Market Commentary - Mid-Session
The key equity benchmarks continued to trade with major cuts in mid-afternoon trade, amid concerns over U.S. President Donald Trump's tariff announcements on April 2, which could impact overall market sentiment. The Nifty traded near the 22,150 mark. Bank shares extended losses for two consecutive trading sessions.
At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,438.60 points, or 1.86%, to 75,976.32. The Nifty 50 index tumbled 367.25 points, or 1.56%, to 23,151.40.
In the broader market, the S&P BSE Mid-Cap index declined 1.23%, and the S&P BSE Small-Cap index shed 0.12%.
The market breadth was strong. On the BSE, 2,519 shares rose and 1,403 shares fell. A total of 157 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 Bank index fell 1.44% to 50,823.45. The index declined 1.45% in the two consecutive trading sessions.
HDFC Bank (down 3.16%), ICICI Bank (down 2.11%), Axis Bank (down 1.81%), Kotak Mahindra Bank (down 1.28%), AU Small Finance Bank (down 0.86%), Federal Bank (down 0.81%), and State Bank of India (down 0.31%) declined.
On the other hand, IndusInd Bank (up 4.72%), IDFC First Bank (up 3.42%), and Canara Bank (up 1.11%) added.
Numbers to Track:
MCX Gold futures for 4 April 2025 settlement rose 0.63% to Rs 90,684.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.06% to 104.13.
The United States 10-year bond yield declined 1.72% to 4.172.
In the commodities market, Brent crude for June 2025 settlement fell 17 cents, or 0.23% to $74.60 a barrel.
Stocks in Spotlight:
SML Isuzu soared 10.97% after the company said that it has sold 2,315 units in March 2025, registering a growth of 23.9% from 1,868 units sold in the same period last year.
Atul Auto surged 12.08% after its total sales grew by 18.06% to 3,693 units in March 2025 as against 3,128 units sold in March 2024.
Steel Strips Wheels (SSWL) jumped 4.44% after the company reported a net turnover of Rs 433.70 crore for March 2025, registering a 27.29% YoY growth compared to Rs 340.72 crore posted in March 2024.
Powered by Capital Market - Live News