Indices snaps 2-day rally; IT shares decline

The domestic equity benchmarks ended with significant cuts on Friday, snapping two days gaining streak. The Nifty settled below the 24,050 mark after hitting the days high of 24,196.45 in early trade. IT, pharma and bank shares corrected while media, oil & gas and consumer durables shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 720.60 points or 0.90% to 79,223.11. The Nifty 50 index slipped 183.90 points or 0.76% to 24,004.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.33% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was positive. On the BSE, 2,103 shares rose and 1,875 shares fell. A total of 125 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.43% to 13.54.

Buzzing Index:

The Nifty IT index dropped 1.41% to 43,726.55. The index rallied 2.11% in past two consecutive trading sessions.

Wipro (down 3.11%), Tech Mahindra (down 2.09%), Tata Consultancy Services (down 1.89%), HCL Technologies (down 1.23%), Persistent Systems (down 1.16%), Infosys (down 1%), Mphasis (down 0.98%), Coforge (down 0.39%), LTIMindtree (down 0.33%) and L&T Technology Services (down 0.20%) declined.

Stocks in Spotlight:

Hindustan Zinc rallied 3.48% after its mined metal production stood at 265,000 tonnes in Q3 FY25, up 3% QoQ driven by higher mined metal grades and increase in production at Agucha and Zawar mines.

Avenue Supermarts (DMart) spurted 11.16% after the company reported good Q3 business update. The company's standalone revenue from operations for the quarter ended (QE) 31 December 2024 stood at Rs 15,565.23 crore, up 17.50% year-on-year.

Hero MotoCorp declined 1.52% after the company said that its total sales tumbled 17.53% to 32,4906 units in December 2024 as compared with 39,3952 units in December 2023.

Bank of Maharashtra jumped 4.59% after the public sector bank said that its gross advances jumped 21.19% to Rs 2,28,652 crore as of 31 December 2024 as against Rs 1,88,670 crore as of 31 December 2023.

MOIL gained 3.46% after the company stated that it has achieved best ever Q3 performance in October-December 2024, with production of 4.6 lakh tonnes of manganese ore.

Zee Entertainment Enterprises added 1.29% after the Securities and Exchange Board of India (SEBI) rejected settlement applications filed by the company and Punit Goenka.

Wockhardt rallied 5% after the Central Drugs Standard Control Organization (CDSCO) has approved Miqnaf (nafithromycin) as a new treatment for the community-acquired bacterial Pneumonia (CABP) in adults.

Yes Bank added 1.84% after the bank reported a 12.6% year-on-year (YoY) increase in loans and advances, reaching Rs 2.45 lakh crore as of 31 December 2024, compared to Rs 2.17 lakh crore in the same period of the previous year.

Indian Railway Finance (IRFC) rose 1.05% after it signed a memorandum of understanding (MoU) with REMCL to collaborate on financing renewable energy projects awarded by REMCL for supply to Indian Railways.

Gujarat Pipavav Port shed 0.52%. The company announced that its handled cargo volume in container terms decreased to 177 thousand TEUs for Q3 FY25 from 203 thousand TEUs recorded in Q3 FY24, down 12.81%.

REC rallied 3.53% after the company said that it has disbursed loans amounting to Rs 54,692 crore in Q3 FY24-25, which is higher by 17.98% as compared with Rs 46,358 crore disbursed in Q2 FY23-24.

Force Motors added 0.77%. The companys total sales increased 8.01% to 2,036 units in December 2024 as compared with 1,885 units sold in November 2024.

Shiva Texyarn surged 4.70% after the company received a supply order worth Rs 36.19 crore from the Government of India, Ministry of Defence, Department of Military Affairs, and Indian Air Force.

Afcons Infrastructure added 1.50% after the company received a Letter of Intent (LoI) worth Rs 1,084.54 crore from the Government of Indias Ministry of Defence and Defence Research and Development Organisation (DRDO).

Cupid jumped 5.56% after the company said that it has received purchase orders from the Government of Tanzania for supply of male condoms worth Rs 14.91 crore.

V2 Retail was locked in upper circuit of 5% after the speciality retailers standalone revenue from operations grew 58% YoY to Rs 591.03 crore for the quarter ended 31 December 2024.

Global Markets:

The Dow Jones index futures were up 136 points, signaling a positive opening for U.S. stocks today.

European shares declined on Friday as investors weighed regional and global political uncertainty that could affect markets and the economy, including political instability in France, upcoming elections in Germany and potential tariffs under U.S. President-elect Donald Trump.

On the data front, Turkeys consumer price index fell to 44.38% on an annual basis in December, down from 47.09% in November.

Most Asian stocks ended higher on Friday, defying the gloomy sentiment on Wall Street, where US stocks extended their losing streak to a fifth consecutive day. Equity trading in Japan was closed for a holiday. Chinese stocks are under scrutiny after their worst start to the year since 2016.

US stocks declined on Thursday, erasing early gains following a series of security incidents across the United States in recent days. The Dow Jones Industrial Average shed 156 points, or 0.4%, while the S&P 500 index lost 10 points, or 0.2%, and the NASDAQ Composite dipped by 30 points, or 0.2%.

Investors are closely monitoring the US House Speaker vote on Friday to determine if Mike Johnson will retain his position. Internal disagreements within the Republican party regarding his reelection could potentially hinder the agenda of the President-elect.

Tesla shares plummeted over 6% after the EV manufacturer reported a record number of vehicle deliveries in the fourth quarter, as announced on Thursday. However, these deliveries fell short of consensus expectations.

Apple is offering discounts on its latest iPhone models in China, an unusual move that signifies escalating competition from domestic rivals in the world's largest smartphone market. As a result, the company's shares declined by nearly 3% on Thursday.

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