Market Commentary - Mid-Session
The key equity indices traded with decent gains in early trade, as investors awaited US President Donald Trump's Liberation Day proposals. The Nifty traded above the 23,250 mark. Realty, IT and private bank shares advanced while media, oil & gas and PSU bank shares declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, rallied 439.65 points or 0.58% to 76,453.04. The Nifty 50 index added 116.40 points or 0.50% to 23,282.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index fell 0.48%.
The market breadth was weak. On the BSE, 989 shares rose and 1,710 shares fell. A total of 130 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,901.63 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,322.58 crore in the Indian equity market on 1 April 2025, provisional data showed.
Stocks in Spotlight:
Zaggle Prepaid Ocean Services shed 0.18%. The company has entered into an agreement with Truecaller International to offer Zaggle Save.
Sygene International rose 0.42%. The company board approved the appointment of Peter Bains as an additional director, designated as managing director & chief executive officer of the company, effective April 1, subject to the approval of the shareholders of the company.
Coal India (CIL) shed 0.67%. The company board has approved enhancement of the notified price of coal by Rs 10 per ton, i.e., from the existing Rs 10 per ton to Rs 20 per ton for non-coking and Rs 10 per ton for coking coal for regulated and non-regulated sectors across CIL towards contribution to the corpus of the coal mines pension scheme (CMPS)-1998.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.71% to 6.626 as compared with previous close 6.580.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6425, compared with its close of 85.5000 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement rose 0.36% to Rs 90,831.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 104.20.
The United States 10-year bond yield rose 0.91% to 4.194.
Global Markets:
Asian stocks traded higher as investors brace for U.S. President Donald Trump to roll out fresh tariffs this week.
Overnight in the U.S., the three major averages closed mixed. The S&P 500 added 0.38% while the Nasdaq Composite gained 0.87%. The Dow Jones Industrial Average slipped 0.03%.
White House officials confirmed that Liberation Day tariffs, including a 25% auto import tariff starting April 3, will be implemented immediately on April 2. Investor uncertainty regarding the tariffs' full impact and potential retaliatory actions is contributing to market volatility.
Tesla Inc. shares closed 3.6% higher on Tuesday. The company is set to report its first-quarter vehicle deliveries on Wednesday. NVIDIA shares rose 1.6%, while Microsoft stock climbed 1.8%. Alphabet shares closed 1.5% up, while those of Micron Technology Inc jumped 2.1%.
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