% to 24.07 lakh tonnes in February 2025 as compared with 21.50 lakh tonnes produced in February 2024.

IndusInd Bank (down 3.35%), Trent (down 2.71%), Oil & Natural Gas Corporation (ONGC) (down 2.58%), Titan Company (down 1.47%) and Bajaj Auto (down 1.32%) were the major Nifty50 losers.

Stocks in Spotlight:

Glenmark Pharmaceuticals shed 0.85%. The company has announced the launch of 'Polyethylene Glycol 3350 Powder for Solution' as on OTC product in the US market.

Sun Pharmaceutical Industries rose 0.05%. The company said that it has entered into an agreement for the acquisition of all the outstanding shares of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.

Coal India said (CIL) fell 0.60%. The company said that it has signed memorandum of understanding (MoU) with Indian Institute of Technology, Hyderabad (IIT-H) to develop clean coal technologies, diversification in coal utilization.

Indian Renewable Energy Development Agency's (IREDA) dropped 2.04% after the Reserve Bank of India (RBI) rejected the company's request for equity investment in the 900 MW Upper Karnali Hydropower Project in Nepal.

JB Chemicals & Pharmaceuticals added .95%. The company's formulations manufacturing facility- T20, which is located at GIDC, Panoli (Gujarat), was inspected by the United States Food and Drug Administration (US FDA).

SPML Infra was locked in an upper circuit of 5% after the company signed a Rs 617.98 crore agreement with the Water Resource Department for a major turnkey irrigation project under the Konar Irrigation Project.

Sterlite Technologies slipped 2.91% after the company informed that Tushar Shroff, chief financial officer (CFO) has tendered his resignation, effective from 31st March 2025.

Global Market:

US Dow Jones index futures were down 170 points, indicating a negative opening in the US stocks today. Investors remained wary of uncertainty surrounding President Donald Trump's tariff policies and mulled over Federal Reserve Chair Jerome Powell's cautious remarks.

European market traded higher as investors digested recent global market uncertainty and volatility.

German exports fell 2.5% month-on-month in January, provisional data from the country's Federal Statistical Office showed on Monday.

Most Asian stocks declined on Monday as traders analyzed fresh economic data from China. Over the weekend, China's consumer inflation dipped into negative territory for the first time in 13 months, driven by seasonal distortions and broader economic headwinds. The consumer price index (CPI) fell 0.7% year-over-year in February, reversing a 0.5% gain in January, according to the National Bureau of Statistics.

Adding to market jitters, Beijing announced retaliatory tariffs on certain Canadian agricultural products. The move comes after Canada imposed import duties last year on Chinese electric vehicles, steel, and aluminum. Under the new measures, China will slap a 100% tariff on Canadian rapeseed oil, oil cakes, and peas, while a 25% levy will be applied to aquatic products and pork.

In the U.S., major stock indices closed higher on Friday after a volatile trading day. The S&P 500 index rose 0.55% to 5,770.20, while the Nasdaq Composite gained 0.7% to 18,196.22. The Dow Jones Industrial Average added 222.64 points, or 0.52%, to end at 42,801.72.

Meanwhile, the latest labor market data painted a mixed picture. The U.S. economy added 151,000 jobs in February alling short of expectations while the unemployment rate ticked up to 4.1% from January 4.0%, signaling possible cracks in labor market resilience.

Speaking on Friday, Fed Chair Jerome Powell reaffirmed the central bank's cautious stance on interest rates. While acknowledging that the U.S. economy remains stable, he emphasized the need for patience, particularly in light of President Donald Trump's recent economic policy shifts, which include tariffs and federal worker layoffs. Powell's comments suggest the Fed is in no rush to alter its policy path amid lingering uncertainties.

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