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Informist, Tuesday, Feb. 11, 2025

By Akash Mandal

MUMBAI – The benchmark indices are expected to be sideways with a negative bias Wednesday and are unlikely to recover from the losses seen Tuesday, analysts said. They believe the Nifty 50 might break its Jan. 27 low of 22786.90 points within the week. Investors will watch for any additional tariff measures by the US and also await announcements from Prime Minister Narendra Modi's two-day visit to the country. India might seek an exemption from additional tariffs during Modi's visit. Morgan Stanley Capital International is also set to announce the quarterly rebalance of its indices early Wednesday.

The Nifty 50 ended at 23071.80 points, down 309.80 points or 1.3%, and the BSE Sensex ended at 76293.60 points, down 1018.20 points or 1.3%. The Nifty 50 came off the day's low after it had fallen below 23000 points for the first time in almost two weeks.

The Nifty 50 might slip below 23000 points and stay there Wednesday but will find support at 22900 points, Brijesh Ail, head of technical and derivatives at IDBI Capital Markets & Securities said. In the near term, however, the index is likely to breach its six-month low of 22786.90 points, Ail said. The analyst believes that any positive announcement from Modi's visit to the US is unlikely to boost the market since it is being pulled down by systemic issues such as weak corporate earnings and a weak rupee, and the Nifty 50 might fall as low as 22500 points, Ail said. The analyst pegged the resistance for the index at 23500 points. 

Jigar Patel, senior manager of equity research at Anand Rathi Shares & Stock Brokers, believes Wednesday would be a breather following the heavy losses on Tuesday, but the Nifty 50 could fall to around 22800 points in the short term. "If you see the charts, usually a sharp fall like today's is preceeded by 2-3 days of range-bound trading... I feel the next 2-3 days will be relatively quiet, but the Nifty (50) will fall further in the near term," Patel said. The analyst pegged the support for the index at 22900 points, and said it is likely to face resistance at 23250 points. 

Shares of Indian Railway Catering and Tourism Corp. will see action Wednesday after the company reported 14% growth on year in its bottom line at INR 3.41 billion for the December quarter after market hours. Steel Authority of India, Lupin, and Vodafone Idea are some other companies that were due to announce their earnings later in the day.

While no Nifty 50 contituents will declare their earnings for the quarter Wednesday, Hindustan Aeronautics and Power Finance Corp., both part of the Nifty 100, will do so. HAL is expected to report a 5.7% on-year rise in net profit to INR 13.3 billion for the quarter. The stock ended nearly 4% lower Tuesday. Power Finance Corp. is expected to report a 19% jump in net profit for the quarter to INR 40.14 billion, according to an average of two estimates. The stock ended over 5% lower Tuesday. Shares of Bharat Heavy Electricals might rise after the company secured a letter of intent for an order worth INR 62 billion from the Kolkata-based Damodar Valley Corp.  End

Edited by Rajeev Pai

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