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Key gauges extend gains in morning deals
Feb-10-2025

Indian equity benchmarks extended gains in morning deals, amid fresh tariff and inflation jitters after a measure of U.S. inflation expectations surged and President Donald Trump said he will announce 25 percent tariffs on all imports of steel and aluminum. Trump also announced plans for reciprocal tariffs to match those imposed on the U.S. by its trading partners, raising fears of a brewing global trade war. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 470.39 crore on Friday. Traders overlooked Commerce and Industry Minister Piyush Goyal’s statement that the country’s exports are growing significantly and would achieve a record $800 billion in 2024-25 fiscal year. He added ‘exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over $800 billion exports for the very first time in India's history’. On the sectoral front, Auto stocks remained in focus as data from the Federation of Automobile Dealers Association (Fada) showed that sales of electric vehicles (EVs) in the country surged 19.4 per cent month-on-month (M-o-M) and 17.1 per cent year-on-year (Y-o-Y) to 169,931 units in January. 

The BSE Sensex is currently trading at 77277.40, down by 582.79 points or 0.75% after trading in a range of 77189.04 and 77849.58. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.41%, while Small cap index was down by 1.90%.

The top losing sectoral indices on the BSE were Metal down by 3.02%, Realty down by 2.16%, Healthcare down by 1.95%, Basic Materials down by 1.86% and Utilities down by 1.83%, while there were no gaining sectoral indices on the BSE. 

The top gainers on the Sensex were Hindustan Unilever up by 0.85%, Mahindra & Mahindra up by 0.69%, Bharti Airtel up by 0.45%, Nestle up by 0.34% and Kotak Mahindra Bank up by 0.09%. On the flip side, Tata Steel down by 3.54%, Power Grid Corporation down by 2.95%, Zomato down by 2.76%, NTPC down by 1.85% and Bajaj Finance down by 1.59% were the top losers.

Meanwhile, expressing optimism over India’s exports growth, Commerce and Industry Minister Piyush Goyal has said the country’s exports are growing significantly and would achieve a record $800 billion in 2024-25 fiscal year. He added ‘exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over $800 billion exports for the very first time in India's history’.  

However, regarding the imports, the minister noted that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are 'unavoidable' due to domestic shortages and high demand. The growth in imports, is due to a rise in domestic consumption, which is a good sign for the economy. 

He also said when imports rise in a particular sector, industries are attracted to that sector. That will lead to growing jobs and greater investment. He added ‘It will take some years to come and establish and set up production units. During that period, obviously, imports will go up’. Moreover, the 2025-26 Budget, providing tax relief to the middle class, has also given a boost to consumption spending.

The CNX Nifty is currently trading at 23371.65, down by 188.30 points or 0.80% after trading in a range of 23357.60 and 23568.60. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Britannia Industries up by 1.97%, Hindustan Unilever up by 0.83%, Tata Consumer Product up by 0.83%, Mahindra & Mahindra up by 0.61% and Bharti Airtel up by 0.50%. On the flip side, Tata Steel down by 3.56%, JSW Steel down by 3.27%, Power Grid Corporation down by 2.95%, Hindalco down by 2.70% and ONGC down by 2.43% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 76.89 points or 0.2% to 38,863.91, Hang Seng advanced 301.88 points or 1.41% to 21,435.42, KOSPI increased 0.77 points or 0.03% to 2,522.69, Straits Times rose 25.79 points or 0.67% to 3,887.21 and Shanghai Composite strengthened 10.08 points or 0.3% to 3,313.75.

On the flip side, Taiwan Weighted lost 253.05 points or 1.08% to 23,225.22 and Jakarta Composite plunged 110.68 points or 1.64% to 6,631.90. 
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