Market Commentary - Mid-Session
The key domestic indices traded with decent gains in early trade. The Nifty traded near 23,700 level. IT and private bank stocks advanced while pharma, metal and oil & gas shares declined.
At 09:25 IST, the barometer index, the S&P BSE Sensex, added 171.59 points or 0.22% to 78,158.51. The Nifty 50 index advanced 38.95 points or 0.16% to 23,697.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.12% and the S&P BSE Small-Cap index added 0.10%.
The market breadth was positive. On the BSE, 1,608 shares rose and 1,336 shares fell. A total of 121 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,055.76 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 98.54 crore in the Indian equity market on 24 March 2025, provisional data showed.
Stocks in Spotlight:
HCL Technologies rose 1.58% after the company has announced a strategic partnership with Western Union to drive innovation and transformation in the financial services industry. Both companies will establish an advanced technology center in Hyderabad, India, which will further enhance Western Union's global technology capabilities and create new opportunities for innovation and talent development.
Rail Vikas Nigam (RVNL) advanced 1.92% after the company emerged as lowest bidder for a Central Railway project worth Rs 115.79 crore. The project involves OHE modification work for the upgradation of the existing 1x25 KV electric traction system to 2x25 KV at the feeding system in the Itarsi-Amla section in the Nagpur division of Central Railway to meet the 3000 MT loading target.
Brigade Enterprises added 1.97% after the company acquired a 4.4-acre land parcel in East Bengaluru for the development of a residential project with a total development potential of 0.6 million square feet and a gross development value of approximately Rs 950 crore.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.77% to 6.745 as compared with the previous close of 6.735.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6850, compared with its close of 85.6100 during the previous trading session.
MCX Gold futures for the 4 April 2025 settlement rose 0.18% to Rs 87,469.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.31.
The United States 10-year bond yield fell 0.02% to 4.330.
In the commodities market, Brent crude for May 2025 settlement advanced 86 cents or 1.19% to $73.02 a barrel.
Global Markets:
Asian stocks traded mixed on Tuesday, as investors assessed U.S. President Donald Trump's tariff threats.
In China, the central bank announced changes to the way it sells medium-term loans, a move that market participants believe could further diminish the role of such instruments in guiding monetary policy. The People's Bank of China (PBOC) stated it will issue 450 billion yuan ($62.03 billion) in one-year medium-term lending facility (MLF) loans on Tuesday. Starting this month, MLF operations will be conducted using a fixed-quantity, interest-rate bidding, and multiple-price bidding method, the PBOC added.
On Wall Street, U.S. indices surged on Monday amid reports that Trump's April 2 tariffs will be less harsh than previously feared. The Dow Jones Industrial Average jumped 1.42%, the S&P 500 climbed 1.76%, and the tech-heavy Nasdaq Composite soared 2.27%.
Tesla shares, which had been declining for nine consecutive weeks, rebounded nearly 12%, building on their Friday gains. Meta Platforms and Nvidia also saw gains of more than 3%.
Meanwhile, 23AndMe Holding Co plummeted 59% after filing for Chapter 11 bankruptcy protection.
The economic activity in the US' private sector expanded at an accelerating pace in March, with the S&P Global Composite PMI rising to 53.5 (preliminary) from 51.6 in February. The Services PMI climbed to 54.3 in March from 51 in February, while the manufacturing PMI declined to 49.8 in March from 52.7 February.
Wall Street has been under pressure in recent weeks amid concerns that Trump's tariffs could drive up inflation, disrupt global trade, and slow economic growth. Earlier this month, major indices slumped to six-month lows on such fears.
While Trump has repeatedly described April 2 as 'liberation day' for the U.S., investors found some relief in signs that the tariffs' scope may be narrower than initially expected, potentially limiting their economic impact.
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