INDICES TRIM SOME LOSSES; EUROPEAN MKT ADVANCE

The domestic indices pared some losses but remained in negative territory with limited losses in afternoon trade. The Nifty traded above the 22,400 level after hitting day�s low of 22,329.55 in early afternoon trade. Financial services, bank and auto shares advanced while IT, media and realty stocks declined.

At 13:25 IST, the barometer index, the S&P BSE Sensex, dropped 149.86 points or 0.20% to 73,952.46. The Nifty 50 index lost 62.30 points or 0.28% to 22,435.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.96% and the S&P BSE Small-Cap index declined 0.47%.

The market breadth was weak. On the BSE, 1,407 shares rose and 2,451 shares fell. A total of 139 shares were unchanged.

Gainers & Losers:

IndusInd Bank (up 5.10%), Tata Motors (up 2.65%), Kotak Mahindra Bank (up 2.40%), HDFC Bank (up 1.92%) and Sun Pharmaceutical Industries (up 1.36%) were the major Nifty50 gainers.

Infosys (down 5.52%), Wipro (down 4.79%), Tech Mahindra (down 4.11%), HCL Technologies (down 2.57%) and Nestle India (down 2.16%) were the major Nifty50 losers.

Stocks in Spotlight:

Bharti Airtel shed 0.70%. The company announced an agreement with SpaceX to bring Starlink�s high-speed internet services to its customers in India. This is the first agreement to be signed in India, which is subject to SpaceX receiving its own authorizations to sell Starlink in India. It enables Airtel and SpaceX to further explore how Starlink can complement and expand Airtel�s offerings, and how Airtel�s expertise in the Indian market complements SpaceX�s direct offerings to consumers and businesses.

Reliance Industries rose 0.33%. The company said that Jio Platforms (JPL) has entered into an agreement with SpaceX to offer Starlink�s broadband internet services to its customers in India. This agreement, which is subject to SpaceX receiving its own authorizations to sell Starlink in India, enables Jio and SpaceX to explore how Starlink can extend Jio�s offerings and how Jio can complement SpaceX�s direct offerings to consumers and businesses.

Ola Electric Mobility (OLA) rose 1%, following the successful completion of its Network Transformation and Opex Reduction Program, a company-wide initiative launched in November 2024.

FSN E-Commerce Ventures (Nykaa) declined 2.47%. The company announced that it has incorporated a new wholly owned subsidiary, Nykaa Essentials, with its registered office in Mumbai, Maharashtra.

Kaynes Technology India rose 0.26%. The firm said that its managing director (MD), Ramesh Kunhikannan, received show cause notice (SCN) from Securities and Exchange Board of India (SEBI) for violating regulations.

Carysil added 1.84% after the company announced that it has entered into an agreement with KARRAN INC., USA, for the supply of Quartz kitchen sinks to fulfill requirements of new major U.S. home retail chain.

SEPC surged 17.69% after the company announced the execution of a Framework Agreement with ROSHN Group, a leading real estate developer in Riyadh, Kingdom of Saudi Arabia (KSA).

Godrej Agrovet shed 0.47% after the company�s board approved the acquisition of the remaining 48.06% stake in Creamline Dairy Products (CDPL) for total consideration of Rs 930 crore

Global Markets:

US Dow Jones index futures were up 112 points, indicating a positive opening in US stocks today.

European shares traded higher as traders awaited earnings from clothing giants Inditex and Puma, and carmaker Porsche.

Asian stocks traded mixed on Wednesday after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.

Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.

In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.

Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario�s new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.

Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week�s Federal Reserve interest rate decision.

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