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Informist, Monday, Feb. 17, 2025

By Akash Mandal

MUMBAI – The benchmark indices recovered from early losses and ended slightly higher Monday on short-covering, according to analysts, to snap an eight-session losing streak. The slight recovery, in line with what derivatives analysts had expected, came after the headline gauges appeared to be heading for their longest losing streak of nine days in almost six years. Banks and financial services stocks, which had pulled the benchmark indices down intra-day, came to the market's rescue in the final hour of trade and helped the Nifty 50 end in the green.

The Nifty 50 and the BSE Sensex each closed 0.1% higher after falling about 1% during the day. The Nifty 50 ended 30.25 points higher at 22959.50 points and the BSE Sensex closed at 75996.86 points, up 57.65 points. India VIX, the pressure gauge of the domestic market, jumped 8.5% to 15.68. The volatility index rose for the sixth session, hinting at near-term nervousness in the market amid uncertainty around US policies and the expensive valuation of Indian stocks.

The Nifty Bank ended 0.3% higher after being down over 1% earlier in the session. Index heavyweight HDFC Bank led the gains in the index and ended over 1% higher. Most broader market indices, barring the Nifty Smallcap 250, recovered to close higher after falling earlier on.

Adani Enterprises, Bajaj Finserv, and IndusInd Bank were the top heavyweight gainers in the 50-stock index, ending 2-3% higher. Bharti Airtel was the biggest drag on the index, ending 2.5% lower. Mahindra & Mahindra fell nearly 4% and was the worst-hit stock in the index as bookings for the company's new electric cars fell short of the Street's expectations, analysts said.

Despite the Nifty 50 and the Sensex recovering from their losing runs, the market breadth was still negative, hinting at near-term bearishness. About 66% of the stocks trading on the National Stock Exchange ended in the red. While 22 stocks on the NSE hit their 52-week highs Monday, 747 stocks hit their 52-week lows. The Nifty Next 50, which comprises 50 of the biggest stocks after the blue chips, ended 0.2% lower. The index was dragged down by shares of Siemens and Info Edge (India).

Among sectoral indices, the Nifty Healthcare and Nifty Pharma were the outperformers. Glenmark Pharmaceuticals, Aurobindo Pharma, and Alkem Laboratories all gained over 3% each. GlaxoSmithKline Pharmaceuticals ended nearly 16% higher and was up for the second consecutive session, gaining 21% in two days after the company reported its December quarter earnings Friday, just before market closing. The stock had earlier Monday hit the 20% upper circuit of INR 2,421.60.

The Nifty FMCG declined for the 11th straight session, falling over 9% in this period. Radico Khaitan and Varun Beverages ended around 4% and 3% lower, respectively.

Among other stocks, Godfrey Phillips India soared over 17% and was the top gainer in the Nifty 500 by a mile. The stock extended gains for the second straight day after the company reported a 35% rise in its net profit for the December quarter Thursday and touched a three-month high of INR 7,148.80 Monday. The stock has shot up more than 40% since the company's Oct-Dec earnings were released. Manappuram Finance, Piramal Pharma, and NLC India also gained 7-9% and were among the best performers in the 500-stock index. 

On the other hand, KFin Technolgies plunged 11% and was the worst it in the Nifty 500. The stock has fallen almost 26% since its December quarter earnings were announced after market hours Jan. 23. Rail Vikas Nigam fell nearly 5% after its net profit fell nearly 10% on year to INR 2.95 billion on a revenue of INR 45.91 billion in the December quarter. This was the third straight quarter in which the railway infrastructure company's net profit fell. PTC Industries, Triveni Turbine, and Anant Raj also fell 6-9%. 

* Of the Nifty 50 stocks, 35 rose and 15 fell

* Of the Sensex stocks, 19 rose and 11 fell

* On the NSE, 1,012 stocks rose, 1,872 fell, and 71 were unchanged

* On the BSE, 1,354 stocks rose, 2,733 fell, and 134 were unchanged

* Nifty Healthcare: up 1.3%; Nifty Pharma: up 1.3%; Nifty IT: down 0.6%

BSE                                               NSE

Sensex: 75996.85 points, up 57.65 points or 0.1%  Nifty 50: 22959.50 points, up 30.25 points, or 0.1% 

End

US$1 = INR 86.87

Edited by Rajeev Pai

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