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NEWS U CAN USE
Feb 14, 2025
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The Week that was…
10
th
Feb to 14
th
Feb
2
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Indian Economy
• The consumer price index-based inflation eased to 4.31% YoY in Jan 2025 compared to
5.22% in Dec 2024 as food price increases slowed. Consumer food price inflation
decreased to 6.02% YoY in Jan 2025 from 8.39% in Dec 2024.
• Index of Industrial production (IIP) rose 3.2% YoY in Dec 2024, as compared to 5.0% rise in
Nov 2024. Production in mining, manufacturing and electricity witnessed a growth of
2.6%, 3.0% and 6.2%, respectively, in Dec 2024.
• India’s wholesale price index (WPI) based inflation eased to 2.31% YoY in Jan 2025 as
compared to 2.37% in Dec 2024. Primary articles inflation in Jan 2025 came down to
4.69% YoY from 6.02% in Dec 2024. Meanwhile, fuel and power wholesale prices fell
2.78% YoY in Jan 2025 as against a 3.79% decline in Dec 2024.
• According to the Solvent Extractors' Association of India, India's palm oil imports plunged
65% YoY to 2,75,241 tonne in Jan 2025, the lowest in 13 years, as buyers shifted to
cheaper soybean oil. Soybean oil imports more than doubled to 4,44,026 tonne in Jan
2025 from 1,88,859 tonne a year ago, while sunflower oil shipments rose 31% to 2,88,284
tonne in the same period.
• According to the Union Finance Minister, more than 54.5 crore Jan Dhan accounts have
been opened till Jan 15, 2025, of which about 56% belong to women. Pradhan Mantri Jan
Dhan Yojana (PMJDY) was started in Aug 2014 to provide universal banking services for
"every unbanked household".
3
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4
Domestic Equity Market Indices
Indices
14-Feb-25 1 Week Return YTD Return
BSE Sensex
75,939.21 -2.47% -2.82%
Nifty 50
22,929.25 -2.68% -3.03%
BSE Mid
-Cap 39,731.79 -7.71% -14.45%
BSE Small
-Cap 45,411.25 -9.47% -17.70%
Source: Refinitiv
Values as on Feb 14, 2025
• Domestic equity markets fell after
witnessing gains in previous two weeks
as key benchmark indices BSE Sensex
and Nifty 50 fell 2.47% and 2.68%,
respectively. The fall was broad-based
as the mid-cap segment and the small-
cap segment closed the week in red,
with significant losses.
• Domestic equity markets fell during the
week due to prevailing uncertainty over
the U.S. President's plans for reciprocal
tariffs, as the U.S. trade policy may lead
to a prolonged trade war and potential
inflationary pressures. Sentiment was
dampened by the U.S. Fed’s statement
that it is “not in a hurry to lower
interest rates” and intends to “pause
rate cuts to assess further progress in
inflation”. A continuous selloff by the
foreign institutional investors, further
widened the losses.
Ratios
BSE Sensex
Nifty 50 BSE Mid Cap
BSE Small
Cap
P/E
21.14 20.42 31.69 27.40
P/B
3.91 3.41 4.05 3.15
Dividend Yield
1.23 1.46 0.86 0.74
Source: NSE, BSE
Values as on Feb 14, 2025
Indian Equity Market
NSE Advance/Decline Ratio
Date
Advances Declines Advance/Decline Ratio
10-Feb-25 559 2,296 0.24
11-Feb-25 277 2,565 0.11
12-Feb-25 1,047 1,759 0.60
13-Feb-25 1,287 1,507 0.85
14-Feb-25 387 2,455 0.16
Source: NSE
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5
Sectoral Indices
Indices
Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
49,313.03 -6.38% -4.31%
BSE Bankex
55,824.95 -1.68% 0.98%
BSE CD
54,686.28 -7.40% -9.41%
BSE CG
57,349.10 -6.10% -8.90%
BSE FMCG
19,233.29 -4.08% -5.00%
BSE HC
39,887.39 -7.56% -7.26%
BSE IT
40,576.64 -3.92% -5.17%
BSE Metal
27,621.26 -4.47% -0.45%
BSE Oil & Gas
23,352.42 -6.25% -8.87%
Source:BSE
Values as on Feb 14, 2025
• On the BSE sectoral front, BSE Realty plunged
9.39% as realty stocks were under severe selling
pressure amid a broad market sell-off. The sell-
off came following the U.S. President’s plan to
pursue reciprocal tariffs with countries that run
a trade deficit with the U.S., and a persistent
foreign outflow. Third quarter earnings too
have added to the weakness in market
sentiment.
• Banking sector experienced relatively smaller
losses compared to other sectors as a result the
banking sectoral index BSE Bankex witnessed
the least fall of 1.68% during the week.
Indian Derivatives Market Review
• Nifty Feb 2025 Futures stood at 22,995.65, a premium of 66.40 points above the spot
closing of 22,929.25.
• The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,086.65 lakh crore as against Rs. 861.39 lakh crore for the week to Feb 07.
• The Put-Call ratio stood at 1.00 compared with the previous week’s close of 0.92.
• The Nifty Put-Call ratio stood at 0.77 compared with the previous week’s close of 0.83.
Indian Equity Market (contd.)
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6.69
6.70
6.71
6.72
10-Feb 11-Feb 12-Feb 13-Feb 14-Feb
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-Wk
Ago
1-Mth
Ago
6-Mth
Ago
Call Rate
6.38 6.26 6.53 6.48
91 Day T-Bill
6.45 6.42 6.62 6.62
07.06% 2028, (5 Yr GOI)
6.64 6.62 6.78 6.77
06.79% 2034, (10 Yr GOI)
6.71 6.70 6.82 6.90
Source: Refinitiv Values as on Feb 14, 2025
• Bond yields rose following a spike in U.S.
Treasury yields after data showed that
the U.S. consumer price index gained
both on a monthly and yearly basis in Jan
2025. However, losses were restricted as
market participants welcomed the RBI's
move to double its debt purchases from
the earlier amount of Rs. 20,000 crore
scheduled for the week. Sentiment was
boosted following the domestic retail
inflation print of Jan 2025 which was
marginally below estimates.
• Yield on the 10-year benchmark paper
(6.79% GS 2034) rose by 1 bps to close at
6.71% from the previous week’s close of
6.70%.
• Data from Reserve Bank of India showed
that India's foreign exchange reserves
increased to $638.26 billion for the week
ended Feb 07, 2025 compared with
$630.61 billion a week earlier.
Domestic Debt Market
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-2
0
2
4
6
6.00
6.30
6.60
6.90
7.20
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 14-Feb-25 07-Feb-25
Yield in %
Change in bps
Source: Refinitiv
7
Maturity
G-Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 6.71 7.68 97
3 Year 6.75 7.54 79
5 Year 6.74 7.42 68
10 Year 6.82 7.25 43
Source: Refinitiv
Values as on Feb 14, 2025
• Yields on gilt rose up to 5 bps across the maturities,
barring 5 year paper that fell by 1 bps, while 6, 11,
12, 14 & 19 year papers that were unchanged.
• Corporate bond yields were unchanged or increased
by 1 bps across the curve, barring 1 & 2 year papers
that increased by 3 bps each.
• Difference in spread between AAA corporate bond
and gilt remained steady or moved by 1 bps across
the segments, barring 1, 4 & 7 year papers that
contracted by 2 or 3 bps.
Domestic Debt Market (Spread Analysis)
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8
• SEBI has revised timelines for AMCs and RTAs to send the monthly and half-yearly
Consolidated Account Statement (CAS) w.e.f. May 14, 2025. According to the revised
timelines the AMCs and RTAs will now have to share the monthly PAN data to the
depositories on or before 5th of the next month. The depositories, in turn, will dispatch the
electronic CAS to the investors by the 12th of the next month and the physical CAS by 15th
of the next month. When it comes to half-yearly CAS, the AMCs and RTAs can provide the
PAN data to depositories by 8th April and 8th October every year. The depositories can then
dispatch the half-yearly CAS in electronic form by 18th April and 18th October and physical
CAS by 21st April and 21st October every year.
• According to the new guidelines provided by the SEBI with respect to usage of artificial
intelligence (AI) and machine learning (ML) tools, the capital market regulator clarified that
all SEBI regulated entities like AMCs, PMS/AIF, REITs/InvITs and RIAs can leverage AI and ML
to improve their services. However, the SEBI has clarified that the regulated entities will
have to take complete responsibility of such tools.
• The secretary of the Ministry of Statistics and Programme Implementation emphasized the
need for digitalisation and e-governance to address rising public expectations and enhance
data collection. He highlighted the integration challenges and opportunities of unique
identifiers like GST and Aadhaar. He also noted the potential of alternative data sources and
underscored India's new role in the United Nations Statistical Commission.
Regulatory Updates in India
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9
• SEBI has asked capital market entities including mutual funds, AIFs and PMSs to form their
respective committees called Industry Standards Forums (ISFs) to implement SEBI
regulation effectively. The standards set by ISF will have to be aligned with the regulatory
intent and will include specifics/checklists/Standard Operating Procedures (SOPs) to assist
the industry. ISF will not apply to draft regulations or circulars or in suggesting changes to
existing regulations or circulars. However, in exceptional cases where there are significant
challenges to the implementation of a regulatory direction, ISF can suggest some changes
to the regulatory direction to SEBI.
• India is working towards implementing its Trade and Economic Partnership Agreement
with the European Free Trade Association by the end of 2025. This agreement is expected
to facilitate a substantial investment of $100 billion in India, in addition to reducing tariffs
on a range of European goods, thereby enhancing trade and investment relations
between India and EFTA.
• The Indian Prime Minister said that the U.S. and India have set a target of doubling their
bilateral trade to $500 billion by 2030 and will work on concluding a mutually beneficial
trade agreement very soon. During a press conference with the U.S. President, the Prime
Minister highlighted cooperation in artificial intelligence and semiconductors, while the
U.S. President emphasized reducing trade barriers and implementing reciprocal tariffs to
create a level playing field.
Regulatory Updates in India (contd..)
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• According to the Labor Department, U.S. consumer price index advanced by 0.5% in Jan
2025 after climbing by 0.4% in Dec 2024. Economists had expected consumer prices to rise
by 0.3%. The report also said the annual rate of consumer price growth accelerated to
3.0% in Jan 2025 from 2.9% in Dec 2024, while economists had expected the pace of
growth to remain unchanged. The annual rate of core consumer price growth also ticked
up to 3.3% in Jan 2025 from 3.2% in Dec 2024. Economists had expected the pace of
growth to slow to 3.1%.
• According to the Federal Reserve, U.S. industrial production climbed by 0.5% in Jan 2025
after jumping by an upwardly revised 1.0% in Dec 2024. Economists had expected
industrial production to rise by 0.3% compared to the 0.9% advance originally reported for
the previous month.
• According to the Office for National Statistics, U.K. gross domestic product grew 0.1% in
the fourth quarter ended Dec 2024 from the third quarter, confounding expectations for a
contraction of 0.1%. This follows a nil growth in the third quarter.
• According to Eurostat, Eurozone’s industrial output fell 1.1% in Dec 2024 from Nov 2024.
The fall was deeper than the forecast of 0.6% also reversed the 0.4% increase in Nov 2024.
• According to the Economy Watchers' Survey, Japan’s current conditions index Survey,
which measures the present situation of the economy, dropped to 48.6 in Jan 2025 from
49.0 in Dec 2024. Meanwhile, economists had forecast the index to rise to 49.7.
10
Global News/Economy
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11
Global Indices
Indices
14-Feb-25
1-Week
Return
YTD
Return
Russell 3000 3,276.97 1.90% 3.65%
Nasdaq 100 22,114.69 2.90% 5.25%
FTSE 100 8,732.46 0.37% 6.84%
DAX Index 22,513.42 3.33% 13.08%
Nikkei Average 39,149.43 0.93% -1.87%
Straits Times 3,877.50 0.42% 2.37%
Source: Refinitiv
Value as on Feb 14, 2025
U.S.
• U.S. equity markets rose even as U.S.
producer prices rose more than expected
in Jan 2025. Stocks experienced
additional gains following the U.S.
President's signing of a memorandum
that urged his administration officials to
evaluate proposals for reciprocal tariffs
on U.S. trading partners but stopped
short of imposing the tariffs.
Europe
• European equity markets rose as investors acquired stocks in response to corporate
earnings reports. Further, investors are looking ahead to more monetary easing by central
banks, and optimism about an end to the ongoing war in Ukraine strengthens market
sentiment.
Asia
• Asian equity markets mostly rose as the U.S. President announced a delay in implementing
reciprocal tariffs until Apr 2025. The Japanese market rose on the back of a weaker
Japanese yen. The Chinese market rose as mixed inflation data for the month of Jan 2025
heightened expectations that Beijing may implement additional stimulus measures.
Global Equity Markets
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4.40
4.45
4.50
4.55
4.60
4.65
4.70
10-Feb 11-Feb 12-Feb 13-Feb 14-Feb
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
• Yields on the 10-year U.S. Treasury fell
by 1 bps to close at 4.48% from the
previous week’s close of 4.49%.
• U.S. Treasury prices following the
release of data indicating a significant
decline in retail sales within the world's
largest economy in Jan 2025, the U.S.
Federal Reserve remains poised to
implement interest rate cuts later this
year.
• However, losses were restricted
following the recent consumer inflation
data from the U.S., which exceeded
expectations in Jan 2025, there is a
growing consensus that the U.S. Federal
Reserve is poised to maintain its current
interest rates for a prolonged duration.
Global Debt (U.S.)
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8.00
9.00
10.00
11.00
12.00
14-Jan-25 30-Jan-25
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
13
Performance of various commodities
Commodities
Last Closing* 1-Week Ago
Brent Crude($/Barrel)
76.09 75.44
Gold ($/Oz)
2,883.18 2,860.39
Gold (Rs/10 gm)
85,769 84,288
Silver ($/Oz)
32.14 31.82
Silver (Rs/Kg)
97,780 95,133
Source: Refinitiv *Value as on Feb
14, 2025
Gold
• Gold prices rose amid safe haven demand
due to prevailing uncertainty over the U.S.
President’s plans for reciprocal tariffs.
Furthermore, prices rose amid escalating
trade tensions between the U.S. and China.
Brent Crude
• Brent crude oil prices rose on concerns
about a global trade war. Further, prices
rose on fears of more supply disruptions
following U.S. sanctions on networks
shipping Iranian oil to China. Gains were
extended further after the U.S. President
announced a delay in implementing
reciprocal tariffs until Apr 2025, raising
hopes for negotiations.
Baltic Dry Index
• The index fell over the week due to
sluggish capesize and panamax activities.
Commodities Market
14-Feb-25
0.86%
0.80%
1.01%
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9.60
9.80
10.00
10.20
10.40
10.60
14-Jan-25 30-Jan-25
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
14
Movement of Rupee vs Other Currencies
Currency
Last Closing* 1-Wk Ago
US Dollar
86.89 87.48
Pound Sterling
109.12 108.69
EURO
90.86 90.76
100 Yen
56.93 57.68
Source: Refinitiv Figures in INR , *Value as on Feb 14, 2025
Rupee
• The Indian rupee in the spot trade rose against
the U.S. dollar amid easing greenback demand.
Euro
• Euro rose against the U.S. dollar on Ukraine
peace hopes.
Pound
• Pound rose against the U.S. dollar as investors
reacted to the weak U.S. Retail Sales report for
the month of Jan 2025.
Y
en
• Yen fell against the U.S. dollar despite investors'
bets that the Bank of Japan will hike interest
rates.
Currencies Markets
14-Feb-25
-0.68%
-1.30%
0.11%
0.40%
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15
The Week that was…
10
th
Feb to 14
th
Feb
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16
The Week that was (Feb 10 – Feb 14)
Date Events
Present
Value
Previous
Value
Monday,
February 10, 2025
• Eurozone Sentix Investor Confidence (Feb) -12.70 -17.70
• Japan Eco Watchers Survey: Current (Jan) 48.60 49.00
Tuesday,
February 11, 2025
• U.K. BRC Like-For-Like Retail Sales (YoY) (Jan) 2.50% 3.10%
• U.S. API Weekly Crude Oil Stock (Feb 7) 9.043M 5.025M
Wednesday,
February 12, 2025
• India Inflation Rate YoY Jan 4.31% 5.22%
• India Industrial Production YoY Dec 3.20% 5.00%
• U.S. Consumer Price Index (MoM) (Jan) 0.50% 0.40%
• U.S. EIA Crude Oil Stocks Change (Feb 7) 4.07M 8.664M
Thursday,
February 13, 2025
• Germany Harmonized Index of Consumer Prices (YoY) (Jan) 2.80% 2.80%
• U.K. Gross Domestic Product (QoQ) (Q4) Prel 0.10% 0.00%
• U.K. Industrial Production (MoM) (Dec) 0.50% -0.50%
• U.S. Initial Jobless Claims (Feb 7) 213K 220K
• U.S. Producer Price Index ex Food & Energy (YoY) (Jan) 3.60% 3.70%
Friday,
February 14, 2025
• India WPI Inflation YoY Jan 2.31% 2.37%
• Eurozone Employment Change (QoQ) (Q4) Prel 0.10% 0.20%
• U.S. Retail Sales (MoM) (Jan) -0.90% 0.70%
• Eurozone Gross Domestic Product (QoQ) (Q4) Prel 0.10% 0.00%
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
17
The Week Ahead
17
th
Feb to 21
st
Feb
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18
The Week Ahead
Day Event
Monday,
Feb 17, 2025
• U.K. Rightmove House Price Index (MoM) (Feb)
• Japan Industrial Production (MoM) (Dec)
Tuesday,
Feb 18, 2025
• U.K. Claimant Count Change (Jan)
• U.K. Employment Change (3M) (Dec)
• Japan Adjusted Merchandise Trade Balance (Jan)
Wednesday,
Feb 19, 2025
• U.K. Consumer Price Index (MoM) (Jan)
• U.S. Building Permits (MoM) (Jan)
• U.S. Housing Starts (MoM) (Jan)
Thursday,
Feb 20, 2025
• People’s Bank of China’s (PBoC) Interest Rate Decision
• Germany Producer Price Index (MoM) (Jan)
• U.S. Initial Jobless Claims (Feb 14)
• Japan National CPI ex Food, Energy (YoY) (Jan)
Friday,
Feb 21, 2025
• U.K. Retail Sales (MoM) (Jan)
• Germany’s HCOB Composite PMI (Feb) Prel
• Eurozone HCOB Composite PMI (Feb) Prel
• U.S. S&P Global Services PMI (Feb) Prel
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The information herein is meant only for general reading purposes and contains all factual and statistical information pertaining to Industry and
markets which have been obtained from independent third party sources and which are deemed to be reliable. The information provided cannot be
considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since Nippon Life India Asset
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reasonableness of the assumptions upon which such data and information has been processed or arrive data; NAM India does not in any manner
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19
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