Market Commentary - Mid-Session
The key equity benchmarks traded near flat line in mid-morning trade. The Nifty hovered above 22,550 mark. Auto shares jumped for the second consecutive trading sessions.
At 11:25 IST, the barometer index, the S&P BSE Sensex, advanced 154.95 points or 0.21% to 74,613.72. The Nifty 50 index added 3.60 points or 0.02% to 22,556.95.
In the broader market, the S&P BSE Mid-Cap index fell 0.17% and the S&P BSE Small-Cap index declined 0.01%.
The market breadth was positive. On the BSE, 1,913 shares rose and 1,689 shares fell. A total of 171 shares were unchanged.
The stock market will be closed tomorrow, 26th February 2025, on account of Mahashivratri.
Buzzing Index:
The Nifty Auto index advanced 0.81% to 21,727.35. The index increased 1.03% in the two trading sessions.
Mahindra & Mahindra (up 2.76%), Ashok Leyland (up 1.77%), Maruti Suzuki India (up 0.76%), Exide Industries (up 0.59%), Balkrishna Industries (up 0.39%), TVS Motor Company (up 0.37%), Bosch (up 0.33%), Eicher Motors (up 0.21%), Bharat Forge (up 0.16%) advanced.
Stocks in Spotlight:
EFC (I) rose 1.30% after the company announced that it has incorporated a wholly-owned subsidiary (WOS), named EFC Estate 710 Alpha.
NTPC shed 0.97%. The company announced that it has signed multiple memorandums of understanding (MoUs) with the Madhya Pradesh government to invest over Rs 2 lakh crore in renewable energy projects.
Blue Cloud Softech Solutions declined 0.87%. The company said that it has secured a work order from Pinnacle Hospitals India for the implementation of its advanced outpatient management system (OMS) at Pinnacle Hospitals, Visakhapatnam.
Global Market:
US Dow Jones index futures were up 72 points, indicating a positive opening in the US stocks today.
Asian shares declined on Tuesday, driven by concerns over potential U.S. investment restrictions on Chinese technology sectors and anticipation of Nvidia's earnings. The Bank of Korea's expected 0.25% interest rate cut provided limited support to South Korean stocks.
Hong Kong's Hang Seng index continued its downward trend from Monday, following U.S. measures aimed at limiting Chinese investment in strategic areas like semiconductors, artificial intelligence, and aerospace.
Investor sentiment was further dampened by continued uncertainty surrounding potential U.S. tariffs on Mexico and Canada, despite prior hopes of negotiated resolutions.
U.S. indices finished lower on Monday, with tech stocks leading the decline. This followed sharp losses in the previous session, fueled by growing concerns about a potential slowdown in the U.S. economy, as indicated by weaker consumer sentiment data.
The S&P 500 fell 0.5% to 5,983.49 points, while the NASDAQ Composite slid 1.2% to 19,286.93 points. The Dow Jones Industrial Average closed up 0.1% at 43,461.95 points.
All eyes are now on Nvidia's quarterly earnings release, scheduled for after the U.S. market close on Wednesday. Investors are particularly focused on whether the company maintained its high growth trajectory driven by strong demand for its advanced artificial intelligence chips.
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