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Market Update

* Equity benchmarks Sensex and Nifty extended their losses for the fourth consecutive day on Monday, with the Sensex plunging over 500 points and Nifty closing below the 17,400 mark. This decline was driven by concerns over a global trade war, a surge in the USDINR exchange rate to a record high of intra-day at 88, level and continued foreign institutional investors (FII) selling. The Sensex dropped 548 points, or over 0.7%, ending at 77,311, while the Nifty fell 178 points, or 0.8%, to close at 23,381.

* U.S. President Donald Trump’s announcement of a 25% tariff on all steel and aluminum imports caused a drop in metal prices. Additionally, Trump mentioned plans to impose reciprocal tariffs on countries that tax U.S. products. Meanwhile, FIIs continued to sell Indian stocks, having offloaded Rs 10,179 crore worth of shares in the cash market as of last Friday. The USDINR surged to an intra-day high of 87.97, though it closed nearly flat at 87.48.

* Steel and real estate stocks were among the hardest hit, followed by auto, pharma, and oil & gas stocks. Both mid-cap and small-cap indices plummeted 2% each, with the Nifty 500 advance-to-decline ratio standing at 1:9, highlighting significant selling pressure.

* The Nifty Metal index dropped 2.6%, with companies like Vedanta, SAIL, Tata Steel, Hindalco, and National Aluminum falling between 2-5%. The Nifty Realty Index declined 3% amid profit booking, with stocks like Sobha, Lodha, DLF, Brigade, and Godrej Properties losing between 3-6%.

Technical Outlook:

* Nifty index opened on a flattish note but witnessed selling pressure as it was dropped nearly 200 points in the first hour of the session. After that, the index traded sideways within a 100 point range for the rest part of the day showing lack of strong momentum.

* It formed a bearish candle on daily frame with longer lower shadow indicating pullback from support zones. Now it has to cross and hold above 23450 zones for an up move towards 23550 then 23700 zones whereas supports are placed at 23250 then 23100 zones.

Derivative Outlook:

* Nifty future closed negative with losses of 0.67% at 23457 levels. Positive setup seen in Berger Paints, Tata consumer products, HCLTECH, Bharti Airtel, Kotak Bank, ICICI Bank, HDFC Life, Wipro, ICICI Lombard and IRCTC while weakness in AlkemLab, Delhivery, Max Health, SAIL, Trent, Lodha, OIL India, Angel One, VEDL, ABFRL, Sun TV and COLPAL.

* On option front, Maximum Call OI is at 24000 then 25000 strike while Maximum Put OI is at 22500 then 23000 strike. Call writing is seen at 23400 then 24000 strike while Put writing is seen at 23100 then 23400 strike. Option data suggests a broader trading range in between 22800 to 23800 zones while an immediate range between 23200 to 23600 levels.

* IRCTC - Passengers booking tickets online via IRCTC pay more than those purchasing physically at railway counters because of convenience fee and transaction charges, the government said in the Rajya Sabha on Friday

* Venus Remedies - Company gets Market Authorization for anticoagulant Enoxaparin from Indonesia

* Engineers India – Company won contract worth ?54 crores from the Indian Oil Corporation for Phase-I project management consultancy services for Paradip Naphtha Cracker block

* JSW Steel – Company reported January consolidated crude steel production rose 7% year-on-year to 25.18 lakh tonne.

* Glenmark Pharma – Company has received approval from the Medicines and Healthcare products Regulatory Agency to market Winlevi in the UK. Winlevi is a topical treatment for acne vulgaris in patients aged 12 years and older.

* KPI Green Energy- Company has received Letters of Award for development of solar power projects with a cumulative capacity of 15.90 MWDC under the ‘Captive Power Producer (CPP)’ business segment of the company.

* Varun Beverages Q4 CY25. Domestic volumes grew 11.4%. Net Profit Rs185cr (up 40.2% YoY), Revenue Rs3689cr (up 38.3% YoY) . Ebitda Rs580cr (up 39% YoY) and Ebitda Margin Flat at 15.7%

* Kirloskar Industries Q3 FY25 reported weak results. Net Profit Rs79.5cr (down 46.3% YoY), Revenue Rs1613.5cr (up 4% YoY), Ebitda Rs172cr (down 24.6% YoY) and Ebitda Margin 10.7% vs 14.7% YoY

* Engineers India Q3 FY25 - Net Profit Rs93.8cr (up 78% YoY) , Revenue Rs764.6cr (down 12% YoY), Ebitda Rs98cr (up 96% YoY) and Ebitda Margin 12.8% vs 5.8% YoY

Market Update

* European Market - European stocks advanced as corporate earnings were set to increase more than analysts expected, while investors monitored the latest tariff moves from US President Donald Trump on steel and aluminum. UK, Germany and France gained 0.3% each.

* Asian Market – Asian stocks dropped on concern US President Donald Trump’s plans for tariffs on all imports of steel and aluminum will add to a growing trade war. Hong Kong shares rose for a third day amid optimism toward the tech sector.

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