Market Commentary - Mid-Session
The domestic equity indices traded with limited gains in early trade. The Nifty traded above the 22,150 mark. Barring financial services all the sectoral indices on the NSE were traded in green with IT, PSU Bank and realty shares advancing the most.
At 09:26 IST, the barometer index, the S&P BSE Sensex, advanced 287.02 points or 0.39% to 73,267.53. The Nifty 50 index added 83 points or 0.38% to 22,165.65.
In the broader market, the S&P BSE Mid-Cap index advanced 1.09% and the S&P BSE Small-Cap index jumped 1.10%.
The market breadth was strong. On the BSE, 2,391 shares rose and 544 shares fell. A total of 125 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, down 1.42% to 13.63.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,405.82 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,851.43 crore in the Indian equity market on 4 March 2025, provisional data showed.
Stocks in Spotlight:
Force Motors added 2.87% after the company's total sales jumped 46.28% to 3,600 units in February 2025 as compared with 2461 units sold in February 2024.
Biocon advanced 1.97% after the company's subsidiary, Biocon Pharma, has received final approvals for its two ANDAs - Lenalidomide capsules and Dasatinib tablets - from the US Food and Drug Administration (US FDA). Meanwhile, Biocon Pharma also received tentative approval for its ANDA for Rivaroxaban tablets, which are used in the treatment of deep vein thrombosis and pulmonary embolism.
Adani Wilmar rallied 5.55% after the company signed a definitive agreement to acquire GD Foods Manufacturing (India), the owner of the 'Tops' brand. The acquisition will be executed in multiple tranches, with 80% of the shares to be acquired in the first tranche and the remaining 20% to be acquired over the next three years.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.78% to 6.862 as compared with previous close 6.852.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.1600, compared with its close of 87.1900 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement shed 0.03% to Rs 85,983.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 105.67.
The United States 10-year bond yield added 1.26% to 4.263.
In the commodities market, Brent crude for May 2025 settlement shed 25 cents, or 0.35% to $70.79 a barrel.
Global Markets:
US Dow Jones index futures were up 162 points, indicating a strong opening in the US stocks today.
Most Asian stocks traded higher on Wednesday, with losses contained as US Commerce Secretary Howard Lutnick suggested the Trump administration could enter negotiations with Mexico and Canada, just a day after imposing substantial tariffs on imports from both neighboring nations.
Trump imposed 25% tariffs on Mexico and Canada, along with 20% levies on China. In response, Canada announced immediate retaliatory measures, while Mexico also signaled its intention to respond. China's finance ministry has said it would impose 15% tariffs on several agricultural products, along with a 10% tariff on dairy.
At China's National People's Congress starting Wednesday, Beijing set an economic growth target of about 5% for 2025, a third straight year it has maintained that goal. Premier Li Qiang is scheduled to present this target during his address at the National People's Congress (NPC) later on Wednesday.
China's Caixin services PMI came in at 51.4 in February, above expectations for a 50.8 print. The reading was higher than the 51.0 seen in January.
Australia's gross domestic product rose 0.6% quarter-on-quarter, data from the Australian Bureau of Statistics showed on Wednesday. The print picked up from the 0.3% seen in the prior quarter. GDP grew 1.3% year-on-year, above expectations of 1.2% and higher than the 0.8% seen in the prior quarter.
United States equities fell on Tuesday, as losses in the Dow Jones Telecommunications, Dow Jones Financials and Dow Jones Consumer Goods sectors led shares lower. The Dow Jones Industrial Average fell 1.55% to hit a new 1-month low, while the S&P 500 index declined 1.22%, and the NASDAQ Composite index declined 0.35%.
Among financials, Morgan Stanley led losses with a 5.7% decline, while JPMorgan Chase & Co and Goldman Sachs fell nearly 4%, each. In automakers, Ford Motor Company slipped 2.9%, while Stellantis NV declined 4.4%, and General Motors Company lost 4.6%. NVIDIA's stock rose 1.6%, after entering a bear market territory in the last session with an over 8% fall.
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