The key equity indices traded with major losses in mid-morning trade, as investors considered the likely consequences of Donald Trump's second term, focusing on US-China trade tensions, US Fed rate cuts and global economic growth. The Nifty traded below the 23,200 level after hitting the day's high of 23,426.30 in early trade. Realty shares witnessed profit booking after advancing in past five consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, dropped 762.83 points or 0.99% to 76,310.61. The Nifty 50 index lost 191.10 points or 0.82% to 23,153.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.54% and the S&P BSE Small-Cap index declined 1.46%.

The market breadth was strong. On the BSE, 1,266 shares rose and 2,461 shares fell. A total of 148 shares were unchanged.

Buzzing Index:

The Nifty Realty index tumbled 3.40% to 913.25. The index rallied 4.77% in past five consecutive trading sessions.

Oberoi Realty (down 8.22%), Macrotech Developers (down 4.87%), Phoenix Mills (down 2.7%), DLF (down 2.2%), Sobha (down 2.19%), Prestige Estates Projects (down 2.16%), Brigade Enterprises (down 1.71%), Raymond (down 1.56%), Mahindra Lifespace Developers (down 1.27%) and Godrej Properties (down 1.04%) declined.

Stocks in Spotlight:

Dixon Technologies (India) slumped 13.62% after the company's consolidated net profit declined 47.48% to Rs 216.23 crore on 9.37% fall in revenue from operations to Rs 10,453.68 crore in Q3 FY25 over Q2 FY25.

Oberoi Realty dropped 8.27%. The real estate developers consolidated net profit surged 71.70% to Rs 618.38 crore in Q3 FY25 as against Rs 360.15 crore posted in Q3 FY24. Revenue from operations climbed 33.92% to Rs 1,411.08 crore in Q3 FY25 as compared to Rs 1,053.64 crore recorded in the corresponding quarter last year.

Multi Commodity Exchange of India (MCX) tumbled 10.74%. The company has reported a consolidated net profit of Rs 160.04 crore in Q3 FY25 as against net loss of Rs 5.35 crore posted in Q3 FY24. Revenue from operations jumped 57.35% year on year (YoY) to Rs 301.38 crore in the quarter ended 31 December 2024.

Global Markets:

The US Dow Jones index futures were currently up by 113 points, signalling a positive opening for US stocks today.

Most Asian shares advanced as market attention turned to upcoming central bank meetings in Asia later this week. Malaysia's central bank is expected to maintain its policy rate at 3% on Wednesday, while the Bank of Japan will hold its next policy meeting from January 23 to 24, with Governor Kazuo Ueda signaling potential interest rate hikes.

President Donald Trump held off on imposing sweeping trade tariffs on his first day in office. Trump resumed his duties in the White House on Monday, a day after his inauguration and during the Martin Luther King, Jr. Day holiday, when U.S. stock market was closed.

Sworn in as the 45th President of the United States on January 20, Trump emphasized his vision of America First in his inaugural address, focusing on economic revitalization, national security, and prioritizing domestic interests over globalization.

Trump began his term with a series of executive orders aimed at fulfilling his campaign promises. These included measures to tighten immigration controls, lay the groundwork for a U.S.-Mexico border wall, boost fossil fuel production, and scale back environmental regulations.

While he declared plans to address global trade practices, Trump opted not to impose new tariffs on the U.S.'s largest trading partners, signaling a more deliberate approach to trade relations. Instead, he directed his administration to combat unfair trade globally.

Investors closely monitored these early actions, given Trump's promises to rapidly implement his agenda.

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