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Markets React as Swiggy Slumps, Mazagon Dock Surges, and Pharma Faces Tariff Concerns
Markets React as Swiggy Slumps, Mazagon Dock Surges, and Pharma Faces Tariff Concerns
Written by - Fisdom Research
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February 10, 2025
2 minutes
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Market Snapshot
Indian markets fell sharply on February 10, declining over 0.7%, mirroring losses across most Asian markets.
Investor sentiment remained cautious as US President Donald Trump reaffirmed his stance on imposing tariffs on imports, sparking concerns over global supply chain disruptions.
Anxiety intensified after reports suggested a 25% levy on steel and aluminum imports, adding to market uncertainty.
Investors remained on edge ahead of Federal Reserve Chair Jerome Powell’s semi-annual Congressional testimony.
Speculation grew around a potential announcement by Trump regarding reciprocal tariffs on multiple trading partners.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY PRIVATE BANK
-0.2
NIFTY IT
-0.8
NIFTY BANK
-0.4
NIFTY PSU BANK
-1.0
NIFTY FMCG
-0.5
NIFTY AUTO
-1.5
NIFTY FINANCIAL SERVICES
-0.6
NIFTY OIL & GAS
-1.7
Top News
Swiggy’s stock plunged over 5% on February 10, extending its decline to over 18% since its Q3 earnings release, as losses widened to ₹799.08 crore, with additional pressure from the IPO lock-in expiry.
Mazagon Dock Shipbuilders surged 9.4% to ₹2,440, continuing its rally after reporting a strong Q3 performance, with net profit rising 29% YoY to ₹807 crore.
Pharma stocks faced selling pressure as concerns grew over US President Trump’s potential 25% tariffs on pharmaceutical imports, following similar threats on steel, aluminum, oil, and semiconductors.
Eight Firms Set to Raise Over Rs 7,800 Crore.
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,200
23,500
Bank Nifty
49,700 – 49,500
50,500 – 50,600
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
KOTAKBANK
1.7
TRENT
-4.5
BHARTIARTL
1.1
POWERGRID
-3.3
BRITANNIA
0.9
TATASTEEL
-3.2
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