Markets extend losses in late afternoon session

Indian equity markets extended their losses in late afternoon session despite positive cues from European markets. Investors continued to monitor Q3 earnings. Sentiments remained downbeat as Federation of Indian Chambers of Commerce & Industry (FICCI) in its Economic Outlook Survey has lowered India's growth projection for the current financial year (FY25) to 6.4 per cent from 7 per cent estimated in the previous round conducted during the month of September last year. The revised projection is in line with the broad expectations and reflect a notable slowdown vis--vis 8.2 per cent Gross Domestic Product (GDP) growth recorded in 2023-24.

On the global front, Asian markets were trading mostly in green as Trump tariff fears offset upbeat Chinese data and comments from Federal Reserve Governor Christopher Waller that officials could lower rates again in the first half of 2025 if inflation data continue to be favorable. European markets were trading higher as yields across European government bonds eased amid bets on Fed and ECB rate cuts.

The BSE Sensex is currently trading at 76606.68, down by 436.14 points or 0.57% after trading in a range of 76263.29 and 77069.19. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.10%, while Small cap index was down by 0.20%.

The top gaining sectoral indices on the BSE were Energy up by 1.69%, Metal up by 1.56%, Capital Goods up by 1.39%, Realty up by 1.38% and Oil & Gas was up by 1.26%, while IT down by 2.44%, TECK down by 2.10%, Bankex down by 1.96% and Auto was down by 0.35% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 2.75%, Zomato up by 2.42%, Nestle up by 2.25%, Power Grid up by 2.08% and Tata Steel up by 2.00%. On the flip side, Infosys down by 5.65%, Axis Bank down by 4.75%, Kotak Mahindra Bank down by 2.71%, Mahindra & Mahindra down by 2.36% and ICICI Bank down by 2.08% were the top losers.

Meanwhile, Union Minister of Commerce & Industry, Piyush Goyal has said that India is entering the Amrit Kaal with strong macroeconomic fundamentals. The next 25 years will be a defining period for India. He said ‘Our startups will play a crucial role in realising the vision of a self-reliant, inclusive, and globally competitive India. The government is fully committed to providing all necessary support - whether it is policy initiatives, infrastructure, or access to capital - to ensure their success.’

Minister further noted that India has seen 76 Initial Public Offerings (IPOs) for the calendar year 2024, stating that India has become world’s 3rd largest startup ecosystem with 1,59,157 startups as of January 15, 2025 from around 500 in 2016 generating 17.2 lakh direct jobs. He also shared that startups have till date received a total funding of Rs 13 trillion from the Government. 

While launching the Bharat Startup Grand Challenge and Prabhaav factbook on 9th Foundation Day of Startup India, he emphasized the broader impact of startups beyond economic contributions. He stated that startups are not merely businesses; they are agents of change. He said ‘They have addressed some of the most pressing challenges of our time - whether it is sustainability, renewable energy, healthcare, or digital transformation. Through their innovation and resilience, they are shaping a better future for all of us.'

The CNX Nifty is currently trading at 23195.50, down by 116.30 points or 0.50% after trading in a range of 23100.35 and 23292.10. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 3.00%, BPCL up by 2.90%, Coal India up by 2.38%, Hindalco up by 2.21% and Nestle up by 2.19%. On the flip side, Infosys down by 5.78%, Axis Bank down by 4.60%, Shriram Finance down by 4.05%, Kotak Mahindra Bank down by 2.77% and Mahindra & Mahindra down by 2.33% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 122.98 points or 0.53% to 23,148.08, Hang Seng advanced 61.17 points or 0.31% to 19,584.06, Jakarta Composite gained 39.98 points or 0.56% to 7,147.50, Straits Times rose 7.14 points or 0.19% to 3,808.27 and Shanghai Composite was up by 5.79 points or 0.18% to 3,241.82. On the flip side, KOSPI dropped 3.94 points or 0.16% to 2,523.55 and Nikkei 225 was down by 121.14 points or 0.32% to 38,451.46.

European markets were trading higher; UK’s FTSE 100 increased 80.72 points or 0.96% to 8,472.62, France’s CAC rose 59.74 points or 0.78% to 7,694.48 and Germany’s DAX was up by 110.39 points or 0.53% to 20,765.78.