12 Feb 2025

Indian Stock Markets Open Lower Amid Global Uncertainty; Sensex Drops 721 Points

Indian equity markets opened on a negative note on Wednesday, tracking mixed cues from Asian peers. The losses deepened in early trade, with investors remaining cautious ahead of India’s Consumer Price Index (CPI) inflation data for January and Industrial Production data for December, set to be released later today. Additionally, foreign institutional investors (FIIs) continued selling, offloading equities worth RS 4,486 crore on February 11, further weighing on sentiment.

Global Cues: Mixed Trend in Asian Markets

Asian markets displayed mixed performance following Wall Street’s uncertain movement overnight. Investors remained cautious amid growing fears of a global trade war and its potential impact on inflation. US Federal Reserve Chair Jerome Powell’s cautious stance on interest-rate cuts also influenced market sentiments.

Sectoral Performance: IT Gains, Realty and Industrials Slide

On the domestic front, metal stocks were in focus after the Indian Stainless Steel Development Association (ISSDA) warned that proposed tariffs by US President Donald Trump could negatively impact India’s stainless-steel exports, disrupting global supply chains.

The BSE Sensex is currently trading at 75,572.59, down by 721.01 points or 0.95%, after moving within the range of 75,572.59 – 76,409.27. The broader indices also slipped into red, with the BSE Midcap index falling 2.25% and the Smallcap index dropping 2.86%.

Among sectoral indices, IT was the only gainer, up by 0.03%, while Realty (-2.81%), Industrials (-2.43%), Energy (-2.34%), Consumer Discretionary (-2.23%), and Power (-2.23%) led the declines.

Top Gainers and Losers

Gainers on Sensex:

  • TCS (+1.01%)
  • Tech Mahindra (+0.62%)
  • Infosys (+0.52%)
  • HCL Technologies (+0.48%)

Losers on Sensex:

  • Mahindra & Mahindra (-3.74%)
  • Zomato (-3.55%)
  • Reliance Industries (-2.94%)
  • IndusInd Bank (-2.28%)
  • Axis Bank (-1.95%)

Direct Tax Collection Sees 14.69% Growth

The Central Board of Direct Taxes (CBDT) reported that net direct tax collection rose 14.69% to RS 17.78 lakh crore in the current fiscal (April 1, 2024 – February 10, 2025). Gross tax revenue increased by 19.06% to RS 21.88 lakh crore.

  • Net non-corporate tax (mainly personal income tax) grew 21% YoY to RS 9.48 lakh crore.
  • Corporate tax collections rose 6% to RS 7.78 lakh crore.
  • Securities Transaction Tax (STT) collections surged 65% to RS 49,201 crore.
  • Refunds worth RS 4.10 lakh crore were issued, a 42.63% YoY increase.

Nifty Trades Lower, Asian Markets Show Mixed Performance

The CNX Nifty is currently trading at 22,858.60, down by 213.20 points or 0.92%, with only 4 stocks advancing, 45 declining, and 1 remaining unchanged.

Gainers on Nifty:

  • TCS (+1.12%)
  • Tech Mahindra (+0.76%)
  • Infosys (+0.56%)
  • HCL Technologies (+0.36%)

Losers on Nifty:

  • Mahindra & Mahindra (-4.01%)
  • Reliance Industries (-3.23%)
  • Bharat Electronics (-3.13%)
  • Hero MotoCorp (-2.71%)
  • IndusInd Bank (-2.32%)

Among Asian markets:

  • Gainers: Hang Seng (+1.56%), Nikkei 225 (+0.16%), Jakarta Composite (+0.72%), KOSPI (+0.21%)
  • Losers: Taiwan Weighted (-0.29%), Straits Times (-0.04%), Shanghai Composite (-0.01%)

Markets remain volatile as investors await key economic data and global trade developments.