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Key gauges extend losing streak for fourth consecutive session
Feb-10-2025

Indian equity benchmarks extended their losing streak for the fourth consecutive session on Monday as fresh concerns over US tariff policies weighed on investor sentiment. All sectors experienced substantial declines, with the Realty, Metal and Consumer Durables sectors tumbling the most.     

Some of the important factors in today’s trade: 

Rising crude oil prices: Oil prices rose in Asian trading after three consecutive weekly declines despite U.S. President Donald Trump's new tariff announcement on all steel and aluminum imports.   

Foreign fund outflows: Foreign institutional investors (FIIs) offloaded equities worth Rs 470.39 crore in the capital markets on a net basis on Friday, according to exchange data. 

CPI, IIP data in focus: Traders awaited the upcoming domestic economic data--consumer price index (CPI) and index of industrial production (IIP)--to be released this week.    

Income tax relief, repo rate cut to boost recovery in consumption in economy: Finance Minister Nirmala Sitharaman has said that income tax relief provided in the Union Budget coupled with RBI repo rate cut put together will boost recovery in consumption in the economy. 

Global front: Asian markets ended mixed on Monday as U.S. President Donald Trump has announced new 25 percent tariffs on all steel and aluminum imports, raising fears of a brewing global trade war and its potential impact on the global economy. European markets were trading in green on hopes for more monetary easing by the European Central Bank after ECB Governing Council member Boris Vujcic said that expectations for three more rate reductions this year are reasonable.  

Finally, the BSE Sensex fell 548.39 points or 0.70% to 77,311.80, and the CNX Nifty was down by 178.35 points or 0.76% to 23,381.60.      

The BSE Sensex touched high and low of 77,849.58 and 77,106.89 respectively. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices ended in red; the BSE Mid cap index fell 2.06%, while Small cap index was down by 2.25%.

The top losing sectoral indices on the BSE were Realty down by 2.69%, Metal down by 2.63%, Consumer Durables down by 2.61%, Utilities down by 2.49% and Power down by 2.42%, while there were no gaining sectoral indices on the BSE. 

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.20%, Bharti Airtel up by 0.90%, ICICI Bank up by 0.48%, Tech Mahindra up by 0.41% and HCL Technologies up by 0.40%. On the flip side, Power Grid Corp down by 3.45%, Tata Steel down by 3.11%, Zomato down by 2.87%, Titan Company down by 2.83% and Bajaj Finance down by 2.15% 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 traded in a range of 23,568.60 and 23,316.30. There were 11 stocks advancing against 39 stocks declining on the index.  

The top gainers on Nifty were Kotak Mahindra Bank up by 1.74%, Bharti Airtel up by 1.06%, Britannia Industries up by 0.91%, Tata Consumer Products up by 0.57% and HCL Technologies up by 0.48%. On the flip side, Trent down by 4.48%, Power Grid Corporation down by 3.27%, Tata Steel down by 3.18%, Titan Company down by 2.91% and ONGC down by 2.43% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 35.48 points or 0.41% to 8,736.01, France’s CAC rose 3.06 points or 0.04% to 7,976.09 and Germany’s DAX gained 10.73 points or 0.05% to 21,797.73.

Asian markets ended mixed on Monday after Wall Streets’ fall last Friday after US President Donald Trump's pledge to impose tariffs on all imports of steel and aluminum and introduce reciprocal tariffs on many countries this week, while investors are cautiously awaiting Federal Reserve Chair Jerome Powell’s testimony before Congress and key US inflation reading due this week. Chinese shares gained as mixed inflation data raised hopes that China could roll out more stimulus measures such as interest rate cuts or infrastructure spending to boost growth, while Hong Kong shares gained, led by China’s AI-related shares. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,322.17

18.50

0.56

Hang Seng

21,521.98

388.44

1.80

Jakarta Composite

6,648.14

-94.44

-1.42

KLSE Composite

1,589.95

-0.96

-0.06

Nikkei 225

38,801.17

14.15

0.04

Straits Times

3,875.13

13.71

0.35

KOSPI Composite

2,521.27

-0.65

-0.03

Taiwan Weighted

23,252.14

-226.13

-0.97
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