Post Session: Quick Review

Local equity benchmarks settled Thursday’s trading session below neutral line and continued their losing streak for 7th straight session, amid mixed global cues and mixed macroeconomic data. After making cautious start, soon markets turned positive and extended their gains to trade higher, as some support came with Commerce and industry minister Piyush Goyal’s statement that the combination of growth driven by consumption, alongside growth propelled by investment can serve as twin pillars for India's economic advancement. In final hour of trade, indices wipe out their gains and ended slightly lower.

Some of the important factors in today’s trade:

Continuous foreign fund outflows: Foreign institutional investors (FIIs) offloaded equities worth Rs 4,486.41 crore in the capital markets on a net basis on Tuesday, according to exchange data.

Industrial growth eases in December: Some cautiousness came as the government data showed that India’s industrial production growth, measured by the Index of Industrial Production (IIP) eased to 3.2% in December, down from a 6-month high of 5.2% in the previous month.

CPI Inflation falls to 4.31% in January: Traders overlooked data showing India’s retail inflation, based on the Consumer Price Index (CPI), for January stood at 4.31 per cent, dropping significantly from 5.22 per cent in December.

Global front: Most of the European markets were trading in green, amid improving prospects for a peace settlement in Russia-Ukraine war. Asian markets ended mixed pressured by the woes that the interest rates will be kept unchanged for a prolonged period followed by the release on bigger than expected rise in US consumer price inflation.

The BSE Sensex ended at 76138.97, down by 32.11 points or 0.04% after trading in a range of 76013.43 and 76764.53. There were 15 stocks advancing against 15 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index rose 0.07%, while Small cap index was down by 0.43%. (Provisional)

The top gaining sectoral indices on the BSE were Metal up by 1.26%, Realty up by 0.72%, Healthcare up by 0.50%, Telecom up by 0.25% and Power up by 0.22%, while IT down by 0.93%, FMCG down by 0.66%, TECK down by 0.64%, Consumer Durables down by 0.44% and Oil & Gas down by 0.34% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Tata Steel up by 2.99%, Bajaj Finserv up by 2.97%, Sun Pharma up by 2.88%, Bajaj Finance up by 2.26% and Kotak Mahindra Bank up by 1.46%. On the flip side, Adani Ports and Special Economic Zone down by 1.77%, Infosys down by 1.19%, Larsen & Toubro down by 1.12%, Nestle down by 0.84% and SBI down by 0.81% were the top losers. (Provisional)

Meanwhile, the Ministry of Health & Family Welfare has extended the due date for implementation of revised Schedule M -- good manufacturing practices provision, for small and medium pharmaceutical firms with turnover of Rs 250 crore or less, till December 31, 2025. It has given three months from February 11, 2025, to the small and medium pharmaceutical firms to submit their plan for upgradation to the central license approving authority in order to be eligible to qualify for Schedule M deadline extension. 

The ministry said on December 28, 2023, the Centre notified revised 'Schedule M' requirements wherein ‘good manufacturing practices’ was upgraded to ‘good manufacturing practices and requirements of plan and equipment for pharmaceutical products’. Under this, manufacturers were divided into two groups with the first category of large manufacturers having turnover more than Rs 250 crore. A timeline of six months was given to such manufacturers for compliance and the revised Schedule M requirements have been implemented for these manufacturers from June 28, 2024. 

For small and medium manufacturers with turnover less than or equal to Rs 250 crore, a timeline of 12 months was given for compliance. Small and medium manufacturers had represented for extension of timeline to enable improvement in infrastructure, training of personnel and arranging financial resources. It said the revised Schedule M requirements are a positive step towards ensuring the quality and safety of pharmaceutical products being manufactured in India. The new regulations would enable the pharma companies to not only strengthen their domestic position but also become more competitive globally.

The CNX Nifty ended at 23031.40, down by 13.85 points or 0.06% after trading in a range of 22992.20 and 23235.50. There were 25 stocks advancing against 25 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bajaj Finserv up by 3.39%, Sun Pharma up by 3.10%, Tata Steel up by 3.00%, Bajaj Finance up by 2.37% and Cipla up by 1.58%. On the flip side, Adani Enterprises down by 4.62%, Adani Ports and Special Economic Zone down by 1.54%, Hero MotoCorp down by 1.47%, Infosys down by 1.07% and ONGC down by 1.03% were the top losers. (Provisional)

European markets were trading mostly in green; Germany’s DAX gained 274.67 points or 1.24% to 22,422.70 and France’s CAC rose 89.84 points or 1.12% to 8,132.03, while UK’s FTSE 100 decreased 74.86 points or 0.85% to 8,732.58. 

Asian markets settled mixed on Thursday after US President Donald Trump said that he had a lengthy and highly productive phone call with Russian President Vladimir V. Putin and that Ukraine's NATO membership is not practical, raising expectations for an end to the war in Ukraine. Trump expects to meet Putin in Saudi Arabia for Ukraine peace talks, sparking concerns about Ukraine's exclusion. And also tracking mixed closing of Wall Street overnight after the latest US CPI data reinforced market expectations that the US Federal Reserve will maintain its aggressive monetary policy. Seoul shares gained, led by technology and auto shares with growing expectations for an exemption from US tariffs. Japanese shares rose on the back of a weaker yen.