Market Commentary - Mid-Session
The domestic equity benchmarks traded with substantial losses in early trade, reflecting negative global cues. Investors are awaiting for the Reserve Bank of India's Monetary Policy Committee meeting, where the central bank is expected to announce its interest rate decision at 10 AM today. The Nifty traded below the 22,400 level. The weekly Nifty50 Futures & Options (F&O) series expiry has been shifted to today due to the market holiday tomorrow in observance of Shri Mahavir Jayanti.
Barring the Nifty FMCG index, all the other sectoral indices on the NSE were traded in red.
At 09:30 IST, the barometer index, the S&P BSE Sensex, fell 452.83 points or 0.60% to 73,773.27. The Nifty 50 index lost 151.50 points or 0.67% to 22,384.35.
In the broader market, the S&P BSE Mid-Cap index slipped 1.17% and the S&P BSE Small-Cap index declined 1.29%.
The market breadth was weak. On the BSE, 752 shares rose and 1,980 shares fell. A total of 133 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,994.24 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,097.24 crore in the Indian equity market on 8 April 2025, provisional data showed.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.24% to 21.11.
Stocks in Spotlight:
Shyam Metalics and Energy declined 1.75%. The company reported a 13% year on year growth in stainless steel sales for the month of March, reaching 6,619 tonnes. Stainless steel sales jumped 66% YoY to 84,404 metric tonnes in FY25.
Senco Gold hit an upper circuit of 5% after the company reported a 23% year on year retail growth in Q4 FY25.The same stores sales growth (SSSG) jumped 18.4% year on year in Q4 FY25 and 14.6% in FY25.
Signatureglobal (India) shed 0.31%. The company has achieved pre-sales of Rs 1,620 crore for the fourth quarter of the financial year 2025, showing a growth of 42% compared to last year, surpassing the financial year 2025 guidance.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was rose 2.24% to 6.618 as compared with previous close 6.575.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5650, compared with its close of 86.2600 during the previous trading session.
MCX Gold futures for 5 June 2025 settlement gained 0.60% to Rs 88,299.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.60% to 102.35.
The United States 10-year bond yield surged 5.45% to 4.492.
In the commodities market, Brent crude for June 2025 settlement dropped $2.30 or 3.66% to $60.52 a barrel.
Global Markets:
Dow Jones futures is down 410 points, indicating a drop in the US stocks today.
Most Asian stocks declined as U.S. President Donald Trump geared up to slap a jaw-dropping 104% tariff on Chinese goods. Oil prices took the hit too, tumbling to their lowest levels in four years as fears of a global recession tightened their grip on financial markets.
Late Tuesday, Washington confirmed that the tariff hike would take effect just after the stroke of midnight on Wednesday. The offshore yuan responded by hitting a record low of 7.4287 per U.S. dollar overnight.
Trump accused China of currency manipulation in a late-night press appearance but added that he still believed a deal would be struck eventually.
Analysts are now sounding the alarm bells, warning that this tariff escalation could tip the global economy into a full-blown recession.
Over in the U.S., the markets had a rough session. The Dow Jones Industrial Average fell 0.84%, weighed down by big names like Apple, which faces surging costs from the new China tariffs. The Nasdaq nosedived 2.15%, while the S&P 500 shed 1.57%溶arrowly dodging official bear market territory but still ending below the symbolic 5,000 mark for the first time since April 2024.
Powered by Capital Market - Live News