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Key gauges remain in red in morning deals
Apr-03-2025

Indian equity benchmarks trimmed some losses but continued to trade lower in morning deals, dragged down by IT stocks, weak trends from Asian markets after the US has announced reciprocal tariffs on about 60 countries. Traders remained cautious as provisional data from the National Stock Exchange showed foreign portfolio investors (FPIs) stayed net sellers on Wednesday for the third straight session as they offloaded equities worth Rs 1,538.88 crore. On Tuesday, the FPIs net sold equities worth Rs 5,901.63 crore. However, losses remain capped as traders took support with the Global Trade Research Initiative (GTRI) stated that essential and strategic items such as pharmaceuticals, semiconductors, copper, and energy products like oil, gas, coal and LNG are exempted from the 27 per cent import duty announced by the US. Overall, it said that the USA's protectionist tariff regime could act as a catalyst for India to gain from global supply chain realignments. On the global front, Asian markets are trading lower following U.S. President Donald Trump’s announcement of big increases in tariffs on imports of goods from around the world. 

The BSE Sensex is currently trading at 76396.46, down by 220.98 points or 0.29% after trading in a range of 75807.55 and 76423.82. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.27%, while Small cap index was up by 0.19%.

The top gaining sectoral indices on the BSE were Healthcare up by 2.20%, Utilities up by 0.82%, Power up by 0.39%, PSU up by 0.32% and Capital Goods up by 0.06%, while IT down by 2.94%, TECK down by 2.33%, Metal down by 0.89%, Auto down by 0.87% and Oil & Gas down by 0.61% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 4.29%, Titan Co up by 1.40%, Power Grid Corporation up by 1.36%, Ultratech Cement up by 1.06% and Asian Paints up by 0.99%. On the flip side, TCS down by 3.22%, Tech Mahindra down by 2.95%, Infosys down by 2.83%, HCL Technologies down by 2.82% and Tata Motors down by 1.67% were the top losers.

Meanwhile, Pabitra Margherita the Minister of State (MoS) for Textile has said that the government is focusing on high tech and high growth product segment to achieve Textile 2030 vision. Margherita said the government is leveraging large scale plug and play infrastructure, keeping sustainability at the core, while ensuring large-scale livelihood opportunities.

He stated the government’s initiatives are providing impetus to traditional sectors including handloom and handicrafts and becoming Atma-nirbhar in raw material value chain by implementing various schemes/initiatives across the country. The major schemes/initiatives include PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks Scheme which seeks to create a modern, integrated, world class textile infrastructure; Production Linked Incentive (PLI) Scheme focusing on Man Made Fibre (MMF) Fabric.

Besides, he said Ministry of Textiles is implementing National Handicrafts Development Programme and Comprehensive Handicrafts Cluster Development Scheme for promotion of handicraft artisans. Under these schemes, support is provided for marketing, skill development, cluster development, direct benefit to artisans, infrastructure and technology support etc. The textile industry is one of the largest sources of employment generation in the country, employing over 45 million people directly. A total of $35,874 million exports of Textiles & Apparel including Handicrafts were reported during 2023-24.

The CNX Nifty is currently trading at 23268.60, down by 63.75 points or 0.27% after trading in a range of 23145.80 and 23282.45. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 4.25%, Cipla up by 3.04%, Dr. Reddy's Lab up by 2.31%, Shriram Finance up by 1.87% and Titan Company up by 1.41%. On the flip side, TCS down by 3.13%, Infosys down by 2.87%, Tech Mahindra down by 2.77%, HCL Technologies down by 2.63% and Bajaj Auto down by 2.51% were the top losers.

Asian markets are trading lower; Nikkei 225 slipped 1111.57 points or 3.11% to 34,614.30, Hang Seng declined 366.62 points or 1.61% to 22,835.91, KOSPI dropped 18.07 points or 0.72% to 2,487.79, Straits Times fell 2.36 points or 0.06% to 3,951.85 and Shanghai Composite weakened 17.04 points or 0.51% to 3,333.09. 
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