Closing Bell: Sensex, Nifty end marginally lower; IT, oil & gas shine, pharma, PSU Bank down

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.

Indian equity indices ended marginally lower with Nifty at 22,950 on February 18. At close, the Sensex was down 29.47 points or 0.04 percent at 75,967.39, and the Nifty was down 14.20 points or 0.06 percent at 22,945.30.

Markets remained volatile and ended nearly unchanged, taking a breather after Monday’s move. Following an initial decline, Nifty gradually recovered throughout the day, erasing all intraday losses to close flat at 22,945.20. Sectoral trends remained mixed, with FMCG and auto among the top losers, while IT posted decent gains. Meanwhile, broader indices underperformed, declining between 0.4% and 2%.

The attempts of stabilizing the Nifty index around the January low of 22,800 has raised hopes for a potential rebound. However, the continued underperformance of broader indices remains a key concern. We maintain our preference for large-cap and larger mid-cap stocks that are demonstrating relative strength within their sectors while advising against bottom fishing in the broader market.

Nifty witnessed another day of volatility as the index failed to take a clear direction. In the short term, Nifty might remain a 'sell on rise' as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000.

The domestic market has experienced both profit booking and bottom-fishing amid persistent concerns over FII outflows and pressure on the INR. Small and mid-cap stocks continue to lag due to apprehensions about premium valuations. Meanwhile, India’s trade deficit has widened beyond expectations, driven by rising imports due to depreciating domestic currency and surging commodity prices. Currently investors are exploring bargain-hunting opportunities due to deep correction in price, but modest earnings growth and global uncertainties are constraining momentum.

Markets ended a tad lower in a sluggish trading session as caution prevailed amongst the investors amid rising foreign fund outflows and falling rupee. Gains in IT, power, oil & gas, and metal stocks helped the market almost erase all its losses. However, expensive valuation concerns and dismal earnings season continued to plunder small cap stocks.

The market saw a mixed performance, with the support level of 22,800, once again proving its strength. After a muted start, the Index experienced a sharp decline, primarily driven by weakness in the Midcap and Smallcap segments, which led to retest of 22,800 levels. However, from mid-session onwards, the Index started to recover from the lower levels, eventually finishing the trade at 22,945.30 with a marginal loss of 14.20 points.

On the sectoral front, IT and Energy sectors emerged as top performers, while FMCG and Auto sectors saw corrections of over 0.60%. In the broader markets, Midcaps performed in-line with the benchmark Index, while Smallcaps underperformed with a loss of more than 1.50%.

Going forward, sideways trading is expected to persist as long as the Index remains within the range of 22,800-23,100. A breakout on either sides of this range will be essential for determining the next directional move in the market.

Indian rupee ended 7 paise lower at 86.94 per dollar on Tuesday versus Monday's close of 86.87.

Indian equity indices ended marginally lower with Nifty at 22,950 on February 18.

At close, the Sensex was down 29.47 points or 0.04 percent at 75,967.39, and the Nifty was down 14.20 points or 0.06 percent at 22,945.30. About 993 shares advanced, 2804 shares declined, and 101 shares unchanged.

BSE Midcap index was down 0.2 percent and smallcap index shed 1.7 percent.

Trent, IndusInd Bank, M&M, UltraTech Cement, Bharat Electronics were among the top losers on the Nifty, while gainers included Tech Mahindra, Wipro, ONGC, Power Grid and NTPC.

Among sectors, Pharma, FMCG, Media, PSU Bank, Consumer Durables fell between 0.5-1 percent, while IT, Power, Oil & Gas index up 0.5% each.

#1 Phenolics saw production outage of 12-15 Kt, & it impacted costs

#2 Plant operations have stabilised this quarter, with impact of higher imports expected to normalise in March

#3 Advanced intermediates are expected to meaningfully revive in Q4, sustaining into Q1/Q2FY26

#4 Traction seen in both domestic & international customers, new products

#5 Full benefit of cost initiatives filtering from Q4

#6 Projects: upcoming projects have seen delays, with start-ups expected from FY26

Indian Rupee declined today on weak domestic markets and a slight uptick in the US Dollar index. Disappointing trade deficit data from the domestic markets too pressurised the Rupee. India’s trade deficit widened to $22.9 billion in January 2025 vs $21.94 billion in December 2024. Exports fell by 2.4% while imports rose by 10.3%.

We expect Rupee to trade with negative bias amid weak domestic equities and a recovery in the US Dollar. FII outflows may also weigh on the Rupee. However, any further intervention by the RBI may support the Rupee at lower levels. Traders may take cues from speeches by FOMC members. Investors may remain cautious ahead of FOMC meeting minutes tomorrow. USDINR spot price is expected to trade in a range of Rs 86.75 to Rs 87.20.

#1 Q3 revenue boosted by acquisition

#2 Continued subscriber loss in Kiddopia

#3 Nodwin revenue grows but EBITDA loss

#4 Nazara will be raising Rs 500 crore from existing investors at Rs 990

#5 Triggers an open offer, valuations expensive at 50x FY26CL PE

QIB – 0.91 times

NII - 1.33 times

Retail – 1.64 times

Overall – 1.16 times

Mumbai's municipal body - Brihanmumbai Municipal Corporation - has issued a directive to roadside vendors, restaurants and eateries under its jurisdiction to shift to cleaner fuels - CNG or piped natural gas- or prepare for strict action.

European indices were trading flat amid concerns about talks on Ukraine and a pullback in Chinese shares.

#1 Reiterate top pick in large cap IT space with numbers walking the talk

#2 More confident that company will achieve its FY27 targets & revenue growth above peer average

#3 Robust order book with multiple initiatives taken to build strong foundation

#4 Profitability improvement led by execution rigour around operating parameters

QIB – 0.83 times

NII - 1.25 times

Retail – 1.52 times

Overall – 1.07 times

Indian rupee is trading lower by 10 paise at 86.97 per dollar on Tuesday versus Monday's close of 86.87.

#1 Fastest growing company in our coverage

#2 21 percent/29 percent revenue/earnings CAGR over FY25-27

#3 Management is navigating the tough macro environment well

#4 See its 13 percent drop in last 3 weeks opening up an opportunity to buy

#5 Potential for margin expansion from subcon reduction & operating leverage

#6 Credible growth compounder candidate

The share price lost 21 percent in last 11 trading session.

The bank has identified certain deficiencies in the reconciliation process during the review of suspicious UPI Global transactions. These findings would not impact the bank's operations or customer servicing.

#1 Improving core profitability but growth lackluster

#2 Lifestyle brands growth flat YoY with retail up 11 percent but wholesale down 13 percent

#3 Pantaloons sees profitability improvement YoY

#4 Ethnic portfolio saw 7 percent sales growth & margin up to 19.2 percent from 7.6 percent in Q3FY24

#5 Improved performance, but remain on the side lines

The company's subsidiary, Anant Raj Cloud, has signed an agreement with CSC Data Services India to jointly offer and promote the rack rental business (co-location data center) and cloud services. The scope of this strategic agreement is to establish the general technical and business relationship between the parties for sovereign data centre and cloud services.

BHEL-BAP Ranipet hereby intimate that a claim of USD: 30,89,179.05 & Rs. 3,78,64,057.80 respectively plus interest has been made by M/s DUCON TECHNOLOGIES INC., USA and M/s DUCON INFRATECHNOLOGIES, Thane, India, against BAP-Ranipet and an arbitrator has been appointed on 17.02.2025 by Indian Council of Arbitration (ICA), New Delhi and the same is being defended by BHEL.

QIB – 0.71 times

NII - 1.22 times

Retail – 1.44 times

Overall – 0.98 times

Amit Saraf has resigned from the position of Chief Financial Officer of the company, effective February 15.

The company's subsidiary, TARIL Switchgear, has launched the 245 kV high-voltage bushings. This is in line with the group's commitment to backward integration.

The company, along with one of its promoters and certain other individuals, has been included as notices in a Show Cause Notice issued by the Adjudicating Officer appointed by the Securities and Exchange Board of India (SEBI) regarding certain trading transactions in the scrips of another BSE-listed company.

#1 Believe market is not completely appreciating strong visibility on max's bed additions

#2 Believe Max deserves to trade at premium

#3 Efficient execution of multiple projects' & bed additions

#4 An impressive track record on occupancy ramp-up & break-even

#5 Leveraging asset-light model, meaningful OCF generation

#6 Expect Max to generate Rs 8,000 crore in OCF in FY25-28e, providing funds for capacity addition

The food delivery giant has introduced Nugget, an AI-native, no-code customer support platform. Nugget is the first product from Zomato Labs. Zomato is now opening Nugget for businesses worldwide.

The company's subsidiary, Paytm Services, has signed a partnership with SBI Mutual Fund to launch the JanNivesh Rs 250 SIP, in line with the Government of India’s vision for a Viksit Bharat, enabling financial inclusion and empowering citizens to invest in their future.

The Sensex was down 287.93 points or 0.38 percent at 75,708.93, and the Nifty was down 104.65 points or 0.46 percent at 22,854.85. About 749 shares advanced, 2690 shares declined, and 98 shares unchanged.

Container freight station (CFS) volumes in January 2025 increased by 11% YoY and 4% MoM to 53.8 ‘000 TEUs, driven by exports.

As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in January 2025 stood at USD 2237.14 million (Rs. 19302.280 crores), showing a decline of 7.01% compared to USD 2405.78 million (Rs. 19995.66 crores) for the same period last year. This is due to the economic uncertainty looming in the market on the back of tariff threats by Donald Trump right after his arrival in the power again.

The overall imports of Gems & Jewellery for January 2025 stood at USD 1421.61 million (Rs. 12269.41 crores) showing a decline of 37.83% as compared to USD 2286.55 million (Rs. 19008.4 crores) for the same period last year.

Passenger traffic in January 2025 grew by 11% YoY to 1.06 crore, but it was down by 2% compared to the previous month (December 2024). Domestic passenger traffic increased by 11%, and international passenger traffic rose by 12.4% YoY. Aircraft movements in January increased by 9% YoY to 63,767, but decreased by 1% compared to the previous month.

The omnichannel travel services provider, along with its group company SOTC Travel, has signed an agreement with Malaysia's Sabah Tourism Board. This collaboration will focus on destination knowledge, curating inspiring content, education, training and familiarization programs, and joint marketing to position Sabah as a top-of-mind destination across India’s metro, mini-metro, and Tier 2 and 3 markets.

The Sensex was down 290.02 points or 0.38 percent at 75,706.84, and the Nifty was down 101.55 points or 0.44 percent at 22,857.95. About 861 shares advanced, 2475 shares declined, and 116 shares unchanged.

The Board has approved the appointment of Salila Pande as Managing Director & CEO (nominated by State Bank of India) for two years, effective April 1, 2025, subject to necessary approvals. This follows the superannuation of Abhijit Chakravorty from the services of State Bank of India, effective March 31, 2025. Additionally, the Board has declared an interim dividend of Rs 2.50 per equity share for FY25.

Krishna Institute of Medical Sciences (KIMS) has taken over the operations and management of UAIMS Hospital (Ushahkal Abhinav Institute of Medical Sciences) in Sangli, Maharashtra. This strategic partnership will also enable KIMS to exercise a call option (not an obligation) to acquire a majority stake in UAIMS Hospital in the coming years. The new entity will be known as KIMS-UAIMS Hospital.

Asian stocks advanced, with gauges in Hong Kong outperforming after a meeting between China’s President Xi Jinping and business leaders raised expectations of more support for the private sector.

The company's subsidiary, Deepak Mining Solutions, has increased its shareholding in its Australian subsidiary, Platinum Blasting Services Pty Limited, from 65% to 85% by buying shares from other existing shareholders for 11.78 million AUD (Rs 64.1 crore).

Welspun Enterprises share price fell on seventh consecutive session.

The company has signed a Joint Venture Agreement with Uno Minda Auto Innovations, Suzhou Innovance Automotive Co., and Innovance Automotive (HK) Investment Co. for the development and manufacturing of high-voltage powertrain products for 4-wheeler passenger vehicles (PV) and commercial electric vehicles.

#1 AI Biz: Q4 to be significantly better than Q3

#2 Agchem business expected to normalise by Q2FY26

#3 Phenolics business: Q4 to be impacted by higher imports; expect normalisation by Q1FY26

#4 Multiple projects to commission over next 2-3 years

#5 EBITDA margin accretion to pick-up from H2FY26 onwards

#6 Cut FY25E/FY26E/FY27E EPS by 20 percent/24 percent/12 percent, respectively

#1 Tech transfer agreement with Ningxia Jinhua for Acetylene Black production in India

#2 Acetylene Black has significantly higher EBITDA/tonne compared to company’s current level

#3 Believe unit can commercialise by early FY27 with an outlay of Rs 50-100 crore

#4 This reinforces company’s strategy towards increasing

#5 Proportion of specialty blacks has increased from 1 percent in FY15 to 11 percent in FY24

The company has executed a license agreement with Marelli Suspension Systems Italy S.p.A (Marelli Italy) for the grant of a license to manufacture, assemble, sell, distribute, and market certain products in India using technical information provided by Marelli Italy. Additionally, it has signed a technical assistance agreement with Marelli Italy for receiving technical assistance and support.

TVS Motor Company bought 20 lakh shares in TVS Supply at an average price of Rs 128.86 per share from investor Allanzers Fin Net.

The share price broke three-day gaining streak.