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Informist, Tuesday, Apr. 8, 2025

By Gopika Balasubramanium

MUMBAI – Benchmark equity indices closed higher Tuesday amid a highly volatile session which saw the Nifty 50 moving in a broad range of 22300-22700 points. The Nifty 50 index rose over 2% intraday and even lost most of the gains at one point, before closing 1.7% higher at 22535.85 points. Shares of financial services, informational technology, and oil & gas companies witnessed sharp gains, reversed some of the decline seen in the previous three sessions.

Analysts said that Tuesday's movement was a "bounce-back" as the indices had fallen sharply in the past three sessions. Further, positive cues from several Asian markets and US futures also aided bullish sentiments.

US President Donald Trump threatened to impose an additional 50% tariff on Chinese goods entering the US territory if China does not roll back the 34% tariffs on US goods. Analysts are worried that the tariff war may take an ugly turn as China on Tuesday said it will "fight to the end". 

Tuesday, the market was highly volatile as gains were seen at risk in face of tariffs by the US remaining for a long time. The Nifty 50 rose but faced selling pressure at levels above 22600 points before ending at 22535.85 points. Sensex closed at 74227.08 points, up 1.5%. Broader market indices ended over 2% higher with the Nifty Smallcap 250 and the Nifty Midcap 150 up 2.2% and 2.1%, respectively.

Gains in financial services stocks on Tuesday were attributed to hopes of a cut in interest rates by the Reserve Bank of India on Wednesday. While a majority of the economists said the RBI was likely to cut the repo rate by 25 basis points, Senior Vice President of research at Mehta equities Prashant Tapse said some people in the market are expecting a rate cut of 50 basis points. Above this, there are expectations that the RBI may take liquidity measures, he said.

Analysts said selling pressure due to tariff-related shocks are likely if the ongoing tariff war between the US and China gets severe leading to a full-fledged global trade war. However, some believe that the focus may also shift to the earnings for the March quarter as Tata Consultancy Services is expected to disclose its results Thursday. 
 

Among the Nifty 50 constituents, financial services stocks such as Jio Finanical Services, Shriram Finance, Bajaj Finance gained due to possiblity of a rate cut. However, lower interest rates could aid growth in India, but the impact of these rate cuts will take time to be visible in the earnings of companies. Credit growth has still room for improvement, but it would likely happen only after six months, analysts said. 

Bharat Electronics and Titan Company were among the top gainers in the Nifty 50. Shares of Bharat Electronics rose after the company said it got an order worth INR 22.10 billion from the government. Shares of Titan Co. rose as much as 7%, but came off highs to close 3.3% higher, after the company reported a 25% on-year growth in its standalone revenue for the March quarter, excluding bullion and digital gold.

Power Grid Corp. of India was the only stock to close in the red among the Nifty 50 constituents. The stock fell for the third consecutive session, down over 3% during this period.

All the sectoral indices also witnessed sharp gains Tuesday. Nifty Media gained the most and closed 4.7% higher. Other sectoral indices such as Nifty PSU Bank and Nifty Consumer Durables gained 2.6% each.   

Among individual stocks, real estate company Sobha Ltd. closed 5.7% higher after its sales value grew 22% on year. The company said it sold 1.56 million square feet of area in the March quarter for a total sales value of INR 18.36 billion. Similarly, Godrej Properties ended 2.5% higher after the company said its booking value rose 7% on year during the March quarter. Info Edge (India) closed higher by 4% after the company said its billings for the Jan-Mar quarter rose 19% on year.

BSE, Housing & Urban Development Corp., PB Fintech, ended 6.0-6.9% higher, and were the biggest gainers. Vijaya Diagnostic Centre, ZEE Entertainment Industries, and Kaynes Technology India closed 9-14% higher and were among the top gainers in the Nifty 500.

* Of the Nifty 50 stocks, 49 rose and one fell

* Of the Sensex stocks, 29 rose and one fell

* On the NSE, 2,391 stocks rose, 499 fell, and 67 were unchanged

* On the BSE, 3,093 stocks rose, 871 fell, and 119 were unchanged

* Nifty Media: up 4.7%; Nifty PSU Bank: up 2.6%; Nifty Private Bank: up 1.3%

BSE                                               NSE

Sensex: 74227.08, up 1089.18 points or 1.5%       Nifty 50: 22535.85, up 374.25 points or 1.7%

End

US$1 = INR 86.27

Edited by Akul Nishant Akhoury

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