INDICES TRADE FLAT; EUROPEAN MKT OPENS HIGHER

The domestic equity benchmarks traded near the flat line in afternoon trade. The Nifty traded below the 23,200 level. Realty, IT and metal shares advanced while healthcare, pharma and media stocks corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, added 16.31 points or 0.02% to 76,515.94. The Nifty 50 index declined 18.15 points or 0.08% to 23,157.90.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index rallied 0.35%.

The market breadth was positive. On the BSE, 2,248 shares rose and 1,592 shares fell. A total of 143 shares were unchanged.

Gainers & Losers:

Trent (up 4.28%), Power Grid Corporation of India (up 3.41%), NTPC (up 3.13%), Kotak Mahindra Bank (up 2.12%) and Coal India (up 1.72%) were the major Nifty gainers.

Axis Bank (down 2.98%), Mahindra & Mahindra (down 2.88%), Bajaj Finserv (down 2.48%), Shriram Finance (down 2.40%) and Bajaj Finance (down 2.29%) were the major Nifty losers.

Stocks in Spotlight:

Hathway Cable & Datacom shed 1.18% after the company reported a 38.8% decline in consolidated net profit to Rs 13.67 crore in Q3 FY25 as compared with Rs 22.34 crore in Q3 FY24. Net sales increased 1.3% YoY to Rs 511.15 crore during the quarter.

Shoppers Stop rose 1.71% after the company�s consolidated net profit jumped 41.7% YoY to Rs 52.23 crore in the quarter ended 31 December 2024. Net sales jumped 11.5% YoY to Rs 1,379.47 crore in Q3 FY25.

Welspun Corp jumped 4.52% after the company signed a memorandum of understanding (MOU) with Saudi Aramco to establish a state-of-the-art longitudinal submerged arc welding (LSAW) line pipe manufacturing facility in Saudi Arabia.

Minda Corporation gained 3.94% after the company said that it has entered into a partnership agreement with Flash Electronics to create the fastest-growing EV platform in the country.

Allcargo Gati added 1.85% after the company�s total volume, including surface and air express, stood at 113 kiloton (kt) in December 2024, up 7.62% from 105 kt in December 2023.

Benares Hotels surged 10.94% after the company`s net profit jumped 20% to Rs 13.56 crore in Q3 FY25 as against Rs 11.30 crore posted in Q3 FY24. Revenue from operations rose 15.7% year on year (YoY) to Rs 38.87 crore in the quarter ended 31 December 2024.

Global Markets:

European shares advanced on Wednesday as investors assessed UK inflation data. The United Kingdom (UK) Consumer Price Index (CPI) rose 2.5% YoY in December after increasing by 2.6% in November, the data released by the Office for National Statistics (ONS) showed. The annual core CPI (excluding volatile food and energy items) accelerated by 3.2% in the same period, compared to a 3.5% rise in November.

Most Asian stocks traded mixed following a subdued US trading session. Investors are eagerly awaiting key US Consumer Price Index (CPI) inflation data, which will provide crucial insights into the Federal Reserve`s future interest rate policy. Persistent inflation could limit the Fed`s ability to cut interest rates, a concern highlighted in their December meeting.

Meanwhile, impeached South Korean President Yoon Suk Yeol was arrested on Wednesday by authorities. This follows a failed attempt to impose military law in late 2024, as reported by local media. Yoon will now face trial on charges of insurrection after his unsuccessful attempt to implement martial law in December. This move was met with widespread opposition from citizens and policymakers, triggering nationwide protests and calls for his removal.

US indices exhibited mixed performance on Tuesday, with technology stocks continuing to struggle. The markets are also recovering from a weak start to the year, having declined from record highs in December. The S&P 500 rose 0.1% to 5,842.86 points on Tuesday, while the NASDAQ Composite fell 0.2% to 19,044.39 points. The Dow Jones Industrial Average rose 0.5% to 42,518.28 points.

The US Producer Price Index (PPI), a key indicator of consumer price inflation, came in at 0.2% on Tuesday, lower than expected. The PPI, which measures the change in the price of goods sold by manufacturers, remained unchanged compared to the previous reading.

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