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Key gauges continue to trade marginally lower in morning deals
Apr-24-2025

Indian equity benchmarks continued to trade marginally lower in morning deals, amid profit-taking after a seven-day rally and muted trend in Asian markets. Traders remained cautious as the World Bank in its latest ‘South Asia Development Update’ has lowered India’s economic growth forecast for 2025-26 by 40 basis points to 6.3 per cent, over global economic weakness and policy uncertainty. Some concern also came as Finance Secretary Ajay Seth reportedly stated that the direct hit from tariffs introduced by Donald Trump’s administration on India could shave off between 0.2% and 0.5% from GDP growth. However, losses remain capped as traders took some support with exchange data showed foreign investors continued to pump money into Indian equities for the sixth day in a row, with Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday. On the global front, Asian markets are trading mixed as worries crept back following a Wall Street rally that came after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war. 

The BSE Sensex is currently trading at 79989.09, down by 127.40 points or 0.16% after trading in a range of 79829.11 and 80173.92. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.20%, while Small cap index was up by 0.34%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.92%, FMCG up by 0.74%, Basic Materials up by 0.50%, Metal up by 0.37% and Utilities up by 0.25%, while Realty down by 1.08%, TECK down by 0.38%, Energy down by 0.22%, Consumer Discretionary down by 0.16% and Oil & Gas down by 0.15% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.90%, Nestle up by 3.25%, Hindustan Unilever up by 2.01%, Asian Paints up by 1.30% and Tech Mahindra up by 0.93%. On the flip side, Bharti Airtel down by 1.24%, Eternal down by 1.13%, Mahindra & Mahindra down by 1.02%, ICICI Bank down by 0.82% and Reliance Industries down by 0.64% were the top losers.

Meanwhile, the World Bank in its latest ‘South Asia Development Update’ has lowered India’s economic growth forecast for 2025-26 by 40 basis points to 6.3 per cent, over global economic weakness and policy uncertainty. In India, growth is expected to slow from 6.5 per cent in 2024-25 to 6.3 per cent in 2025-26 as the benefits to private investment from monetary easing and regulatory streamlining are expected to be offset by global economic weakness and policy uncertainty.

For 2024-25, India’s growth forecast has been lowered by 50 basis points to 6.5 per cent. It stated ‘Amid increasing uncertainty in the global economy, South Asia’s growth prospects have weakened, with projections downgraded in most countries in the region.’ World Bank projects regional growth to slow to 5.8 per cent in 2025-0.4 percentage points below October projections-before ticking up to 6.1 per cent in 2026.

This outlook is subject to heightened risks, including from a highly uncertain global landscape, combined with domestic vulnerabilities, including constrained fiscal space. Besides, the Reserve Bank of India also recently lowered the growth forecast for the current fiscal 2025-26 to 6.5 per cent from 6.7 per cent, amid uncertainties arising from trade wars following the reciprocal tariffs announced by the US.

The CNX Nifty is currently trading at 24301.95, down by 27.00 points or 0.11% after trading in a range of 24239.45 and 24347.85. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 4.10%, Nestle up by 3.07%, Hindustan Unilever up by 1.99%, Dr. Reddy's Lab up by 1.60% and Asian Paints up by 1.37%. On the flip side, Tata Consumer Product down by 1.38%, Bharti Airtel down by 1.17%, Mahindra & Mahindra down by 0.89%, ICICI Bank down by 0.89% and Eternal down by 0.87% were the top losers.

Asian markets are trading mixed; Taiwan Weighted lost 194.81 points or 0.99% to 19,444.33, Hang Seng declined 267.33 points or 1.23% to 21,805.29, KOSPI dropped 7.67 points or 0.3% to 2,517.89 and Shanghai Composite weakened 3.38 points or 0.1% to 3,292.98.

On the flip side, Nikkei 225 surged 183.78 points or 0.53% to 35,052.41, Straits Times rose 9.47 points or 0.25% to 3,841.79 and Jakarta Composite gained 25.62 points or 0.39% to 6,660.00.
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