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Market Commentary - Mid-Session

Sensex tumbles 917 pts; Nifty slides below 23,300; realty shares drop

01-Apr-2025, 10:33
The headline equity benchmarks traded with major losses in the morning trade. The Nifty traded below the 23,300 level. Realty shares extended losses for two consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, plunged 917.60 points, or 1.19%, to 76,497.32. The Nifty 50 index declined 216.90 points, or 0.17%, to 23,297.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.42%, and the S&P BSE Small-Cap index rose 0.16%.

The market breadth was strong. On the BSE, 2,517 shares rose and 1,052 shares fell. A total of 190 shares were unchanged.

Economy:

Moody's Ratings said India's growth at 6.5% will remain the highest amongst the advanced and emerging G-20 countries, supported by tax measures and continued monetary easing. The report released today said that the country will continue to attract capital and withstand any cross-border outflow. In its report on emerging markets, Moody's said emerging economies are exposed to choppy waters from the churn of US policies. It said economic activity in the fastest-growing economies will slow slightly from high levels but remain strong this year and next.

Meanwhile, India's current account deficit (CAD) rose marginally to $11.5 billion, or 1.1% of gross domestic product (GDP), during the October-December 2024 quarter of the ongoing financial year (Q3FY25) from $10.4 billion, or 1.1% of GDP, a year ago, amid a rise in service exports. Sequentially, CAD moderated from $16.7 billion in Q2FY25, or 1.8% of GDP, the latest data released by the Reserve Bank of India (RBI) showed. The current account deficit is the difference between exports and imports of goods and services. It is a key indicator of the country's external sector.

Merchandise trade deficit increased to $79.2 billion in Q3FY25 from $71.6 billion during the same period of FY24. Net services receipts increased to $51.2 billion in Q3FY25 from $45 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services, and travel services.

Buzzing Index:

The Nifty Realty index declined 1.71% to 836.75. The index slipped 3.10% in two consecutive trading sessions.

Oberoi Realty (down 3.42%), Prestige Estates Projects (down 2.26%), Macrotech Developers (down 1.47%), DLF (down 1.29%), Godrej Properties (down 1.24%), Raymond (down 0.97%), Sobha (down 0.64%), Brigade Enterprises (down 0.61%), Phoenix Mills (down 0.59%), and Anant Raj (down 0.37%) declined.

Stocks in Spotlight:

IRCON International added 1.70% after the company announced that its joint venture with SSNR Projects has secured a contract worth Rs 872.69 crore from Rail Vikas Nigam (RVNL) for the construction of railway tunnels.

Rites advanced 2.98% after the company announced that it had secured orders worth Rs 312.75 crore from Oil India and Numaligarh Refinery.

United Drilling Tools (UDTL) rallied 3.23% after the company announced it had secured an order valued at Rs 1.61 crore from Cactus for Oil Services, a prominent engineering solutions provider in the oil and gas sector in Libya.

Advait Energy Transitions advanced 4.32% after the company announced that it has secured a contract from Adani Green Energy Six for turnkey solar EPC solutions at the Khavda hybrid renewable power project in Gujarat.