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Mid - Session

Market behaviours during the course of the trading session.

Barometers tumble over 1%; European mkt advance

01-Apr-25 13:34 Hrs IST

The key domestic indices traded with significant losses in the afternoon trade, amid concerns over U.S. President, Donald Trump's tariff announcements on April 2, which could impact overall market sentiment. The Nifty slipped below the 23,200 level after hitting the day's high of 23,565.15 in morning trade.

Barring the Nifty Media index, all the other sectoral indices on the NSE were traded in red.

At 13:28 IST, the barometer index, the S&P BSE Sensex, tanked 1,411.53 points, or 1.82%, to 76,003.39. The Nifty 50 index tumbled 355.35 points, or 1.52%, to 23,156.40.

The broader market outperformed the frontline indices, 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.

Gainers & Losers:

Trent (up 4.91%), IndusInd Bank (up 4.71%), HDFC Life Insurance Company (up 1.55%), Hero MotoCorp (up 1.39%), and Jio Financial Services (up 1.38%) were the major Nifty gainers.

HDFC Bank (down 2.98%), HCL Technologies (down 2.76%), Infosys (down 2.72%), Sun Pharmaceutical Industries (down 2.79%) and Hindalco Industries (down 2.70%) were the major Nifty losers.

Stocks in Spotlight:

Mahindra & Mahindra shed 0.75%. The company's overall auto sales grew by 22.63% to 83,894 vehicles sold in March 2025 as against 68,413 vehicles sold in March 2024.

Eicher Motors fell 1.16%. The company reported a 33.71% increase in total motorcycle sales to 101,021 units in March 2025 from 75,551 units sold in March 2024.

Vodafone Idea (VIL) surged 22.91% after the Government of India decided to convert Rs 36,950 crore of the company's outstanding spectrum auction dues into equity at Rs 10 per share.

As part of the agreement Vodafone Idea will issue 3,695 crore equity shares at a face value of Rs 10 per share, with pricing based on the volume-weighted average price of either the last 90 trading days or 10 days preceding the relevant date (February 26, 2025). The Rs 10 conversion price represents a 46.84% premium to VIL's previous closing price of Rs 6.81. The issuance remains subject to SEBI approval.

Larsen & Toubro Technology Services fell 1.65%. The company has signed a deal worth '50 million with a prominent European automotive original equipment manufacturer (OEM).

Hindustan Aeronautics rose 1.85% after it signed two contracts with the Ministry of Defence for the supply of 156 Light Combat Helicopters (LCH), Prachand, along with training and other associated equipment, worth Rs 62,700 crore.

ITC shed 0.89% while Aditya Birla Real Estate declined 1.44%. ITC said that it has signed a business transfer agreement (BTA) with Aditya Birla Real Estate (ABREL) to acquire the pulp & paper products business, Century Pulp & Paper (CPP), for lumpsum consideration of upto Rs 3,498 crore.

Parag Milk Foods jumped 4.77% after the company's board is scheduled to meet on Thursday, 3rd April 2025, to consider raising funds through various instruments via different modes.

Global Markets:

US Dow Jones index futures were down 65 points, indicating a negative opening in the US stocks today.

European markets traded higher on Tuesday, staging a broad rebound as global investors brace for U.S. President Donald Trump's trade tariffs set to come into effect on Wednesday.

Most Asian stocks advanced, recovering from a sharp sell-off in the previous session as investors awaited clarity on U.S. President Donald Trump's tariff rollout.

The Reserve Bank of Australia on Tuesday expectedly held its benchmark policy rate at 4.1%, despite having flagged earlier that inflation was declining at a faster pace than expected. The country's inflation reading in February came in at a softer-than-expected 2.4%.

South Korea's exports grew 3.1% in March, up from 0.7% the previous month, reaching $58.24 billion. However, the growth fell short of the expected 3.5%. Imports increased by 2.3% to $53.29 billion, resulting in a trade surplus of $4.99 billion. Meanwhile, factory activity slightly declined to 49.1 in March from 49.9, reflecting weak domestic demand.

China's Caixin PMI for March came in at 51.2, slightly above February's 50.8 reading. This follows the government PMI data, which showed stronger-than-expected growth in the manufacturing sector.

In the U.S., major indices saw initial losses but rebounded on Monday. The S&P 500 closed 0.55% higher, while the Dow Jones gained 1%. The NASDAQ Composite, however, edged down by 0.14%.

Trump is set to announce his reciprocal tariff plan on Wednesday at a White House Rose Garden event. Press Secretary Karoline Leavitt said the announcement would focus on 'country-based' tariffs. Last week, Trump roiled markets by imposing a 25% tariff on all non-American cars, effective April 2. He may extend tariffs to other sectors, including commodities, semiconductors, and pharmaceuticals. Investors fear these tariffs'ultimately paid by U.S. importers'could stoke inflation and hamper economic growth.

NVIDIA Corporation slipped 1.2% on Monday. Tesla is set to report its first-quarter delivery data this week amid protests over CEO Elon Musk's political activities. CoreWeave Inc., backed by NVIDIA, plunged over 7% just days after its IPO, falling below its debut price. Meanwhile, Mr. Cooper Group Inc. surged more than 14% after agreeing to a $9.4 billion acquisition by Rocket Companies.