Barometers nudge higher; breadth weak

The headline equity benchmarks traded with minor gains in early trade. The Nifty traded above the 23,500 level. Barring the Nifty IT index, all the other sectoral indices on the NSE traded in red.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 31.61 points or 0.04% to 77,651.41. The Nifty 50 index added 10.45 points or 0.04% to 23,521.80.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.92% and the S&P BSE Small-Cap index slipped 1.32%.

The market breadth was weak. On the BSE, 824 shares rose and 2,092 shares fell. A total of 109 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 7,170.87 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,639.63 crore in the Indian equity market on 9 January 2025, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rallied 3.86% after the company reported a 3.95% increase in consolidated net profit to Rs 12,380 crore in Q3 FY25 as compared with Rs 11,909 crore in Q2 FY25. Revenue from operations fell 0.45% QoQ to Rs 63,973 crore during the quarter.

Tata Elxsi tumbled 7.06% after the company reported 3.59% decline in net profit to Rs 199 crore on 2.72% increase in revenue from operations to Rs 939.17 crore in Q3 FY25 over Q3 FY24.

GTPL Hathways declined 6.52% after the companys consolidated net profit declined 57.1% to Rs 10.17 crore despite of 4.3% increase in net sales to Rs 887.27 crore in Q3 FY25 over Q3 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.60% to 6.872 as compared with previous close 6.767.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6975, compared with its close of 85.8600 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement was added 0.21% to Rs 78,270.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 109.19.

The United States 10-year bond yield rose 0.04% to 4.683.

In the commodities market, Brent crude for March 2025 settlement declined 21 cents or 0.27% to $77.13 a barrel.

Global Markets:

U.S. stock futures point to a weak open Friday, with the Dow Jones Industrial Average futures down 104 points. This follows persistent concerns over a slower pace of interest rate cuts in 2025, exacerbated by upcoming nonfarm payroll data that could provide further insights into the economy. The upcoming earnings season, kicking off next week with major bank reports, adds another layer of uncertainty.

Asian indices largely declined Friday, concluding a volatile first full trading week of 2025. Investor sentiment remains fragile amid concerns over slower U.S. rate cuts and the possibility of a rate hike by the Bank of Japan.

Japanese stocks extended their losing streak to three days as stronger-than-expected wages and private spending data increased expectations of a potential BOJ rate hike in January.

Weak inflation data from China, released earlier this week, further dampened sentiment, compounded by speculation regarding potential trade tariffs against the country.

Regional markets mirrored losses in global markets, as hawkish signals from the Federal Reserve this week reinforced expectations of slower monetary easing in 2025.

The U.S. market was closed Thursday to honor the passing of former President Jimmy Carter.

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