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Daily Market Update
11-Feb-20251 min readvipin kumar

Donald Trump sets 25% tariffs on Steel and Aluminum- Daily Market Update 11th Feb 2025

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President Donald Trump ordered a 25% tariff on steel and aluminum imports, escalating his efforts to protect politically important US industries with levies hitting some of the country’s closest allies.

The tariffs will apply widely to all US imports of steel and aluminum, including from Canada and Mexico, the country’s top two foreign suppliers of the metals. The levies, which also include finished metal products, are meant to crack down on what administration officials said were efforts by countries like Russia and China to circumvent existing duties.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.35% to 0.95%.
  • European equity markets settled in green.
  • Asian equity markets are trading mix.
  • GIFT Nifty is up by 50 points, Nifty futures likely to open around 23475 levels.

 

News highlights from across the globe

  • Asian stocks are trading cautiously following the imposition of 25% tariffs on US steel and aluminum imports by President Donald Trump. The US dollar surged while gold prices moved to record highs.
  • Fed to wait for months on next rate cut as tariffs risk inflation flare up: Reuters poll

 

Important news updates from the domestic front

  • Apollo Hospitals Q3 Highlights (Consolidated, YoY) – Revenue up 13.9% to Rs 5,526.90 crore versus Rs 4,850.60 crore. Ebitda up 24% to Rs 761.50 crore versus Rs 613.70 crore. Ebitda margin to 13.8% versus 12.7%. Net profit up 52% to Rs 372.30 crore versus Rs 245.30 crore.
  • Bata India Q3 (Consolidated, YoY) Revenue up 1.7% to Rs 919 crore versus Rs 903 crore.  Ebitda up 9.4% to Rs 199 crore versus Rs 182 crore.  Ebitda margin to 21.7% versus 20.2%. Net profit up 1.2% to Rs 58.6 crore versus Rs 57.9 crore.
  • Sona BLW Precision Forgings plans to purchase a land in Haryana from Escorts Kubota for Rs 110 crore.
  • Escorts Kubota has restated its agreement with Sona BLW to amend certain terms of the initial deal for selling the Railway equipment products and parts business. A portion of the earlier order consideration of Rs 1,600 crore will be kept in escrow and released to the company in tranches.
  • Lupin has obtained approval from the U.S. FDA for its Abbreviated New Drug Application for Ipratropium Bromide Nasal Solution.
  • Shriram Properties has entered into a Joint Development Agreement to develop prime land at Koyambedu, a key micro-market in Chennai’s urban renaissance, known for its strategic advantages and economic vibrancy.
  • IRB Infrastructure Developers’s gross toll collection has increased by 20%, reaching Rs 560 crore compared to Rs 467 crore.
  • Eicher Motors: Siddhartha Lal has been appointed as the executive chairman of the company’s board. Vinod Aggarwal has been named vice chairman of Eicher Motors, and will continue serving as managing director and chief executive officer of VE Commercial Vehicles. B. Govindarajan has been appointed managing director of Eicher Motors and will continue his role as chief executive officer of Royal Enfield.
  • Mankind Pharma has approved the sale of its entire stake in a subsidiary of Chalet Hotels for an enterprise value of Rs 530 crore.
  • Oil & Natural Gas Corp have made a deal where bp will provide technical services for Mumbai High, India’s largest and most productive offshore oil field.
  • Grasim Industries: Harikrishna Agarwal will resign as the managing director effective from March 31. The board has appointed Himanshu Kapania as the new managing director, effective from April 1.

 

Nifty Overview & Outlook

Benchmark Nifty index settled lower at 23376 levels after a cut of 183 points from its previous closing values amid US president’s announcement to impose 25% tariff on imports of Steel and Aluminium from countries across the globe.

Broader markets underperformed the benchmark as Mid and Small cap indices fell over 2% each.

All sectoral indices tracked at NSE settled in red. Amongst them, Realty, Metal, Media and Healthcare index were the worst performers, fell in range 2% to 3% each.

Technically, Nifty index found support around 50% Fibonacci retracement level of previous move from 22786 levels to 23807 levels. Going ahead, we reiterate our positive view on Nifty index till it is holding above 23200 spot levels on closing basis.

 

Derivatives Overview & Outlook

Yesterday, all F&O index futures fell on addition of short positions. Nifty, Banknifty, Finnifty and Midcapnifty added around 2.5%, 4.5%, 15% and 11% of open interest respectively.

On the sectoral front, Chemical stocks were down on long unwinding while rest of the F&O sectors were down on short buildup.

On options front, further call writing was seen at multiple strike. Maximum positions are at 24000 CE and 22500 PE.

 

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 2464 Cr in the cash segment, sold stocks futures worth Rs 1997 Cr and also sold index futures worth Rs 1815 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1516 Cr.

 

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23520-23620; Supports 23380-23300

Banknifty – Resistances 50200-50400; Supports 49700-49500

Finnifty – Resistances 23600- 23700; Supports 23420-23300

 

F&O Security in Ban Today: NIL

 

Important Results Today : ASTRAZEN, BERGEPAINT, BLS, BSOFT, DEVYANI, IDEA, IRCTC, NBCC, SAIL.

Disclosure

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