Sensex, Nifty Moderately Lower After Wild Swings

(RTTNews) - Despite somewhat positive cues from Asian markets, Indian shares got off to a weak start Monday morning, extending losses to a ninth straight session amid continued uncertainty about the Trump administration's trade and economic policies.

Although tariff fears subsided a bit last week after the U.S. President decided to hold off hikes till April, there is still uncertainty about his administrations plans with regard to fresh levies.

Automobile and information technology stocks are among the notable losers, while pharmaceuticals stocks are finding good support.

The benchmark BSE Sensex, which dropped to 75,294.76, dropping nearly 650 points in the process, recovered to 75,895.26, but retreated again and was down 241.37 points or 0.33% at 75,697.84 a little while ago.

The broader Nifty index of the National Stock Exchange was down 71.70 points or 0.31% at 22,857.55, despite recovering to 22,926.85 from an early low of 22,725.45.

Mahindra & Mahindra is down more than 3% despite the company announcing that its newly launched electric sports utility vehicles have recorded 30,179 bookings on the first day. The booking value stands at Rs 8,472 crore (ex-showroom price).

ICICI Bank, Axis Bank, Bharti Airtel, Infosys and Larsen & Toubro are down 0.5 to 1.4%.

Bajaj Finserv is rising 2.7%. Sun Pharmaceuticals, IndusInd Bank, Power Grid Corporation, Tata Motors, Adani Ports, Bajaj Finance, Zomato and Asian Paints are gaining 1 to 1.7%. Reliance Industries, HDFC Bank and UltraTech Cement are up with modest gains.

ONGC, Grasim Industries, Cipla, Shriram Finance, SBI Life, Coal India and Eicher Motors are among the notable gainers in the Nifty50 index.

Shares of Zen Technologies Limited have hit the 20% lower circuit this morning, after the company reported a sharp plunge in new orders.

Glenmark Pharmaceuticals is gaining 4.7% thanks to turnaround results. The pharma major reported consolidated net profit of Rs 348 crore for the quarter ended December 31, 2024, as against a net loss of Rs 315 crore in the year-ago quarter.

Godrej Properties Limited shares are down 2%. The company announced that it has acquired 12 land parcels in the nine months to December 2024, to develop housing projects worth Rs 23,450 crore.

SAIL announced that it is planning to set up a new rail mill at an investment of $800 million. The stock is down by about 0.7%.

According to a report released by the Reserve Bank of India on Friday, India's foreign exchange reserves jumped $7.654 billion to $638.261 billion in the week ended February 7.