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Nifty : 23,045.25 -26.55 (-0.12%)

Sensex : 76,171.08 -122.52 (-0.16%)

* The equity benchmark indices continued their downward trend for the sixth consecutive session, driven by concerns over escalating global trade tensions, ongoing foreign institutional investor (FII) selling, and anticipation of key domestic and US inflation data to be released today.

* Additionally, comments from US Federal Reserve Chair Jerome Powell that there is no immediate need to adjust monetary policy have created uncertainty regarding potential interest rate cuts.

* The Nifty dropped slightly by 26 points, or 0.1%, closing at 23,045, after hitting an intra-day low of 22,790. The Sensex fell by 122 points, or 0.2%, to close at 76,171, touching an intra-day low of 75,388. Both the Nifty Index and mid-cap stocks partially recovered from their intraday lows due to short covering.

* Meanwhile, the Indian Prime Minister's visit to the US today, with a meeting scheduled for tomorrow with the US President to discuss the trade tariff issue, is also in focus. The Nifty 500 stocks advance-decline ratio was 0.6:1, indicating buying interest at lower levels.

* Realty stocks were the biggest losers, with the Nifty Realty Index falling by 2.5%. Godrej Properties dropped 5% to a 52-week low of Rs 1,929, while Prestige, DLF, and Oberoi Realty saw declines of up to 7%. PSU bank stocks saw fresh buying, and the Nifty PSU Bank Index rose by 1%.

* Metal stocks gained after SAIL and Nalco reported strong Q3 results. Ashok Leyland surged 8%, closing at Rs 119 after posting impressive Q3 results.

* On the global front, both European and Asian markets saw gains, buoyed by solid quarterly earnings and anticipation of the US inflation data release today.

* Man Industries – Company received Rs 250 crore order for supply of various types of pipes.

* Vodafone Idea Q3 Earnings concall highlights: Further tariff increase necassary for future growth. Pricing model where heavy data consumers pay more will be beneficial. Network capacity has been enhanced in Q3; Network speeds have also seen a rise. This is just a start of our investment cycle. 4G coverage has seen a significant rise; VI has emerged as the leading 4G network in India. Confident to deliver superior quality as we rollout 5G services. Most of the tariff hike impact is reflected in 2Q, 3Q numbers. Continue to see improving performance in postpaid services; Postpaid services is an important strategy to us.

* Bharti Airtel Gives Contracts to Nokia, Qualcomm for Broadband -- Bharti Airtel awarded a contract to Nokia and Qualcomm for expansion of 5G fixed wireless access and Wi-Fi solutions for high-speed internet in India, the Indian mobile services provider said in a statement. Nokia will supply Airtel Qualcomm-based 5G fixed wireless access outdoor gateway receiver and Wi-Fi-6 access point. Deal will enable Airtel to provide broadband services in areas lacking fiber connectivity.

* Ashok Leyland Q3 FY25 – Net Profit Rs761.7cr (up 31.3% YoY) – expectation Rs631cr, Revenue Rs9478cr (up 2.2% YoY) – expectation Rs4640cr Ebitda Rs1211cr (up 8.8% YoY) – expectation Rs1055cr and Ebitda Margin 12.8% vs 12% YoY – expectation 11.7%

* Siemens Q1 FY25 - Net Profit Rs614.6cr (up 21.5% YoY) – expectation Rs597cr, Revenue Rs3178cr (down 4.5% YoY) – expectation Rs5487cr, Ebitda Rs401cr (down 11.5% YoY) – expectation Rs718cr and Ebitda Margin 11.2% vs 12.2% YoY – expectation 13.1%

* Vijaya Diagnostics Q3 FY25 –- Net Profit Rs35.2cr (up 36.4% YoY) Revenue Rs169cr (up 27.4% YoY) Ebitda Rs67cr (up 59% YoY) and Ebitda Margin 39.7% vs 31.8% YoY

* PFC Q3 - Net Profit Rs4155cr (up 23% YoY), NII Rs4694cr (up 13% YoY), Gross NPA 2.68 % vs 2.71 % QoQ, Net NPA 0.72 % vs 0.71 % QoQ and Announce loan growth guidance 14% in FY26.

* Graphite. Net Loss Rs20cr vs Profit Rs18cr (% YoY), Revenue Rs523cr (down 24.2% YoY) and Ebitda Loss Rs8cr vs Loss Rs13cr (% YoY)

Market Update

* European Market - European stocks gain for a third day boosted by solid earnings, with Heineken NV beat lifting the beverage sector. UK, Germany and France are trading flat to positive.

* Asian Market – Asian stocks rose, led by gains in Chinese and Hong Kong shares on continued optimism about artificial intelligence, offsetting concerns over the Federal Reserve’s interest-rate policy. Both Hong Kong and China Index gained 2.6% and 1% respectively. Australia and Japan Index marginally gain.

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