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Bourses add gains to trade near day’s highs
Apr-17-2025

Key gauges added some gains and continued their firm trade near day’s highs in late afternoon session following positive global cues. Besides, FII’s renewed interest in the Indian equity markets has supported investor sentiments as the FIIs were the net buyers for second straight day in yesterday’s trading session with net buying of Rs 3,936 crore. Meanwhile, investors took sigh of bliss after UN report indicated that the India is expected to grow by 6.5 per cent in 2025 on the back of continued robust public spending and ongoing monetary easing, even as the world economy is on a recessionary trajectory, driven by escalating trade tensions and persistent uncertainty.

On the global front, Asian equity markets are trading mostly in green after Beijing showed readiness to restart trade talks with the Trump administration, provided that certain key conditions are fulfilled. European markets were trading lower as investors were digesting earnings updates and awaits European Central Bank's monetary policy announcement.

The BSE Sensex is currently trading at 78510.49, up by 1466.20 points or 1.90% after trading in a range of 76665.77 and 78616.04. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index up by 0.55%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Bankex up by 2.65%, Telecom up by 2.44%, Power up by 1.24%, Energy up by 1.18%, PSU up by 1.16%, while IT down by 0.18% was the alone losing index on BSE.

The top gainers on the Sensex were Eternal up by 4.93%, SBI up by 3.43%, ICICI Bank up by 3.41%, Sun Pharmaceutical Industries up by 3.25% and Bharti Airtel up by 3.19%. On the flip side, Tech Mahindra down by 0.74% and HCL Technologies down by 0.37% were the only losers.

Meanwhile, Fitch Ratings has cut India's gross domestic product (GDP) growth estimate for both the 2024-25 fiscal and the current 2025-26 fiscal by 10 basis points (bps) to 6.2 per cent and 6.4 per cent, respectively, on concerns over a 'severe' escalation in global trade war. For the 2026-27 fiscal year, growth has been retained at 6.3 per cent. Fitch said it is hard to predict US trade policy with any confidence. It said massive policy uncertainty is hurting business investment prospects, equity price falls are reducing household wealth, and US exporters will be hit by retaliation. 

Fitch also cut the world growth projections in 2025 by 0.4 percentage points and China and US growth by 0.5 percentage points from its March edition. Fitch Ratings' forecasts for world growth have been sharply lowered in response to the recent severe escalation in the global trade war. World growth is projected to fall below 2 per cent this year; excluding the pandemic, this would be the weakest global growth rate since 2009. The GDP growth rate of the United States is expected to remain positive at 1.2 per cent for 2025. China's growth is expected to fall below 4 per cent both this year and next, while growth in the eurozone will remain stuck well below 1 per cent, as per Fitch projections. It said the US 'Liberation Day' tariff hikes were far worse than expected. 

It said while subsequently paused and replaced with a near-universal 10 per cent rate for 90 days, the shock prompted several rounds of retaliatory moves between China and the US, taking bilateral tariff rates over 100 per cent. The US average effective tariff rate (ETR) has risen to 23 per cent, the highest since 1909 and well above the 18 per cent Fitch assumed in March. Fitch now assumes the US ETR on China will remain above 100 per cent for some time before falling back to 60 per cent in 2026. It said ‘for now, we stick with our March assumption of a 15 per cent US ETR on other trade partners’.

The CNX Nifty is currently trading at 23858.45, up by 421.25 points or 1.80% after trading in a range of 23298.55 and 23871.60. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Eternal up by 4.88%, ICICI Bank up by 3.46%, SBI up by 3.38%, Bharti Airtel up by 3.21% and Sun Pharmaceutical Industries up by 3.19%. On the flip side, Wipro down by 4.24%, Tech Mahindra down by 0.73%, JSW Steel down by 0.61%, HCL Technologies down by 0.41% and Coal India down by 0.29% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 338.16 points or 1.58% to 21,395.14, Jakarta Composite gained 18.06 points or 0.28% to 6,418.11, KOSPI increased 22.98 points or 0.93% to 2,470.41, Nikkei 225 surged 457.2 points or 1.33% to 34,377.60, Straits Times rose 56.68 points or 1.52% to 3,719.13 and Shanghai Composite strengthened 4.34 points or 0.13% to 3,280.34, while Taiwan Weighted lost 129.27 points or 0.67% to 19,338.73.

European markets were trading lower; UK’s FTSE 100 decreased 47.15 points or 0.57% to 8,228.45, France’s CAC fell 29.02 points or 0.4% to 7,300.95 and Germany’s DAX lost 67.09 points or 0.31% to 21,243.93.
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