As per provisional closing, the barometer index, the S&P BSE Sensex, tumbled 312.53 points or 0.40% to 78,271.28. The Nifty 50 index fell 42.95 points or 0.18% to 23,696.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.69% and the S&P BSE Small-Cap index added 1.42%.

The market breadth was strong. On the BSE, 2,557 shares rose and 1,412 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.46% to 14.08.

The Indian rupee hit a record low against the US dollar on Wednesday. The currency opened at 87.13 and slipped further to 87.49 against the greenback in early trades. It was currently trading at 87.45.

Economy:

In January, the seasonally adjusted HSBC India Services PMI Business Activity Index stood at 56.5, indicating a sharp rate of expansion in business activity compared to the previous month. However, the headline figure declined from 59.3 in December to its lowest level since November 2022. This drop suggests a slowdown in the pace of growth within the sector.

India's private sector economy lost some growth momentum in January, as a quicker increase in factory production was more than offset by a softer expansion in service activity. The HSBC India Composite Output Index dropped from 59.2 in December to a 14-month low of 57.7. Despite the decline, the latest figure remained above the long-run series average, indicating that the economy is still experiencing a robust upturn.

Pranjul Bhandari, Chief India Economist at HSBC, commented, India's services sector lost growth momentum in January, although the PMI remained well above the 50-breakeven level. The business activity and new business PMI indices eased to their lowest levels since November 2022 and November 2023, respectively. That said, new export business partly countered the downtrend and continued to rebound from a dip in late-2024, in line with official data, which showed India's service exports shining in December and capturing a larger share of global trade.

Buzzing Index:

The Nifty Realty index fell 1.85% to 937.30. The index rose 0.85% in previous trading sessions.

Sobha (down 5.41%), Phoenix Mills (down 4.82%), Godrej Properties (down 4.05%), Prestige Estates Projects (down 2.9%), Mahindra Lifespace Developers (down 1.87%), and Macrotech Developers (down 1.49%) declined.

On the other hand, Raymond (up 1.26%), Oberoi Realty (up 0.59%), and DLF (up 0.24%) added.

Stocks in Spotlight:

Titan Company slipped 2.99% after the company reported a 4.80% decline in standalone net profit to Rs 990 crore in Q3 FY25 as against Rs 1,040 crore posted in Q3 FY24. However, revenue from operations jumped 24.32% year on year (YoY) to Rs 16,053 crore in the quarter ended 31 December 2024.

Tata Power Company added 1.23% after the company's consolidated net profit rose 8.2% YoY to Rs 1,030.70 crore in the quarter ended 31st December 2024. Net sales increased 5.1% to Rs 15,391.06 crore in Q3 FY25 as compared with Rs 14,651 crore in Q3 FY24.

V-Mart Retail fell 0.24%. The company reported a net profit of Rs 72 crore in Q3 FY25, zoomed 154% as against Rs 28 crore posted in Q3 FY24. Revenue from operations jumped 15% year on year (YoY) to Rs 1,027 crore in the quarter ended 31 December 2024.

PC Jeweller rallied 4.94% after the company reported consolidated net profit of Rs 147.96 crore in Q3 FY25 compared with net loss of Rs 197.98 crore in Q3 FY24. Revenue from operations surged to Rs 639.45 crore in Q3 FY25 as compared with Rs 40.06 crore in Q3 FY24.

Angel One rallied 6.37% after the stockbroker's client base jumped 47.5% to 30.13 million in January 2025 as compared with 20.43 million in January 2024.

Force Motors jumped 5.56% after the company's total sales jumped 20.34% to 3,597 units in January 2025 compared with 2,989 units sold in January 2024.

Zydus Lifesciences rose 0.70%. The company reported a 29.62% jump in consolidated net profit of Rs 1,023.5 crore inQ3 FY25 compared with Rs 789.6 crore in Q3 FY24. Revenue from operations increased 16.96% YoY to Rs 5,269.1 crore during the quarter.

Info Edge (India) advanced 2.64% after the company announced that its board has approved a 5-for-1 stock split.

Tega Industries surged 6.49% after the company's consolidated net profit jumped 52.31% to Rs 54.24 crore in Q3 FY25 as against Rs 35.61 crore posted in Q3 FY24. Revenue from operations grew 20.29% to Rs 409.26 crore in the quarter ended 31 December 2024.

Global Markets:

European market traded mixed on Wednesday as investors awaited earnings reports from several key companies, including Handelsbanken, TotalEnergies, Akzo Nobel, Credit Agricole, Novo Nordisk, GSK, Vestas Wind, and Banco Santander, among others. On the data front, the latest purchasing managers' index data from the euro zone will be released on Wednesday

Markets in Asia ended higher after Wall Street rose overnight, shrugging off Trump tariffs and China's retaliatory measures.

US President Donald Trump extended the proposed 25% import duties on Canada and Mexico by 30 days but remained firm on China, allowing his 10% tariffs on Chinese goods to take effect on Tuesday.

In response, Beijing hit back with a 15% tariff on US coal and liquefied natural gas imports, along with an additional 10% duty on crude oil, agricultural equipment, and automobiles, effective February 10.

China's commerce ministry also imposed export controls on rare earths and exotic materials, where the country dominates global supply. The restricted materials include tungsten, tellurium, ruthenium, and molybdenum.

The Caixin/S&P Global Services purchasing managers' index (PMI) slipped to 51.0 from 52.2 in December but remained above the 50-mark that separates expansion from contraction on a monthly basis.

Despite trade tensions, US markets rebounded on Tuesday, recovering from steep losses on Monday. The S&P 500 climbed 0.7%, the NASDAQ Composite jumped 1.4%, and the Dow Jones Industrial Average edged up 0.3%.

However, Alphabet's Class A shares tumbled 7.4% in aftermarket trading after the company's fourth-quarter revenue fell short of expectations, particularly due to weak earnings from its cloud division, which is closely linked to AI.

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