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IT services company HCL Technologies reported 6% growth in its consolidated net profit at Rs 4,591 crore for the quarter ended December 2024.

A dollar gauge fell for the first day in six, with the New Zealand dollar leading gains among the Group-of-10 peers. US contracts rose after the S&P 500 closed slightly higher on Monday, wiping out a slide that approached 1% earlier in the session.

The life insurance industry saw a 4.8% year-on-year growth in Retail Annualized Premium Equivalent (APE) for December 2024, hindered by a 13% decline in LIC’s Retail APE due to new surrender regulations, while private sector growth rose by 11.4%. SBI Life led as the fastest-growing private insurer.

In comparison, the benchmark Nifty is 12% below its peak level on September 27, while the Nifty Smallcap 100 and Nifty Midcap 100 indices are trading 14% below their highs.

So far this year, the Nifty fell 2.36%, Nifty Midcap 150 declined 4.14%, Smallcap 250 dropped 9% and Microcap 250 shed 8.36%.

ICICI Prudential continues to recommend investing in hybrid and multi-asset allocation schemes given the strong fundamentals and high valuations.

If the tariff war escalates and the Reserve Bank of India relaxes its intervention strategy in the foreign exchange market, the rupee could hit the 87 mark even before the end of this fiscal year, they cautioned.

The panic in equities was sharper in the broader market with mid-cap and small-cap indices tumbling nearly 4% each. Analysts said the markets are oversold but the undertone is cautious ahead of Donald Trump taking charge as US President on January 20.