At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 23.63 points or 0.03% to 77,524.20. The Nifty 50 index added 15.55 points or 0.07% to 23,523.95.
In the broader market, the S&P BSE Mid-Cap index advanced 0.47% and the S&P BSE Small-Cap index added 0.82%.
The market breadth was strong. On the BSE, 1,769 shares rose and 1,119 shares fell. A total of 116 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,188.99 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,232.22 crore in the Indian equity market on 31 January 2025, provisional data showed.
Today, Finance Minister, Nirmala Sitharaman will present her eighth consecutive Union Budget, which is anticipated to contain measures to bolster weakening economic growth and ease the burden on the middle class, who are facing high prices and stagnant wages. The government will also need to maintain fiscal responsibility.
Stocks in Spotlight:
Oil & Natural Gas Corporation (ONGC) declined 1.81% after its standalone net profit fell 16.7% to Rs 8,239.92 crore in Q3 FY25 compared with Rs 9,891.71 crore in Q4 FY24. Revenue from operations declined 3.08% YoY to Rs 33716.80 crore in Q3 FY25.
IndusInd Bank rose 0.86%. The private lenders standalone net profit declined 39.02% to Rs 140,128 crore in Q3 FY25 compared with Rs 229,785 crore. Total income stood at Rs 15,15,101 crore in Q3 FY25 against 13,96,810 crore in Q3 FY24.
Bandhan Bank rose 0.07%. The banks standalone net profit dropped 41.79% to Rs 4264.85 crore in Q3 FY25 compared with Rs 732707 crore in Q3 FY24. Total income jumped 26.18% to Rs 65745.80 crore in Q3 FY25 against 52105.95 crore in Q3 FY24.
Numbers to Track:
MCX Gold futures for the 5 February 2025 settlement were added 0.01% to Rs 81,900.
Global Markets:
The US Dow Jones index futures were currently down by 371 points, signaling a weak opening for US stocks on the next trading day.
The Trump administration announced new tariffs on imports from Mexico, Canada, and China, starting Saturday. These tariffs are partly in response to illegal fentanyl distribution. Potential tariffs include 25% on Mexican and Canadian imports, 10% on Chinese goods, and future tariffs on chips, oil, gas (possibly by February 18th), steel, aluminum, and copper. Trump insists these tariffs are unavoidable and will generate substantial revenue, even hinting at possible European tariffs. He contrasted the USs historical reliance on tariffs with its current dependence on income tax.
The news caused US stock market declines. At the close in NYSE, the Dow Jones Industrial Average fell 0.75%, while the S&P 500 index declined 0.5%, and the NASDAQ Composite index declined 0.28%.
Apple shares closed lower as the broader market selloff erased earlier gains. The company expects sales growth in the low- to mid-single digits for its fiscal second quarter, easing concerns about flagship handset sales, which slightly missed estimates in the holiday season. CEO Tim Cook remains optimistic, citing Apple Intelligence (AI features) as a driver of future sales.
Exxon Mobil stock fell 2.5%, despite exceeding fourth-quarter profit expectations. Higher oil and gas production helped offset lower crude prices and weaker refining margins.
Meanwhile, economic data painted a mixed picture. The PCE price index, the Federal Reserves preferred inflation gauge, climbed 0.3% in December, up from 0.1% in November, bringing the annual rate to 2.6% from the prior months 2.4%. The core PCE reading, which strips out volatile food and energy prices, showed a 0.2% month-over-month increase and 2.8% annual gain, keeping inflation stubbornly above the Feds 2% target.
Personal spending also surged 0.7% month-over-month, outpacing forecasts of 0.5%, as strong job growth and rising wages continued to support consumer demand. The Fed will be closely monitoring these figures to guide its next monetary policy move.
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