Weekly Market Recap: Nifty, Sensex Close in Red on FPI Selling, HMPV, Weak Rupee

The Indian benchmark indices NSE Nifty 50 and BSE Sensex witnessed heightened volatility during the week ended Friday, Jan 10, 2024. The week started with extreme selling pressure on Jan 6, 2024, when Nifty 50 and Sensex dropped 1.62% and 1.59%, respectively. The selling was primarily caused by the increase in HMPV cases, FPI selling, Donald Trump’s expected return to the White House, etc. Jan 7 saw a recovery in the market, but the remaining days dragged the benchmark indices and Nifty 50 touched its week low of 23,346.15 on Jan 10, 2025.

Review of Major Updates This Week

On Jan 7, 2024, Indo Farm Equipment, the manufacturer of tractors and other agricultural equipment listed on NSE and BSE at 19.07% and 20.19%, respectively. On the IPO front, the week saw bids closing for Standard Glass Lining IPO, Quadrant Future Tek Limited IPO and Capital Infra Trust InvIT.

Adani Wilmar shares fell 10% on Jan 10 after the company announced a sale of stake via Offer For Sale (OFS). Adani Commodities, the promoter entity of Adani Wilmar Limited (AWL) under the Adani Group, will sell 13.5% of its stake, amounting to ₹17.54 crore shares. This is the base issue size. Additionally, the company has a green shoe option to sell an extra 6.5% stake in the OFS.

Major Q3FY25 Earnings This Week

• The IT giant TCS posted a YoY growth of 5.6% in revenue to ₹63,973 crore during Q3 FY25 and reported a net profit of ₹12,380 crore, reflecting an 11.9% against ₹11,058 crore in Q3 FY24.
• The state-owned IREDA recorded a growth of 39% YoY in net interest income (NII) to ₹622.3 crore, against ₹448.1 crore in Q3FY24. IREDA’s total revenue from operations rose 35%YoY to ₹1,698.45 crore during the quarter.
• During Q3 FY25, Tata Elxsi achieved an operating EBITDA of ₹246.6 crore, with an EBITDA margin of 26.3%. Profit After Tax (PAT) stood at ₹199.0 crore, reflecting a PAT margin of 20.3%.

Since the start of the New Year 2025, FII has been a net seller till Jan 9 except for Jan 2, when FII were a net buyer of securities worth ₹1,506.75 crore. Also, on Jan 6, 2025, the Indian rupee fresh all-time low of 86 per dollar due to the broad-based demand for the greenback and pressure due to a strengthening US dollar index.

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