As per provisional closing, the barometer index, the S&P BSE Sensex, declined 217.41 points or 0.29% to 74,115.17. The Nifty 50 index lost 92.20 points or 0.41%, to 22,460.30.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.46% and the S&P BSE Small-Cap index fell 2.11%.

The market breadth was weak. On the BSE, 1,204 shares rose and 2,878 shares fell. A total of 147 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.82% to 13.99.

Economy:

India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday.

Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion.

Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said.

India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Realty index fell 2.04% to 799.70. The index slipped 3.36% in three consecutive trading sessions.

Mahindra Lifespace Developers (down 6.55%), Raymond (down 3.60%), Macrotech Developers (down 3.35%), DLF (down 2.99%), Sobha (down 2.75%), Prestige Estates Projects (down 1.83%), Godrej Properties (down 1.70%), Oberoi Realty (down 1.24%) and Phoenix Mills (down 0.54%) declined.

Stocks in Spotlight:

JSW Steel rose 0.01%. The company said that its consolidated crude steel production jumped 12% to 24.07 lakh tonnes in February 2025 as compared with 21.50 lakh tonnes produced in February 2024.

Zydus Lifesciences shed 0.97%. The pharma major announced that it has received final approval from the United States Food and Drug Administration (USFDA) to manufacture ketoconazole shampoo, 2%.

Ketoconazole shampoo, a generic version of Nizoral Shampoo (2%), is an antifungal medication used to treat dandruff, fungal infections, and other skin conditions. It will be produced at the group's topical manufacturing site at Changodar, Ahmedabad.

Sun Pharmaceutical Industries rose 0.15%. The company said that it has entered into an agreement for the acquisition of all the outstanding shares of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.

Lupin slipped 1.04%. The company announced that it has launched Rivaroxaban tablets USP, 2.5 mg, in the US market following final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA).

Rivaroxaban is indicated for reducing the risk of major cardiovascular events in patients with coronary artery disease (CAD) and major thrombotic vascular events in patients with peripheral artery disease (PAD), including those who have undergone lower extremity revascularization due to symptomatic PAD.

Glenmark Pharmaceuticals slipped 0.52%. The company has announced the launch of 'Polyethylene Glycol 3350 Powder for Solution' as on OTC product in the US market.

Polyethylene Glycol is an osmotic laxative. It prevents and treats occasional constipation.

Indian Renewable Energy Development Agency's (IREDA) dropped 4.18% after the Reserve Bank of India (RBI) rejected the company's request for equity investment in the 900 MW Upper Karnali Hydropower Project in Nepal.

Coal India (CIL) declined 1.64%. The company said that it has signed memorandum of understanding (MoU) with Indian Institute of Technology, Hyderabad (IIT-H) to develop clean coal technologies, diversification in coal utilization.

Bodal Chemicals surged 15.57% after the Indian government imposed anti-dumping duties on Trichloro Isocyanuric Acid (TCCA) imports from China and Japan.

Captain Technocast gained 4.92% after the company said that its board will convene on Tuesday, 18 March 2025, to consider a bonus share issue.

Sterlite Technologies dropped 4.27% after the company informed that Tushar Shroff, chief financial officer (CFO) and key managerial personnel of the company, has tendered his resignation, effective from 31 March 2025.

Active Clothing Co hit an upper limit of 5% after the company announced its plan to raise funds via a preferential allotment of 5 lakh warrants.

Narayana Hrudayalaya rose 0.54%. The firm's foreign subsidiary, Health City Cayman Islands (HCCI) entered into a joint venture (JV) agreement with 2070 Health Inc., W Health Ventures GP LLC, and Everhope Oncology Private to establish and operate a network of healthcare centers in India, specifically for the treatment of cancer patients, with a focus on chemotherapy treatment.

SPML Infra hit an upper circuit of 5% after the company signed an agreement with the Water Resource Department, Hazaribagh, for a major irrigation project under the Konar Irrigation Project on a turnkey basis.

Global Markets:

US Dow Jones index futures were down 328 points, indicating a negative opening in the US stocks today. Investors remained wary of uncertainty surrounding President Donald Trump's tariff policies and mulled over Federal Reserve Chair Jerome Powell's cautious remarks.

European stocks declined on Monday after German exports fell 2.5% month-on-month in January, provisional data from the country's Federal Statistical Office showed.

Most Asian shares ended lower as traders analyzed fresh economic data from China. Over the weekend, China's consumer inflation dipped into negative territory for the first time in 13 months, driven by seasonal distortions and broader economic headwinds. The consumer price index (CPI) fell 0.7% year-over-year in February, reversing a 0.5% gain in January, according to the National Bureau of Statistics.

Adding to market jitters, Beijing announced retaliatory tariffs on certain Canadian agricultural products. The move comes after Canada imposed import duties last year on Chinese electric vehicles, steel, and aluminum. Under the new measures, China will slap a 100% tariff on Canadian rapeseed oil, oil cakes, and peas, while a 25% levy will be applied to aquatic products and pork.

In the U.S., major stock indices closed higher on Friday after a volatile trading day. The S&P 500 index rose 0.55% to 5,770.20, while the Nasdaq Composite gained 0.7% to 18,196.22. The Dow Jones Industrial Average added 222.64 points, or 0.52%, to end at 42,801.72.

Meanwhile, the latest labor market data painted a mixed picture. The U.S. economy added 151,000 jobs in February, falling short of expectations while the unemployment rate ticked up to 4.1% from January 4.0%, signaling possible cracks in labor market resilience.

Speaking on Friday, Fed Chair Jerome Powell reaffirmed the central bank's cautious stance on interest rates. While acknowledging that the U.S. economy remains stable, he emphasized the need for patience, particularly in light of President Donald Trump's recent economic policy shifts, which include tariffs and federal worker layoffs. Powell's comments suggest the Fed is in no rush to alter its policy path amid lingering uncertainties.

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