Markets magnify opening losses in early delas ahead of CPI, IIP data

Indian equity benchmarks made negative start on Wednesday amid mixed cues from Asian counterparts. Soon, markets extended their opening losses and are trading deep in red with cut of around a percent each in early deals. Investors avoided to take risk ahead of India’s consumer price index (CPI) inflation data for the month of January and Industrial Production data for December to be out later in the day. Foreign fund outflows also dented sentiments. The Foreign institutional investors (FIIs) have extended their selling on February 11 as they offloaded equities worth Rs 4486 crore.

On the global front, Asian markets are trading mixed following the mixed cues from Wall Street overnight, as traders remain cautious amid raising fears of a brewing global trade war and its impact on inflation. They also reacted to US Fed Chair Jerome Powell's cautious remarks on interest-rate cuts.

Back home, metal stocks are in focus amid Indian Stainless Steel Development Association (ISSDA) said if US President Donald Trump’s proposed tariffs are enforced, India’s stainless-steel exports could suffer substantial setbacks, leading to disruptions in global supply chains and increased costs for manufacturers and consumers alike.

The BSE Sensex is currently trading at 75572.59, down by 721.01 points or 0.95% after trading in a range of 75572.59 and 76409.27. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 2.25%, while Small cap index was down by 2.86%.

The sole gaining sectoral index on the BSE was IT up by 0.03%, while Realty down by 2.81%, Industrials down by 2.43%, Energy down by 2.34%, Consumer Discretionary down by 2.23% and Power down by 2.23% were the top losing indices on BSE.

The few gainers on the Sensex were TCS up by 1.01%, Tech Mahindra up by 0.62%, Infosys up by 0.52% and HCL Technologies up by 0.48%. On the flip side, Mahindra & Mahindra down by 3.74%, Zomato down by 3.55%, Reliance Industries down by 2.94%, Indusind Bank down by 2.28% and Axis Bank down by 1.95% were the top losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) in its latest data has showed that net direct tax collection grew 14.69 per cent to over Rs 17.78 lakh crore so far this fiscal (April 1, 2024, and February 10, 2025). Gross direct tax mop up till February 10 grew 19.06 per cent to more than Rs 21.88 lakh crore.

As per the data released by CBDT, mop up from net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year to about Rs 9.48 lakh crore. Net corporate tax collection rose more than 6 per cent to over Rs 7.78 lakh crore between April 1, 2024, and February 10, 2025. Net collections from securities transaction tax (STT) jumped 65 per cent to Rs 49,201 crore so far this fiscal.

Refunds worth more than Rs 4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period. In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore. The collection from STT is pegged at Rs 55,000 crore in this fiscal in RE, higher than the budget estimate (BE) of Rs 37,000 crore. Corporate tax collection target was revised lower at Rs 9.80 lakh crore, down from the budget target of Rs 10.20 lakh crore. In total, the RE pegs direct tax collections at Rs 22.37 lakh crore, higher from Rs 22.07 lakh crore in BE. 

The CNX Nifty is currently trading at 22858.60, down by 213.20 points or 0.92% after trading in a range of 22858.05 and 23097.95. There were 4 stocks advancing against 45 stocks declining, while 1 stock remain unchanged on the index.

The few gainers on Nifty were TCS up by 1.12%, Tech Mahindra up by 0.76%, Infosys up by 0.56% and HCL Technologies up by 0.36%. On the flip side, Mahindra & Mahindra down by 4.01%, Reliance Industries down by 3.23%, Bharat Electronics down by 3.13%, Hero MotoCorp down by 2.71% and Indusind Bank down by 2.32% were the top losers.

Asian markets are trading mixed; Hang Seng jumped 331.94 points or 1.56% to 21,626.80, Nikkei 225 surged 63.38 points or 0.16% to 38,864.55, Jakarta Composite gained 47.11 points or 0.72% to 6,579.10 and KOSPI was up by 5.39 points or 0.21% to 2,544.44. On the other hand, Taiwan Weighted lost 67.59 points or 0.29% to 23,316.46, Straits Times fell 1.41 points or 0.04% to 3,859.35 and Shanghai Composite was down by 0.23 points or 0.01% to 3,317.83.