The key equity indices closed with moderate losses on Friday due to foreign institutional investor (FII) selling and ongoing global uncertainty. The Nifty settled below the 23,450 mark after hitting the day's high of 23,596.60 in the early afternoon trade. Barring the Nifty IT index, all the other sectoral indices on the NSE were traded in red. As per provisional closing, the barometer index, the S&P BSE Sensex, declined 241.30 points or 0.31% to 77,378.91. The Nifty 50 index fell 95 points or 0.40% to 23,431.50.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.13% and the S&P BSE Small-Cap index slipped 2.40%.
The market breadth was weak. On the BSE, 831 shares rose and 3,159 shares fell. A total of 88 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.75% to 14.92.
The Indian rupee hit a fresh record low against the US dollar on Monday. The currency opened at 85.8800, traded near its fresh all-time low of 86.0000.
Buzzing Index:
The Nifty Media index slipped 3.59% to 1,743.65. The index tumbled 3.25% in three consecutive trading sessions.
Dish TV India (down 9.87%), Zee Entertainment Enterprises (down 5.68%), Network 18 Media & Investments (down 5.45%), Saregama India (down 4.12%), Hathway Cable & Datacom (down 3.49%), Nazara Technologies (down 3.22%), Den Networks (down 3.14%), PVR Inox (down 2.25%) and Tips Music (down 0.46%) declined.
On the other hand, Sun TV Network (up 0.25%) edged higher.
Stocks in Spotlight:
Tata Elxsi tumbled 6.84% after the design-led technology service provider reported a 3.59% decline in net profit to Rs 199 crore on 2.72% increase in revenue from operations to Rs 939.17 crore in Q3 FY25 over Q3 FY24.
GTPL Hathway tumbled 11.99% after the company's consolidated net profit slipped 57.03% to Rs 10.17 crore in Q3 FY25 as compared with Rs 23.67 crore in Q3 FY24. Revenue from operations increased 4.27% to Rs 887.27 crore in Q3 FY25 as compared with Rs 850.87 crore posted in the corresponding quarter last year.
Adani Wilmar declined 9.99% after the company's promoter, Adani Commodities, proposed to sell a 20% stake at a floor price of Rs 275 per share through an offer for sale (OFS).
Indian Renewable Energy Development Agency (IREDA) dropped 6.81%. The company's standalone net profit jumped 27% to Rs 425 crore on a 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
IRB Infrastructure Developers declined 4.70%. The company's toll collection jumped 19% to Rs 580 crore in December 2024 as against Rs 488 crore posted in December 2023.
Senco Gold fell 4.48%. The company announced that its revenue grew 22% year on year (YoY) and retail growth was steady at 19% YoY in the quarter ended 31 December 2024.
Indegene declined 2.10%. The company announced a strategic partnership with CliniOps, a leading provider of advanced digital clinical trial solutions, to drive innovative digital transformation in clinical trial processes and achieve better patient outcomes.
Aditya Birla Fashion and Retail (ABFRL) shed 0.87%. The company informed that its board will meet on 15 January 2025 to consider the proposal for raising funds, subject to required approvals.
The Phoenix Mills rose 0.98%. The company said that its total consumption stood at approximately Rs 3,998 crore in Q3 FY25, registering a growth of 21% year on year (YoY).
JSW Steel advanced 0.95%. The company announced its highest ever consolidated crude steel production for the Q3 FY25 was at 7.03 million tonnes, which is higher by 2% as compared with 6.87 million tonnes reported in Q3 FY24.
GNA Axles shed 0.52%. The company's consolidated net profit climbed 12.91% to Rs 25.36 crore in Q3 FY25 as compared with Rs 22.46 crore in Q3 FY24.Revenue from operations increased 5.06% YoY to Rs 375.06 crore in Q3 FY25.
Global Markets:
U.S. stock futures point to a weak open Friday, with the Dow Jones Industrial Average futures down 68 points. This follows persistent concerns over a slower pace of interest rate cuts in 2025, exacerbated by upcoming nonfarm payroll data that could provide further insights into the economy. The upcoming earnings season, kicking off next week with major bank reports, adds another layer of uncertainty.
European markets advanced on Friday as investors monitor economic data and ongoing turbulence in the U.K.'s debt markets.
Mostly Asian shares declined, concluding a volatile first full trading week of 2025. Investor sentiment remains fragile amid concerns over slower U.S. rate cuts and the possibility of a rate hike by the Bank of Japan.
Japanese stocks extended their losing streak to three days as stronger-than-expected wages and private spending data increased expectations of a potential BOJ rate hike in January.
Weak inflation data from China, released earlier this week, further dampened sentiment, compounded by speculation regarding potential trade tariffs against the country.
Regional markets mirrored losses in global markets, as hawkish signals from the Federal Reserve this week reinforced expectations of slower monetary easing in 2025.
The U.S. market was closed Thursday to honor the passing of former President Jimmy Carter.
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