Market Commentary - Quick Review
The key domestic indices ended sideways on Thursday, amid mixed global cues. The Nifty closed below at 22,550 mark. Trading was volatile due to the monthly Nifty50 F&O series expiry today. Media, realty and auto shares declined while banking and metal shares witnessed buying demand.
As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 10.31 points or 0.01% to 74,612.43. The Nifty 50 index shed 2.50 points or 0.01% to 22,545.05.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.97%, and the S&P BSE Small-Cap index fell 2.09%.
The market breadth was weak. On the BSE, 951 shares rose and 3,024 shares fell. A total of 97 shares were unchanged.
Stocks in Spotlight:
UltraTech Cement dropped 4.99% after the company announced its plan to enter the wires and cables segment, investing approximately Rs 1,800 crore over the next two years.
The company's board approved the venture, aligning with its strategy to become a comprehensive building solutions provider. A new plant, expected to be commissioned near Bharuch, Gujarat, by December 2026, will serve the growing demand across residential, commercial, infrastructure, and industrial sectors.
Vesuvius India rose 0.94%. The company reported a standalone net profit of Rs 59.93 crore in Q4FY24, registering a 5.01% increase compared to the same period in the previous year. Net sales also saw a rise, climbing 22.83% year-on-year (YoY) to Rs 507.49 crore.
Tata Power Company slipped 2.21%. The company announced that it has signed a landmark MoU with the Assam Government to develop and tie up up to 5000 MW of renewable and clean energy, with Rs 30,000 crore investments, at the Advantage Assam 2.0 event.
Mahindra EPC Irrigation declined 1.96%. The company announced that it has received an order worth Rs 11.79 crore from the Office of the Assistant Engineer for the supply of microirrigation systems under a community microirrigation project.
Cupid dropped 1.21%. The company announced that it has received purchase orders from the Medical Stores Department, Government of Tanzania, for the supply of male condoms worth Rs 42 crore.
Jupiter Wagons lost 2.65%. The company announced that its manufacturing arm, Jupiter Tatravagonka Railwheel Factory, received a contract worth Rs 255 crore from Braithwait & Co. for the supply of 9,140 wheelsets of 840 mm diameter for 25-ton axle load applications.
Mastek added 1.09%. The company has announced that it has secured multi-year, multi-million dollar contracts with an estimated value of $85 million from a UK Public Service Department.
Zydus Lifesciences rose 0.89%. The company announced the launch of VaxiFlu-4, India's first quadrivalent influenza vaccine, for the 2025 southern hemisphere season. A quadrivalent vaccine, by covering strains of both influenza A and influenza B significantly reduces the risk of vaccine mismatch. The vaccine has been cleared by the Central Drug Laboratory (CDL), the company added.
Global Markets:
Most of European stocks declined on Thursday after U.S. President Donald Trump threatened to impose 25% tariffs on imports from the European Union.
Asian shares ended mixed, influenced by a combination of Nvidia's earnings results and renewed US trade tariff concerns.
Nvidia, a key player in the AI sector, reported strong quarterly figures, forecasting first-quarter revenue of $43 billion, exceeding expectations of $42.05 billion. However, a projected softer-than-expected gross margin, attributed to the Blackwell production ramp-up, led to a volatile after-hours trading session, with the stock fluctuating between gains and losses. This muted investor response followed a period of consistently high expectations.
Adding to market unease, President Donald Trump announced plans to impose 25% tariffs on the European Union and reiterated that tariffs on Mexico and Canada would take effect on April 2. Contradictory statements within his announcement created confusion and uncertainty among investors.
These developments followed a flat close for U.S. stocks on Wednesday, which had already seen four consecutive days of losses. Concerns about a potential U.S. economic slowdown, reflected in weak consumer sentiment data, further contributed to the negative market sentiment.
Specifically, the S&P 500 closed unchanged at 5,956.18 points, the NASDAQ Composite rose 0.3% to 19,075.26 points, and the Dow Jones Industrial Average fell 0.4% to 43,433.12 points.
Investors are now awaiting key economic data, including fourth-quarter gross domestic product figures due Thursday and the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, scheduled for Friday.
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