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Markets continue to trade in red in late morning deals
Apr-03-2025

Indian equity markets continued to trade in red in late morning deals after U.S. President Donald Trump announced 27 percent reciprocal tariff on India - half the rate India imposes on U.S. imports, leaving some room for negotiation. Selling in HCL Technologies, Tech Mahindra, TCS, Infosys and Bajaj Finance companies’ stocks pressured the markets to trade below the neutral lines. Further, weak cues from global markets also weighed on the domestic sentiment. Besides, depreciation in Indian rupee against dollar too weighed down sentiments. Rupee weakened by 11 paise to 85.63 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks.  

On the global front, Asian markets were trading in red after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories - several of which are in the region. Trump imposed an additional 34 percent tariff on Chinese imports, raising total levies on China to 54 percent. Back home, on the BSE sectoral front, traders were seen pilling up positions in Healthcare, Utilities, Power, PSU and Capital Goods, while selling was witnessed in IT, TECK, Metal, Auto and Oil & Gas.

The BSE Sensex is currently trading at 76356.92, down by 260.52 points or 0.34% after trading in a range of 75807.55 and 76493.74. There were 18 stocks advancing against 12 stocks declining on the index. 

The broader indices were trading mixed; the BSE Mid cap index was down by 0.29%, while Small cap index up by 0.31%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.81%, Utilities up by 1.63%, Power up by 1.00%, PSU up by 0.61% and Capital Goods up by 0.32%, while IT down by 3.48%, TECK down by 2.73%, Metal down by 0.81%, Auto down by 0.69% and Oil & Gas down by 0.51% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 4.13%, NTPC up by 1.82%, Ultratech Cement up by 1.78%, Power Grid up by 1.76% and Asian Paints up by 1.45%. On the flip side, HCL Technologies down by 3.73%, Tech Mahindra down by 3.58%, TCS down by 3.43%, Infosys down by 3.33% and Bajaj Finance down by 1.99% were the top losers.

Meanwhile, Indian embassy has said that the India and Nepal have signed 10 Memorandums of Understanding (MoUs) for high-impact community development projects (HICDPs) in the Himalayan nation to be funded by Indian assistance amounting to 625 million Nepalese Rupee (NRs). It added that the signed agreements were focused towards the development of education, health, and culture sectors.

The embassy also emphasized the importance of implementation of these projects in providing better educational, healthcare and cultural facilities to the people of Nepal. The projects undertaken include the construction of three schools, one monastery, one e-library at a school, and two health post buildings.

With this, India has taken up over 573 HICDPs in Nepal since 2003, of which 495 projects have been completed. The embassy highlighted that these projects reflect the Indian government's ‘continued support’ in bolstering the efforts of the government of Nepal in the ‘growth and development’ of its people by augmenting infrastructure in priority sectors.

The CNX Nifty is currently trading at 23272.10, down by 60.25 points or 0.26% after trading in a range of 23145.80 and 23306.50. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 4.27%, Cipla up by 2.88%, Shriram Finance up by 2.61%, Ultratech Cement up by 1.89% and NTPC up by 1.86%. On the flip side, HCL Technologies down by 3.71%, Tech Mahindra down by 3.49%, TCS down by 3.36%, Infosys down by 3.28% and Bajaj Auto down by 2.31% were the top losers.

All Asian markets were trading lower; Hang Seng declined 439.66 points or 1.93% to 22,762.87, Shanghai Composite weakened 12.87 points or 0.39% to 3,337.26, Straits Times fell 4.56 points or 0.12% to 3,949.65, KOSPI dropped 28.78 points or 1.16% to 2,477.08 and Nikkei 225 slipped 1192.37 points or 3.45% to 34,533.50.
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