IT, PSU bank and FMCG shares declined while pharma, metal and realty shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 32.11 points or 0.04% to 76,138.97. The Nifty 50 index lost 13.85 points or 0.06% to 23,031.40. In seven consecutive trading sessions, the Sensex and Nifty lost 3.11% and 2.98%, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.07%, and the S&P BSE Small-Cap index fell 0.43%.

The market breadth was negative. On the BSE, 1,846 shares rose and 2,100 shares fell. A total of 128 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.40% to 14.96.

Economy:

India's retail inflation, based on the Consumer Price Index (CPI), eased to a five-month low of 4.31% in January 2025, mainly due to lower food prices, according to official data released on Wednesday. CPI-based retail inflation was 5.22% in December, and 5.1% in January 2024.

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, according to data released by Ministry of Statistics & Programme Implementation (MoSPI). The slowdown was largely due to weaker manufacturing activity, which grew 3% in December compared to 5.5% in November.

IPO Update:

The initial public offer (IPO) of Hexaware Technologies received bids for 1,16,90,511 shares as against 9,14,23,354 shares on offer, according to stock exchange data at 15:15 IST on 13 February 2024. The issue was subscribed to 0.13 times.

The issue opened for bidding on 12 February 2024 and it will close on 14 February 2024. The price band of the IPO is fixed between Rs 674 and Rs 708 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index dropped 1% to 41,315.55. The index tumbled 3.96% in five consecutive trading sessions.

Mphasis (down 2.57%), LTIMindtree (down 1.78%), L&T Technology Services (down 1.68%), Coforge (down 1.68%), Infosys (down 1.05%), Tata Consultancy Services (down 0.99%), HCL Technologies (down 0.82%), Persistent Systems (down 0.70%), Wipro (down 0.52%) and Tech Mahindra (down 0.16%) declined.

Stocks in Spotlight:

Bharat Forge slipped 2.81% after the company reported 8.4% fall in standalone net profit to Rs 346 crore on a 7.4% decline in total revenue to Rs 2,096 crore in Q3 FY25 as compared with Q3 FY24.

Honasa Consumer soared 11.70% after the company's consolidated net profit increased marginally to Rs 26.02 crore in Q3 FY25, up 0.46% as compared with Rs 25.90 crore in Q3 FY24. Revenue from operations rose 6% to Rs 517.51 crore in Q3 FY25 as compared with Rs 488.21 crore posted in corresponding quarter last year.

Sanghvi Movers surged 9.69% after the company's consolidated net profit rose 13.56% to Rs 33.07 crore on 33.19% increase in revenue from operations to Rs 156.13 crore in Q3 FY25 over Q2 FY25.

ITD Cementation India slipped 1.16%. The company's consolidated net profit jumped 10.75% to Rs 87.04 crore on 11.28% rise in revenue from operations to Rs 2,244.86 crore in Q3 FY25 over Q3 FY24.

Venus Pipes & Tubes advanced 2.80% after the company reported a 22.81% drop in net profit to Rs 17.97 crore in Q3 FY25, compared to Rs 23.28 crore recorded in Q3 FY24. However, revenue from operations advanced 11.67% to Rs 231.30 crore in the December quarter, compared with Rs 207.13 crore posted in Q3 FY24.

Man Industries (India) rose 2.76% after the company reported 11.5% jump in consolidated net profit to Rs 34.1 crore despite a 12.1% fall in revenue from operations to Rs 731.9 crore in Q3 FY25 as compared with Q3 FY24.

Godrej Industries added 0.36%. The company's consolidated net profit rose 76.86% to Rs 188.20 crore on 34.39% increase in revenue from operations to Rs 4,824.83 crore in Q3 December 2024 over Q3 December 2023.

SMS Lifesciences India rallied 3.79% after the company's consolidated jumped 17.71% to Rs 4.85 crore in Q3 FY25 as against Rs 4.12 crore posted in Q3 FY24. Revenue from operations was at Rs 84.60 crore in the third quarter of FY25, marking a growth of 17.41% compared with Rs 72.05 crore in Q3 FY24.

SKF India slipped 3.44% after the firm reported a 17.1% decline in consolidated net profit to Rs 109.50 crore in Q3 FY25 as against Rs 132.15 crore posted in Q3 FY24. However, revenue from operations jumped 15% YoY to Rs 1,256.10 crore in the quarter ended 31 December 2024.

Fineotex Chemical 0.29%. The company's consolidated net profit slipped 15.46% to Rs 27.83 crore on 9.05% decrease in net sales to Rs 125.91 crore in Q3 FY25 over Q3 FY24.

Godawari Power and ISPAT declined 1.39% after the company's consolidated net profit dropped 36.85% to Rs 144.78 crore on 0.86% decrease in revenue from operations to Rs 1,297.60 crore in Q3 FY25 over Q3 FY24.

Natco Pharma hit a lower circuit of 20% after the company's consolidated net profit declined 37.75% to Rs 132.4 crore on 37.41% drop in revenue from operations to Rs 474.8 crore in Q3 FY25 over Q3 FY24.

NIBE tumbled 8.36% after the company's consolidated net profit declined 56.23% to Rs 1.93 crore in Q3 FY25 as against Rs 4.41 crore posted in Q3 FY24. Revenue from operations was at Rs 148.68 crore in Q3 FY25, zoomed 137.16% as against Rs 62.69 crore posted in same quarter last year.

P N Gadgil Jewellers hit an upper circuit of 20% after the company's consolidated net profit jumped 49.36% to Rs 86.03 crore in Q3 FY25 as compared with Rs 57.60 crore in Q3 FY24. Revenue from operations jumped 23.51% YoY to Rs 2,435.75 crore in Q3 FY25.

Balaji Amines slipped 3.50% after the company's consolidated net profit slipped 17.79% to Rs 33.19 crore on 18.42% drop in revenue from operations to Rs 312.73 crore in Q3 FY25 over Q3 FY24.

PTC India rallied 3.80% after the company's consolidated net profit soared 86.63% to Rs 181.11 crore in Q3 FY25 as against Rs 97.04 crore posted in Q3 FY24. However, revenue from operations shed 0.21% to Rs 3,420.81 crore in Q3 FY25, compared with Rs 3,428.01 crore posted in the corresponding quarter previous year.

Suven Pharmaceuticals jumped 5.82% after the company's consolidated net profit jumped 77.3% to Rs 82.88 crore in Q3 FY25 as compared with Rs 46.75 crore in Q3 FY24. Revenue from operations jumped 39.7% to Rs 307.15 crore in Q3 FY25 as compared with Rs 219.82 crore in Q3 FY24.

Jupiter Wagons (JWL) rose 0.09%. The company said that it has received order from Ambuja Cement and ACC for manufacture and supply of BCFCM rakes wagon and the value of these orders is Rs 600 crore.

Rites slipped 1.81%. The company said that it has signed a memorandum of understanding (MoU) with a Centre for Development of Advanced Computing (C-DAC) to collaborate on IT solutions for consultancy assignments.

Global Markets:

Most European markets advanced on Thursday as the U.K. economy grew by 0.1% in the fourth quarter, ahead of expectations for a 0.1% contraction, according to a preliminary estimate from the U.K.'s Office for National Statistics.

Investors are looking for corporate results, including those of Siemens, Nestle, Swisscom, Pernod Ricard, Orange, Unilever, Legrand, Ferrovial, Barclays, British American Tobacco, Commerzbank, Thyssenkrupp and Moncler, while Germany's latest inflation rate is also due.

Asian stocks ended mixed. A surge in Chinese tech stocks, driven by enthusiasm for artificial intelligence, and news of potential deals in Japan's technology sector provided positive momentum. However, concerns about high U.S. inflation tempered gains.

Market sentiment was also boosted by reports of potential peace talks between Russia and Ukraine, raising hopes for an end to the protracted conflict. This news contributed to a drop in oil prices.

It was reported that both the Russian and Ukrainian presidents expressed a desire to resolve the conflict in separate phone calls, and that steps were being taken to initiate peace talks. This development followed reports that Ukraine would no longer pursue NATO membership, a key point of contention for Russia.

U.S. stocks fell overnight after stronger-than-anticipated consumer price index (CPI) data was released. The inflation figures lessened expectations of near-term interest rate cuts.

At the NYSE close, the Dow Jones Industrial Average decreased by 0.50%, the S&P 500 index fell by 0.27%, and the NASDAQ Composite index showed a slight gain of 0.03%.

The CPI increased by 0.5% month-over-month, while the core CPI rose by 0.4%. These results fueled concerns about persistent inflationary pressures. Analysts pointed to the upside surprise in the CPI report, noting that it contradicted earlier forecasts of moderating inflation.

Overall market sentiment remained cautious due to ongoing trade tensions, including recently implemented tariffs on commodity imports and the potential for retaliatory tariffs.

Individual stock performance saw CVS Health Corp. rallying by nearly 15%, and Gilead Sciences Inc. increasing by 7.5%.

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