Market Commentary - Mid-Session
The domestic equity benchmarks traded with substantial losses in early trade, reflecting a widespread sell-off across global markets, fueled by increasing concerns about a potential U.S. recession. The Nifty traded below the 22,350 mark.
Barring the Nifty Oil & Gas index, all the other sectoral indices on the NSE were traded in red.
At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 388.24 points, or 0.52%, to 73,726.93. The Nifty 50 index lost 128.50 points, or 0.57%, to 22,331.80.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.73%, and the S&P BSE Small-Cap index declined 1.62%.
The market breadth was weak. On the BSE, 716 shares rose and 2,271shares fell. A total of 154 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 485.41 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 263.51 crore in the Indian equity market on 10 March 2025, provisional data showed.
Stocks in Spotlight:
Bharat Electronics (BEL) rose 0.51%. The company received orders worth Rs 843 crore, including RF seekers and vessel and air traffic management systems. Total orders received in financial year 2024-25 now stand at Rs 14,567 crore.
Anupam Rasayan India added 0.29%. The company has signed a 10-year letter of intent valued at $106 million with a south Korean multinational to deliver advanced chemical solutions and expand global presence.
Premier Explosives slipped 2.80%. The company has signed a joint venture and shareholders agreement with Global Munition, a subsidiary of NIBE Ordnance and Maritime to manufacture defence and aerospace products.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.08% to 6.804 as compared with previous close 6.810.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.3375, compared with its close of 87.3100 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement rose 0.28% to Rs 85,655.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 103.79.
The United States 10-year bond yield fell 0.74% to 4.182.
In the commodities market, Brent crude for May 2025 settlement lost 6 cents, or 0.09% to $69.22 a barrel.
Global Markets:
Asian stocks tumbled for a third straight session on Tuesday, mirroring Wall Street losses as fears grew that tariffs and political upheaval could derail growth in the world's largest economy.
Investor concerns deepened over a potential slowdown in US economic expansion after President Donald Trump escalated trade tensions and continued to cut spending while unsettling long-standing geopolitical alliances.
In Japan, fresh government data showed the economy grew at an annualized rate of 2.2% in Q4, down from an earlier estimate of 2.8%. However, the reading remained well above the previous quarter's 1.2% expansion. Quarter-on-quarter, GDP growth was revised slightly lower to 0.6% from 0.7%, still ahead of the prior 0.3% pace.
On Wall Street, US stocks nosedived Monday, with the S&P 500 dropping 2.7%, the Dow Jones Industrial Average losing 2%, and the NASDAQ Composite plunging 4%'largely driven by steep declines in major tech stocks.
Tesla Inc. led the selloff with a 15% plunge, while NVIDIA Corporation fell 5.1%. Broadcom Inc. shed 5.4%, and Arm Holdings declined 7.3%.
Bond markets reacted sharply, with 10-year Treasury yields slipping as investors bet that an economic slowdown could push the Federal Reserve toward interest rate cuts.
All eyes are now on the consumer price inflation report due Wednesday, a key data point ahead of next week's Fed interest rate decision.
Last week, Fed Chair Jerome Powell signaled a cautious approach, emphasizing that the central bank was closely monitoring the impact of Trump's recent economic policies, including tariffs and federal worker layoffs.
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