Closing Bell: Trump tariffs worry market; Nifty below 23,100, Sensex down 1,018 pts; all sectors in the red

Indian equity indices ended lower on fifth consecutive session with Nifty below 23,100 on February 11. At close, the Sensex was down 1,018.20 points or 1.32 percent at 76,293.60, and the Nifty was down 309.80 points or 1.32 percent at 23,071.80.

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.

The downside momentum continued in the market for the fifth consecutive sessions on Tuesday and Nifty closed the day with steep decline of 309 points. After opening with a negative note, the market continued to decline further for better part of the session. Sharp intraday weakness triggered in the midpart of the session and Nifty finally closed near the lows.

A long bear candle was formed on the daily chart that has decisively broken the crucial support of 23400 levels and closed lower. Technically this pattern indicates prevalence of strong downside momentum in the market. The bullish chart pattern formed after the recent upside bounce has been negated and the sentiment has been changed to sharply negative.

The larger degree bearish pattern like lower tops and bottoms is visible on the daily chart and the Nifty is now sliding down to form a new lower bottom below the swing low of January at 22786 levels. However, any upside bounce from here could find strong resistance around 23200 levels.

Indian markets underperformed global indices as benchmark indices plunged over 1% each on wide-spread selling, mainly ignited by worries over escalating tariff war after Trump imposed 25% import tariffs on steel and aluminium, which would hurt India's business prospects. The mood is already sombre because of likely prospects of subdued government spending going ahead and dismal earnings show so far which has created uncertainty amongst the investors and prompted them to offload their equity holdings.

The ongoing uncertainty surrounding US trade policies and tariffs, coupled with domestic economic growth concerns and persistent selling by FIIs, is dampening market sentiment. The mid- and small-cap stocks experienced significant declines due to demand concerns and higher valuations. Although the RBI’s intervention provided some recovery for the rupee from yesterday's record low, it remains under pressure and is likely to keep the market volatile in the near term. Investors are anticipating the PM’s visit to the US for any potential relief in trade uncertainty, while the US inflation data later today will also be a key focus.

A strong comeback was made by the Bears in the market after a slow start, as a sharp decline was seen across the board. At one point, the Index breached even its psychological support level of 23,000 but did manage to recover slightly towards the end, settling at 23,071.80 with a loss of 309.80 points. It was a broadly negative session, with all sectors ending in the red, with Realty and Media being the primary underperformers.

The real pain was evident in the broader markets, as the Mid and Smallcap segments saw significant selling, plunging by 3.02% and 3.45% respectively.

The technical structure remains weak for the markets, with selling pressure mounting on every rise. It appears that the Index is heading toward testing its previous support at 22,800, and if it breaks that level, it could slide further to 22,600. On the upside, 23,240 is seen as an immediate resistance level.

Indian rupee ended 65 paise higher at 86.83 per dollar on Tuesday versus Monday's close of 87.48.

Indian equity indices ended lower on fifth consecutive session with Nifty below 23,100 on February 11.

At close, the Sensex was down 1,018.20 points or 1.32 percent at 76,293.60, and the Nifty was down 309.80 points or 1.32 percent at 23,071.80. About 516 shares advanced, 3330 shares declined, and 92 shares unchanged.

Biggest losers on the Nifty were Apollo Hospitals, Eicher Motors, Shriram Finance, Coal India, Bharat Electronics, while gainers included Adani Enterprises, Trent, Bharti Airtel, Grasim Industries.

All the sectoral indices ended in the red with auto, consumer durables, capital goods, oil & gas, energy, FMCG, healthcare, power, PSU, realty down 2-3 percent.

Nifty Midcap index shed 3 percent, while smallcap index declines 3.5 percent.

Canara Bank reduced one month MCLR by 10 bps to 8.35% w.e.f. February 12, 2025

Gold prices soared to a record high, as investors flocked to the safe-haven asset after US President Donald Trump imposed new 25% tariffs on steel and aluminium imports, fueling concerns over a potential trade war and inflation.

President Trump’s latest tariffs threats have ignited another gold rush, propelling safe haven asset to new highs, helping prices sail smoothly past $2900 on COMEX.

Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions" in a move to aid the struggling industries but which increases the risk of a multi-front trade war.

Gold has hit an eighth record-high level so far this year, driven by Trump's tariff threats, which have fueled global growth uncertainties, trade war concerns, and inflationary pressure. With President Trump’s interest to take over Gaza with an intention to develop it -ceasefire deal between Israel and Hamas looks to slightly dicey. Meanwhile, supply panic continue to build in as another 900K/oz was deposited in COMEX vaults signaling the squeeze still continues.

Dollar index has also inched higher after hitting recent low of ~107.40 to currently hovering around 108.50 capping some gains on higher side. On data front, market participants will keep an eye on US Retail sales, Industrial production and inflation scheduled later this week; focus will also be on Governor Powell ‘s testimony.

#1 Consolidated revenue led by 15 percent YoY growth in AHLL & Apollo Healthco

#2 13 percent YoY growth in HC services segment

#3 Consolidated EBITDA was up 24 percent YoY, in-line with estimates

#4 Working with microsoft to advance healthcare Ai with focus on disease progression & genomics

#5 24/7 cash losses reduce QoQ but GMV growth has also moderated

#6 Retail insurance sourcing to start in Q4FY25

SEBI has recently revealed guidelines for the safer participation of retail investors in algo trading which was earlier accessible only to institutional investors. Algo trading provides various benefits such as faster and programming-based order execution, along with better liquidity.

To safeguard the investor’s interest, SEBI has highlighted the key steps that need to be taken by brokers which will be applicable from August 1, 2025. Stockbrokers can only provide the algo trading facility after attaining the required each algo strategy approval from the exchanges. There should be a unique identifier tagged to all the algo orders for auditing. Brokers have to actively resolve all the queries of the investors and monitor the API practices for prudent risk management. Brokers cannot allow open APIs and provide access only to a unique client-specific API key to ensure transparency. Algo providers and brokers have to disclose all the charges to the client to avoid any conflict of interest and build the investor’s trust.

Also, retail investors who are tech-savvy and use programmed knowledge to develop algos will have to register on the stock exchange through their stockbroker. All the necessary processes and steps shall be prepared by the Broker’s Industry Standards Forum in consultation with stock exchanges and SEBI by April 1, 2025. This decision by SEBI will increase the participation of retail investors in a secured environment which is also a positive move for the stockbrokers.

Indian Rupee rallied by nearly 1% today marking its biggest intraday gains in about two years on intervention by the Reserve Bank of India. Rupee had touched fresh record lows on Monday. However, a strong Dollar capped sharp gains.

We expect Rupee to trade with negative bias amid weak tone in the domestic markets and sustained FII outflows. A strong US Dollar and uncertainty over US trade tariffs 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 this week. USDINR spot price is expected to trade in a range of Rs 86.50 to Rs 87.20.

Lupin, Aban Offshore, Vodafone Idea, NBCC, MOIL, Indian Railway Catering and Tourism Corporation (IRCTC), Jaypee Infratech, Ahluwalia Contracts (India), Ashiana Housing, Astrazeneca Pharma India, Bajaj Healthcare, Balaji Telefilms, Balkrishna Paper Mills, Bayer Cropscience, Black Box, Berger Paints India, Bharat Road Network, Birlasoft, Cosmo First, EID-Parry (India), EIH, Forbes & Company, Gensol Engineering, GIC Housing Finance, Gujarat Industries Power Co, Gujarat Alkalies & Chemicals, HEG, Huhtamaki India, Indo Count Industries, IL&FS Engineering And Construction Company, IRCON International, Kalyani Forge, Kolte-Patil Developers, Marksans Pharma, Procter & Gamble Hygiene & Health Care, Ramky Infrastructure, Reliance Home Finance, Steel Authority Of India, Sundaram Brake Linings, Tata Investment Corporation, Tribhovandas Bhimji Zaveri, TV Today Network, Zee Media Corporation, Zodiac Clothing

#1 Q3 EBITDA below estimate, largely led by lower VSF profitability

#2 New business revenues jumped 52 percent QoQ & EBITDA loss shrinks to Rs 325 crore versus Rs 350 crore loss QoQ

#3 Paint segment revenue improved, B2B ecom revenue also grew

#4 Net debt increased as paint capex touches 90 percent of target

#1 Apollo Micro Systems also MoU with Troop Comforts for Air-Defence systems

#1 Revenue down 6% YoY to Rs 2020 crore

#2 Total costs Rs 1602 crore, down 11% YoY

#3 Other income down 96% YoY to Rs 2.62 crore

Sunil Kataria has tendered his resignation from the position of Managing Director and Chief Executive Officer of the company.

Lupin, Aban Offshore, Vodafone Idea, NBCC, MOIL, Indian Railway Catering and Tourism Corporation (IRCTC), Jaypee Infratech, Ahluwalia Contracts (India), Ashiana Housing, Astrazeneca Pharma India, Bajaj Healthcare, Balaji Telefilms, Balkrishna Paper Mills, Bayer Cropscience, Black Box, Berger Paints India, Bharat Road Network, Birlasoft, Campus Activewear, Cosmo First, EID-Parry (India), EIH, Forbes & Company, Gensol Engineering, GIC Housing Finance, Gujarat Industries Power Co, Gujarat Alkalies & Chemicals, HEG, Huhtamaki India, Indo Count Industries, IL&FS Engineering And Construction Company, IRCON International, Kalyani Forge, Kolte-Patil Developers, Marksans Pharma, Procter & Gamble Hygiene & Health Care, Ramky Infrastructure, Reliance Home Finance, Steel Authority Of India, Sundaram Brake Linings, Tata Investment Corporation, Tribhovandas Bhimji Zaveri, TV Today Network, Zee Media Corporation, Zodiac Clothing

Revenue down 11 percent at Rs 464 crore Vs Rs 521 crore, YoY

The company to announce its Q3 earnings today.

#1 Net profit at Rs 1,566.3 crore versus Rs 470.6 crore, YoY

#2 Revenue up 39.3 percent at Rs 4,662.2 crore versus Rs 3,347.6 crore, YoY

#1 Novelis' Q3 EBITDA fell 19 percent YoY (6 percent miss); volumes declined 1 percent YoY

#2 EBITDA/t fell 17 percent QoQ to USD 406 on higher scrap prices and adverse mix

#3 Novelis expects Q4 margin to rise QoQ to near-Q2 level boosted by new contract pricing

#4 Aluminum costs are a pass through for Novelis, US import tariffs could pose some risk

#1 Net profit up 15.8 percent at Rs 55.6 crore versus Rs 48 crore, YoY

#2 Revenue up 2.1 percent at Rs 727.8 crore versus Rs 712.6 crore, YoY

#1 Q3 EBITDA missed, but good traction in paints

#2 CSF+CFY volumes were flat YoY & 2 percent below estimate

#3 Caustic soda sales volumes grew 1 percent YoY, 4 percent above estimate

#4 Production is steadily ramping up – company has further expanded its product portfolio

#1 Net profit down 22.7 percent at Rs 207 crore versus Rs 267.6 crore, YoY

#2 NII up 8.4 percent at Rs 520.8 crore versus Rs 480.6 crore, YoY

#1 Net profit down 3.9 percent at Rs 80.6 crore versus Rs 83.9 crore, YoY

#2 Revenue up 3.1 percent at Rs 847.6 crore versus Rs 821.8 crore, YoY

#1 Net loss at Rs 210.9 crore versus profit of Rs 112.1crore, YoY

#2 NII down 18.4 percent at Rs 487 crore versus Rs 597crore, YoY

#1 Profit before tax up 62.4 percent at Rs 306.7 crore versus 188.9crore, YoY

#2 Revenue down 10.1 percent at Rs 2,387.9 crore versus Rs 2,657.1crore, YoY

#1 Net profit up 1.2 percent at Rs 58.7 crore versus Rs 58crore, YoY

#2 Revenue up 1.7 percent at Rs 918.8 crore versus Rs 903.4crore, YoY

The Indian rupee is trading higher by 60 paise at 86.88 per dollar against Monday's close of 87.48.

The company informed the exchanges that its premises were under search by Income Tax authorities from the early morning of February 6, 2025, until the early morning of February 10, 2025. All electronic gadgets were seized by the authorities during this period.

The company has acquired a 100 percent stake in Duet India Hotels, a Chennai-based branded hotel ownership and asset management platform, for an enterprise value of Rs 53 million.

Duet India Hotels is a wholly-owned subsidiary of Samhi Hotels and owns 116 rooms at Four Points by Sheraton, Chennai OMR.

#1 Cost control led beat in EBITDA margins in Q3FY25; revenue was in line with estimate

#2 Expect EBITDA margins of 31-32 percent over FY25-27

# Scale-up in recent units to offset costs related to new beds

#4 Key catalyst will be start of construction of the Gurugram facilities

Kalyani Strategic Systems (KSSL), a subsidiary of Bharat Forge and L3Harris Technologies signed a Memorandum of Understanding (MOU) for wider collaboration in supporting advanced defense and security equipment in India.

Under the two-year agreement, both companies will work in close collaboration to provide solutions for mutually agreed opportunities in Command, Control, Communications, Intelligence, Surveillance and Reconnaissance (C4ISR) technologies.

The MOU provides L3Harris with a strong, local partner to support tactical communications network development in India, extending an existing global install footprint of more than 1 million fielded radios across U.S. Department of Defense and allied inventories.

#1 Both revenue growth & EBITDA margins saw a strong beat

#2 Like consistent topline delivery in beauty over last few quarters in weak demand environment

#3 Overall build in a 29 percent top-line CAGR over FY24-27, led by 29 percent growth for beauty business

#1 Info Edge Has 19% Stake In PB Fintech, 13% In Zomato

#2 PB Fintech hits record high in January 2025 & Zomato in December 2024

#1 Net profit down 9.5 percent at Rs 64.6 crore versus Rs 71.4crore, YoY

#2 Revenue up 10.8 percent at Rs 1,041.7 crore versus Rs 940.5crore, YoY

#1 Profit at Rs 250.9 crore versus Rs 41.4crore, YoY

#2 Revenue up 12.8 percent at Rs 81.1 crore versus Rs 71.9crore, YoY

#1 Net profit up 41.5 percent at Rs 17.4 crore versus Rs 12.3crore, YoY

#2 Revenue flat at Rs 358crore, YoY

The Sensex was down 388.93 points or 0.50 percent at 76,922.87, and the Nifty was down 131.35 points or 0.56 percent at 23,250.25. About 523 shares advanced, 2932 shares declined, and 88 shares unchanged.

Lupin, Aban Offshore, Vodafone Idea, NBCC, MOIL, Indian Railway Catering and Tourism Corporation (IRCTC), Jaypee Infratech, Ahluwalia Contracts (India), Ashiana Housing, Astrazeneca Pharma India, Bajaj Healthcare, Balaji Telefilms, Balkrishna Paper Mills, Bayer Cropscience, Black Box, Berger Paints India, Bharat Road Network, Birlasoft, Campus Activewear, Cera Sanitaryware, Cosmo First, Devyani International, EID-Parry (India), EIH, Forbes & Company, Gensol Engineering, GIC Housing Finance, Gujarat Industries Power Co, Gujarat Alkalies & Chemicals, HEG, Huhtamaki India, Indo Count Industries, Igarashi Motors India, IL&FS Engineering And Construction Company, IRCON International, Kalyani Forge, Kolte-Patil Developers, Marksans Pharma, Procter & Gamble Hygiene & Health Care, Ramky Infrastructure, Reliance Home Finance, Steel Authority Of India, Sequent Scientific, Sundaram Brake Linings, Talbros Automotive Components, Tata Investment Corporation, Tribhovandas Bhimji Zaveri, TV Today Network, Zee Media Corporation, Zodiac Clothing

#1 Net profit up 52.9 percent at Rs 15.9 crore versus Rs 10.4crore, YoY

#2 Revenue up 47.3 percent at Rs 174.4 crore versus Rs 118.4crore, YoY

#1 Net profit down 69.7 percent at Rs 45.8 crore versus Rs 150.9crore, YoY

#2 Revenue down 22.8 percent at Rs 5,855.9 crore versus Rs 7,584.3crore, YoY

Shares of C2C Advanced Systems hit the 5 percent lower circuit on February 11 after an independent inquiry by the auditor flagged lapses in the company’s Red Herring Prospectus (RHP), citing misrepresentation of facts.

The NSE had ordered an independent review of the company’s financial disclosures in the RHP following an investor complaint. Based on the findings, the exchange directed the company to disclose the auditor’s observations along with its comments. However, despite being given adequate opportunity, C2C Advanced Systems failed to comply. Consequently, the findings were disseminated by the company in its latest exchange filing on February 10, 2025.

Shares of Apollo Hospitals Enterprises plunged 6.5 percent on February 11 amid heavy trading volumes despite the company's better-than-expected Q3 numbers. As much as eight lakh shares of the hospital major changed hands on the exchanges thus far, already more than twofold the one-month daily traded average of three lakh shares.

At 11.27 am, shares of Apollo Hospitals Enterprises were trading at Rs 6,329.50 on the NSE. With this, the stock is down 13 percent year-to-date.