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Sustained selling drags indices to day’s lows
Feb-10-2025

A sustained selling dragged Indian equity benchmarks to the day’s low points in early afternoon deals, amid fresh tariffs concerns and unabated foreign fund outflows. Traders also got cautious, as the Reserve Bank of India (RBI) in its latest quarterly industrial outlook survey has showed that manufacturing companies reported marginally better demand conditions in Q3:2024-25 vis-a-vis the previous quarter, as reflected in their assessment for production, employment, capacity utilization, exports and order books. The survey report further noted that input cost pressures are assessed to have risen further during the quarter Q3:2024-25 which impacted profit margins despite some rise in selling prices.

On the global front, Asian markets were trading mixed, after a measure of the public assessment of the current situation of the Japanese economy weakened unexpectedly at the start of the year, and future conditions also remained pessimistic. The survey data from the Cabinet Office showed that the current conditions index of the Economy Watchers' Survey, which measures the present situation of the economy, dropped to 48.6 in January from 49.0 in December. 

The BSE Sensex is currently trading at 77237.55, down by 622.64 points or 0.80% after trading in a range of 77156.30 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 declined by 2.01%, while Small cap index was down by 2.35%.

The top losing sectoral indices on the BSE were Realty down by 2.89%, Metal down by 2.71%, Consumer Durables down by 2.42%, Healthcare down by 2.30% and Utilities down by 2.10%, while there were no gaining sectoral indices on the BSE. 

The top gainers on the Sensex were Kotak Mahindra Bank up by 0.44%, SBI up by 0.22%, Hindustan Unilever up by 0.18%, Bharti Airtel up by 0.13% and TCS up by 0.06%. On the flip side, Zomato down by 3.34%, Tata Steel down by 3.29%, Power Grid down by 2.98%, Bajaj Finance down by 2.39% and Titan down by 2.22% were the top losers.

Meanwhile, Subrahmanyam Pulipaka, the CEO of National Solar Energy Federation of India (NSEFI) has said that India's achievement of installing 100 gigawatts (GW) of solar capacity will inspire developed and developing nations to accelerate energy transition. India is the 4th largest country after China, US, and Germany to cross the 100 GW milestone. 

He said ‘while we are trailing Germany by a small margin, we will soon be the 3rd largest solar market in the world. It is an inspiration to several countries (both developed and developing), especially the Global South, to learn and understand how to enable accelerated energy transition.’ He said this development marks a new era in India's journey towards realising its climate targets. He emphasised that India's energy transition landscape has witnessed acceleration in installing renewable energy capacity over the last decade. In 2014, solar installation was at 3 GW. 

He further said the achievement is a result of business-friendly ecosystem aided by supportive government policies. India will be adding 35-40 GW of solar capacity in the next financial year and then scale to 40-45 GW in 2026-27. Apart from the activity surrounding utility scale bids, there is also a positive trend in commercial and industrial uptake for renewable energy that is encouraging. The Centre's flagship schemes -- PM Surya Ghar Muft Bijli Yojana as well as PM KUSUM -- are also contributing significantly to capacity addition. NSEFI is India's largest umbrella organisation for renewable energy and represents industry from solar PV, wind energy, energy storage, green hydrogen, small hydro and bio energy.

The CNX Nifty is currently trading at 23351.45, down by 208.50 points or 0.88% after trading in a range of 23337.70 and 23568.60. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Britannia up by 1.46%, Kotak Mahindra Bank up by 0.82%, Tata Consumer Products up by 0.73%, Bharti Airtel up by 0.33% and Wipro up by 0.31%. On the flip side, Trent down by 4.50%, Tata Steel down by 3.32%, Power Grid down by 3.00%, Bajaj Finance down by 2.64% and ONGC down by 2.59% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 354.58 points or 1.68% to 21,488.12, Shanghai Composite strengthened 17.62 points or 0.53% to 3,321.29, Straits Times rose 26.31 points or 0.68% to 3,887.73 and Nikkei 225 surged 14.15 points or 0.04% to 38,801.17, while Jakarta Composite plunged 125.88 points or 1.87% to 6,616.70, KOSPI dropped 0.65 points or 0.03% to 2,521.27 and Taiwan Weighted lost 226.13 points or 0.97% to 23,252.14.
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