Closing Bell: Sensex, Nifty flat amid high volatility; metal, financials gain

Indian equity indices ended marginally lower in the volatile session on February 12. At close, the Sensex was down 122.52 points or 0.16 percent at 76,171.08, and the Nifty was down 26.55 points or 0.12 percent at 23,045.25.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nifty closed with a long legged Doji formation after a day of high volatility. On the lower end, the index found support just above the previous swing low. Until the previous low of 22,786 is broken decisively, the chances are high that Nifty might recover towards 23,500–23,600 in the near term. Immediate resistance is placed at 23,200, while immediate support is at 23,000.

After showing sharp decline in the last five sessions, Nifty witnessed high volatility and smart upside recovery on Wednesday and closed the day lower by 26 points. After opening with a negative note, the market slipped into further weakness in the early part of the session. Sharp intraday upside recovery has emerged from the lows of around 22800 levels and the market maintained upside recovery towards the mid to later part and finally closed the day near the highs.

A small negative body candle was formed on the daily chart with small upper and long lower shadow, technically, this pattern indicates a formation of 'long legged doji' type candle pattern (not a classical one). This market action signal indecision at the lows. Normally, such formations like long legged doji pattern after a reasonable decline indicates chances of bottom reversal post confirmation.

The underlying trend of Nifty is still weak. But the interesting pattern formation at the support of 22800 could hint at a possibility of reversal pattern from current levels or from slightly lows. A confirmation of reversal pattern could possibly open a sizable upside bounce in the market. Immediate support is placed at 22800 levels. A sustainable move above 23150-23200 levels could open more upside for the short term.

Markets remained volatile after five consecutive days of decline, ultimately ending flat amid mixed cues. The session started on a weak note, but a gradual recovery in select heavyweight stocks helped trim losses as the day progressed. As a result, the Nifty index closed at 23,045.25 level.

Sectoral trends were mixed, keeping traders engaged—metals, banking, and financials saw some respite, while realty and auto were among the top laggards.

Persistent selling by FIIs, coupled with mixed earnings, continues to weigh on market sentiment, while uncertain global cues add to the pressure. On the technical front, Nifty rebounded after testing its January low of around 22,800, and sustaining above this level could offer some relief. However, the broader trend remains negative unless a clear reversal pattern emerges. Given the current scenario, traders should exercise caution and continue with a hedged approach.

The market witnessed a fierce tug-of-war between the bulls and bears. The Index opened lower, extending its losses and revisiting its previous swing low of 22,800. However, a strong V-shaped recovery followed, but the inability to sustain upward momentum reflected broader market uncertainty. Ultimately, the Index closed at 23,045.25 with a loss of 26.55 points. Among the sectors, PSU Banks and Metal were the top performers, while heavy beating continued in the Realty segment followed by Auto. After dramatic swings in both directions, the Midcaps and Smallcaps ended the day in the red, with losses of 0.26% each.

The Index formed a long-legged Doji candlestick pattern at the 22,800 level, signalling indecisiveness between bulls and bears. Going forward, the 22,800 level remains a solid support, while the 23,200-23,240 zone will act as a tough resistance.

The Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth. Concerns over excessive valuations are expected to sustain the ongoing consolidation phase. Investor confidence was further undermined by the Fed’s statement that it is "not in a hurry to lower interest rates" and intends to "pause rate cuts to assess further progress in inflation." Additionally, uncertainty regarding the impact of metal tariffs added to market caution.

The upcoming release of US CPI inflation data will provide further market direction, with prevailing expectations indicating minimal change in inflation, a scenario that could exert additional pressure on investor confidence.

Markets were extremely choppy and gyrated sharply in intra-day trades. After crashing over 900 points in early trades, markets recouped lost ground in late trades but select profit-taking in IT, banking and auto stocks saw benchmarks end marginally lower.

Due to rising uncertainty in global and domestic markets coupled with falling rupee and fund outflows, investors are trading cautiously and placing safe equity bets.

Indian rupee ended marginally lower at 86.88 per dollar on Wednesday versus Tuesday's close of 86.83.

Indian equity indices ended marginally lower in the volatile session on February 12.

At close, the Sensex was down 122.52 points or 0.16 percent at 76,171.08, and the Nifty was down 26.55 points or 0.12 percent at 23,045.25. About 1487 shares advanced, 2334 shares declined, and 85 shares unchanged.

M&M, Bharat Electronics, Eicher Motors, ITC, Hero MotoCorp were among major losers on the Nifty, while gainers were SBI Life Insurance, Bajaj Finserv, HDFC Life, Shriram Finance, Tata Steel.

BSE Midcap and smallcap indices shed 0.5 percent each.

Among sectors, except PSU Bank and metal all other sectoral indices ended in the red with realty index down nearly 3 percent.

Stocks edged higher as traders parsed the latest earnings news and looked forward to a key US inflation print later for clues on the outlook for interest-rate cuts.

Despite recent market corrections, investor confidence remains strong, as reflected in steady equity fund inflows, particularly in large-cap and flexi-cap categories, which saw inflows rise from Rs 2,000 crore to Rs 3,000 crore and Rs 4,700 crore to Rs 5,600 crore, respectively.

Hybrid fund inflows have also increased, primarily driven by a rise in arbitrage allocations. Meanwhile, mid-cap fund flows have remained stable, and small-cap funds continue to attract interest. The ELSS category has seen growing traction, highlighting investors’ long-term approach.

Sectoral funds, influenced by NFO activity, should remain a small component of a diversified portfolio, with investors cautious about disproportionate allocations.

Additionally, the rising inflows into gold ETFs indicate a shift toward safer assets during uncertain times. Notably, SIP inflows remain strong, exceeding Rs 26,000 crore, underscoring investors’ commitment to long-term wealth creation. In fact, during market corrections, SIP investors benefit by accumulating more units, reinforcing the importance of staying invested rather than pausing or stopping SIPs. For investors with a horizon beyond three to five years, mid and small-cap funds, aligned with risk appetite, should continue to be part of a well-balanced portfolio.

The Indian stock market has come under substantial pressure recently, with the Sensex plunging nearly 2,300 points in just five days. This sharp downturn can be primarily attributed to significant selling by FIIs, which began in October 2024, leading to a withdrawal of over ₹2.75 lakh crore. While FIIs have been net sellers, DIIs have acted as net buyers, providing some relief, cushioning the effects of the widespread sell-off.

Several factors have contributed to the decline in market sentiment. Rising US bond yields, a strengthening US dollar, and a weakening rupee have made Indian stocks less attractive to foreign investors, leading to large outflows. Furthermore, disappointing earnings from Indian companies across sectors such as consumer staples, automobiles, and building materials have compounded investor concerns.

The looming threat of a global trade war, exacerbated by the US's recent 25% tariff hike on steel and aluminium imports, as well as its plans to implement 'reciprocal tariffs' on other countries, has raised alarms. These measures could negatively impact emerging markets in Asia, including India, China, and Thailand.

Indian Rupee rallied in early trades on intervention by the Reserve Bank of India. However, Rupee lost early gains on weak tone in the domestic markets and a recovery in the US Dollar index.

We expect Rupee to trade with negative bias amid weakness in the domestic equities and persistent FII outflows. A strong US Dollar and the ongoing trade war may also pressurise the Rupee. However, any further intervention by the RBI may support the Rupee at lower levels. Traders may take cues from inflation data from US and India. USDINR spot price is expected to trade in a range of Rs 86.50 to Rs 87.30.

The company has received an order of approximately Rs250 crores, which is expected to be delivered during the next 6 to 12 months.

QIB – 11.13 times

NII - 2.84 times

Retail – 0.81 times

Employee Reserved - 2.25 times

Overall – 4.18 times

QIB – 0.0 times

NII - 0.01 times

Retail – 0.03 times

Employee Reserved - 0.09 times

Overall – 0.02 times

The New Income Tax Bill, set to reduce 50% of the current provisions, marks a significant step towards simplifying tax laws and replacing the six-decade-old Income Tax Act of 1961. The bill is expected to make compliance easy for taxpayers and administrators alike, ultimately helping to cut down on tax-related litigation. With the Finance Minister’s decision to raise the no-tax limit from Rs 7 lakh to Rs 12 lakh, the middle class will benefit from a substantial reduction in their tax burden, giving them more room for consumption, savings, and investments.

However, the revised tax regime favors incomes up to Rs 12 lakh, but for those earning above Rs 12.75 lakh, staying in the old regime might still be beneficial if they invest heavily in tax-saving instruments. Further, the extended window for filing Updated Income Tax Returns (ITR-U) from two years to four years, would give taxpayers more time to rectify errors and declare missed income, ensuring better compliance.

#1 Net Profit Up 44.5% At Rs118.5 Cr Vs Rs82 Cr (YoY)

#2 Revenue Up 18.6% At Rs1,144.2 Cr Vs Rs965 Cr (YoY)

#3 EBITDA Up 34.3% At Rs166 Cr Vs Rs123.6 Cr (YoY)

#4 Margin At 14.5% Vs 12.8% (YoY)

#1 Revenue at Rs 310 crore vs Rs 310 crore YoY

#2 Total costs down 11% YoY to Rs 192 crore

#1 Net Profit Down 17% At Rs33.4 Cr Vs Rs40.2 Cr (YoY)

#2 Revenue Up 15% At Rs831.5 Cr Vs Rs724 Cr (YoY)

#3 EBITDA Up 12.2% At Rs97.5 Cr Vs Rs86.9 Cr (YoY)

#4 Margin At 11.7% Vs 12% (YoY)

#1 Net Profit Up 17% At Rs80.2 Cr Vs Rs68.5 Cr (YoY)

#2 Revenue Up 13.6% At Rs1,205.5 Cr Vs Rs1,061 Cr (YoY)

#3 EBITDA Up 29.5% At Rs184 Cr Vs Rs142 Cr (YoY)

#4 Margin At 15.3% Vs 13.4% (YoY)

#1 Net Profit Down 19% At Rs23.5 Cr Vs Rs29 Cr (YoY)

#2 Revenue Up 5.3% At Rs493 Cr Vs Rs468 Cr (YoY)

#3 EBITDA Down 17.4% At Rs42.6 Cr Vs Rs51.6 Cr (YoY)

#4 Margin At 8.6% Vs 11% (YoY)

#1 Net profit at Rs1,432.6 Cr Vs Rs1,253.5 Cr (YoY)

#2 Revenue Up 14.8% At Rs6,957 Cr Vs Rs6,061 Cr (YoY)

#3 EBITDA Up 17.2% At Rs1,681 Cr Vs Rs1,434 Cr (YoY)

#4 Margin At 24.2% Vs 23.7% (YoY)

#1 Net profit at Rs 147 crore vs Rs 151 crore YoY

#2 Revenue down 3.3% YoY to Rs 1180 crore

#3 Total costs Rs 1060 crore, down 3.6% YoY

The Sensex was down 261.04 points or 0.34 percent at 76,032.56, and the Nifty was down 68.55 points or 0.30 percent at 23,003.25. About 1310 shares advanced, 2218 shares declined, and 75 shares unchanged.

#1 Net profit down 64.2 percent at Rs 11.7 crore versus Rs 32.7 crore, YoY

#2 Revenue up 1.8 percent at Rs 619 crore versus Rs 607.8 crore, YoY

#1 Net profit down 6.1 percent at Rs 16.9 crore versus Rs 18 crore, YoY

#2 Revenue up 30.5 percent at Rs 344.5 crore versus Rs 264 crore, YoY

Ashok Leyland, Bharat Forge, Siemens, Jubilant FoodWorks, Rail Vikas Nigam, 63 Moons Technologies, A2Z Infra Engineering, Bajaj Consumer Care, Bajaj Hindusthan Sugar, Balaji Amines, Bombay Burmah Trading Corp, Bedmutha Industries, BGR Energy Systems, Crompton Greaves Consumer Electricals, Dishman Carbogen, DCM Shriram Industries, Dhunseri Tea & Industries, FDC, FIEM Industries, Finolex Cables, Federal-Mogul Goetze (India), GE Power India, Globus Spirits, Godrej Industries, Godawari Power & Ispat, Graphite India, Hindustan Aeronautics, Himatsingka Seide, Honasa Consumer, IFCI, Indian Hume Pipe, Indowind Energy, Ind-Swift Laboratories, IOL Chemicals & Pharmaceuticals, ITD Cementation India, Krsnaa Diagnostics, Kaveri Seed Company, Landmark Cars, Liberty Shoes, Manaksia, Mold-Tek Technologies, Mukta Arts, Muthoot Finance, Nitco, Orchid Pharma, Patel Engineering, Procter & Gamble Health, Precision Wires India, Premier Explosives, Premier, Rashtriya Chemicals & Fertilizers, Repco Home Finance, Royal Orchid Hotels, RSWM, Shriram Properties, SKF India, SMS Pharmaceuticals, Subex, Suven Pharmaceuticals, Swelect Energy Systems, Vipul Organics, Wanbury

#1 Net profit down 20.6 percent at Rs 71.3 crore versus Rs 89.8 crore, YoY

#2 Revenue up 4.5 percent at Rs 1,453.7 crore versus Rs 1,391.3 crore, YoY

#1 Net profit up 90.9 percent at Rs 83.4 crore versus Rs 43.7 crore, YoY

#2 Revenue down 14.9 percent at Rs 478.4 crore versus Rs 562.4 crore, YoY

QIB – 1.54 times

NII - 1.65 times

Retail – 0.67 times

Employee Reserved - 2 times

Overall – 1.14 times

#1 Net profit at Rs 11.7 crore versus Rs loss of 2.2 crore, YoY

#2 Revenue up 13.1 percent at Rs 122.8 crore versus Rs 108.6 crore, YoY

QIB – 0.0 times

NII - 0.01 times

Retail – 0.02 times

Employee Reserved - 0.07 times

Overall – 0.01 times

In India, net revenue grew in the low-teens with beer volume growth of a high-single-digit.

Kingfisher, the largest brand in India, grew by a mid-single-digit boosted by increased sponsorship investment including the Indian Premier League for cricket.

The premium portfolio, led by Kingfisher Ultra and Heineken Silver, grew in the mid-thirties, gaining segment market share.

#1 Net profit down 15.3 percent at Rs 11.3 crore versus Rs 9.8 crore, YoY

#2 Revenue up 33.4 percent at Rs 258.8 crore versus Rs 194 crore, YoY

#1 Net profit down 63.2 percent at Rs 34.2 crore versus Rs 93 crore, YoY

#2 Revenue up 10.7 percent at Rs 105.7 crore versus Rs 95.5 crore, YoY

#1 Net profit at Rs 1,365.9 crore versus Rs 92 crore, YoY

#2 Revenue at Rs 1,317.2 crore versus Rs 218.6 crore, YoY

#1 Net profit at Rs 25.3 crore versus loss of Rs 62.9 crore, YoY

#2 Revenue at Rs 349.7 crore versus Rs 75.8 crore, YoY

Tata Elxsi and Garuda Aerospace have signed a Memorandum of Understanding (MoU) at Aero India 2025.

This partnership establishes a dedicated UAV design, engineering, and certification center to develop indigenous drone technologies specifically for Indian defence applications, along with agriculture, and smart cities, supporting the ‘Make in India’ initiative.

Bharti Airtel has awarded a contract to Nokia, and Qualcomm focusing on the expansion of 5G Fixed Wireless Access (FWA) and Wi-Fi solutions to facilitate high-speed internet access to millions across India.

The Joint Commissioner, CGST, Gautam Buddha Nagar, has confirmed a tax demand of Rs 6.51 crore (CGST & SGST) for July 2017 – March 2023, along with an equal penalty. This relates to GST rate interpretation on Kulcha and Chocofill Bun.

QIB – 0.50 times

NII - 0.92 times

Retail – 0.62 times

Employee Reserved - 1.84 times

Overall – 0.66 times

Ashok Leyland, Bharat Forge, Siemens, Jubilant FoodWorks, Rail Vikas Nigam, 63 Moons Technologies, A2Z Infra Engineering, AEGIS LOGISTICS, Bajaj Consumer Care, Bajaj Hindusthan Sugar, Balaji Amines, Bombay Burmah Trading Corp, Bedmutha Industries, BGR Energy Systems, Crompton Greaves Consumer Electricals, Dishman Carbogen, DCM Shriram Industries, Dhunseri Tea & Industries, FDC, FIEM Industries, Finolex Cables, Federal-Mogul Goetze (India), GE Power India, Globus Spirits, Godrej Industries, Godawari Power & Ispat, Graphite India, Hindustan Aeronautics, Himatsingka Seide, Honasa Consumer, IFCI, Indian Hume Pipe, Indowind Energy, Ind-Swift Laboratories, IOL Chemicals & Pharmaceuticals, ITD Cementation India, Krsnaa Diagnostics, Kaveri Seed Company, Landmark Cars, Liberty Shoes, Manaksia, Mold-Tek Technologies, Mukta Arts, Muthoot Finance, Nitco, Orchid Pharma, Patel Engineering, Power Finance Corporation, Procter & Gamble Health, Precision Wires India, Premier Explosives, Premier, Rashtriya Chemicals & Fertilizers, Repco Home Finance, Royal Orchid Hotels, RSWM, Shriram Properties, SKF India, SMS Pharmaceuticals, Subex, Suven Pharmaceuticals, Swelect Energy Systems, TVS Srichakra, Vipul Organics, Wanbury

QIB – 0.0 times

NII - 0.01 times

Retail – 0.02 times

Employee Reserved - 0.06 times

Overall – 0.01 times

#1 Net profit up 94.9 percent at Rs 30.8 crore versus Rs 15.8 crore, YoY

#2 Revenue up 44 percent at Rs 440.3 crore versus Rs 305.8 crore, YoY

#1 Net profit down 64.4 percent at Rs 86.6 crore versus Rs 244.6 crore, YoY

#2 Revenue down 10.8 percent at Rs 2,612.9 crore versus Rs 2,929.5 crore, YoY

#1 Net profit at Rs 16 crore versus Rs 4 crore, YoY

#2 Revenue up 75 percent at Rs 154 crore versus Rs 88 crore, YoY

#1 Net profit up 30.2 percent at Rs 75.5 crore versus Rs 58 crore, YoY

#2 Revenue up 61.4 percent at Rs 1,151.5 crore versus Rs 713.4 crore, YoY

#1 Large Cap fund inflow at Rs 3,063.3 crore vs Rs 2,011 crore inflow (MoM)

#2 Small Cap fund inflow at Rs 5,721 crore vs Rs 4,668 crore inflow (MoM)

#3 Midcap fund inflow at Rs 5,148 crore vs Rs 5,093 crore inflow (MoM)

#1 Net profit down 27.4 percent at Rs 116.9 crore versus Rs 161 crore, YoY

#2 Revenue up 1.5 percent at Rs 1,362.7 crore versus Rs 1,342.9 crore, YoY