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Informist, Wednesday, Feb. 12, 2025

By Akash Mandal

MUMBAI – The benchmark indices fell slightly Wednesday after a volatile session, extending their losing streak to six sessions. Sentiment remained weak on concerns about further tariffs by the US, weak December quarter earnings, and possible redemption pressures in mid-cap and small-cap mutual funds.

The Nifty 50 ended at 23045.25 points, down 26.55 points or 0.1%, and the BSE Sensex closed at 76171.08 points, down 122.52 points or 0.2%. Both indices had briefly turned positive after falling over 1% at their intraday lows earlier. The India VIX, which indicates volatility in the market, ended 0.2% higher at 14.89 after having risen over 5% intraday.

Reports said the recent comments of Sankaran Naren, chief investment officer at ICICI Prudential Asset Management Co., led to redememptions in such funds. Media reports had quoted Naren saying that investors should stop systematic investment plans in small- and mid-cap stocks due to high valuations.

The brief rise in headline indices was driven by banks and financial services stocks after media reports said the new Income Tax Bill 2025 will be introduced in Parliament Thursday. Some stakeholders in the insurance industry are hoping the new bill enhances existing deductions for life and health insurance premiums, reported The Economic Times. SBI Life Insurance Co. and HDFC Life Insurance Co. ended up around 2% and were among the best performers in the Nifty 50.

A few sectoral indices ended in the green after a period in early trade where all sectoral indices were down. Indices relating to banking, financial services, and metals ended with gains. The Nifty Metal closed around 1% higher after two sessions of declines amid tariffs from the US. Steel Authority of India ended nearly 6% higher and was the top gainer in the sectoral index despite its net profit for the December quarter falling for the fifth straight quarter. The company reported higher sales volumes and a slight improvement in earnings before interest, taxation, depreciation, and amortisation for the quarter.

The Nifty Realty was the worst hit among sectoral indices for the second straight session. The index has fallen 8.5% in the past three trading sessions. Prestige Estates Projects, Godrej Properties, and DLF fell 4-7%. The Nifty Oil & Gas has declined for five straight sessions, mainly because of a fall in Nifty 50 heavyweight Reliance Industries, which has ended lower in the last four sessions and fallen over 5%.

Global index provider MSCI also announced its quarterly rejig Wednesday, adding Hyundai Motor India to its India domestic index and removing Adani Green Energy. Hyundai closed nearly 2% lower after being up over 3% earlier in the session. Adani Green Energy came off the day's lows, but still ended 3% down. Pearl Global Industries, Manorama Industries, and Greaves Cotton gained over 4-12% Wednesday after MSCI added them to its small-cap indices. Balmer Lawrie & Co., Jamna Auto Industries, La Opala RG, and Magnellic Cloud fell nearly 2-5% after they were removed from the small-cap index.

Among other stocks, Vodafone Idea fell nearly 5% despite the company's consolidated net loss for the December quarter narrowing to INR 66.09 billion from INR 71.76 billion in the September quarter. Shree Renuka Sugars ended 6.5% lower after its net loss for the December quarter widened on year. Bayer CropScience fell over 8% and was the worst hit in the Nifty 500 after its net profit for the December quarter plunged 63% on year to INR 342 million. 

On the other hand, Ashok Leyland gained nearly 8% after its net profit for the December quarter beat analysts' estimates by a wide margin. Steel Authority of India rose nearly 6% despite its net profit for the December quarter falling for the fifth consecutive quarter. United Breweries rose 2% after the Telangana government raised the price for beer procurement by 15%. Campus Activewear rose nearly 8% after its net profit for the reporting quarter surged 87% on year.

* Of the Nifty 50 stocks, 26 rose and 24 fell

* Of the Sensex stocks, 14 rose and 16 fell

* On the NSE, 1,154 stocks rose, 1,685 fell, and 86 were unchanged

* On the BSE, 1,534 stocks rose, 2,435 fell, and 97 were unchanged

* Nifty Realty: down 2.7%; Nifty Oil & Gas: down 0.8%; Nifty PSU Bank: up 0.8%

BSE                                               NSE

76171.08 points, down 122.52 points or 0.2%       23045.25 points, down 26.55 points or 0.1%

End

US$1 = INR 86.89

Edited by Rajeev Pai

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