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Bourses continue downward trade in early afternoon session
Apr-25-2025
Indian equity markets continued their downward trade in early afternoon session as traders maintained risk adverse approach. Investors were monitoring quarterly earnings. Traders were cautious about India Index of Industrial Production (IIP) data, scheduled to be released on April 28. Traders took a note of Federation of Indian Export Organisations’ (FIEO) statement that with Pakistan suspending all trade ties with India, including that routes through third countries, the two-way commerce will now come to a complete halt. Sector wise, aviation industry remained in lime light as rating agency ICRA has said that Indian aviation industry’s outlook for 2025-26 remains stable, driven by expectations of moderate growth in domestic air passenger traffic and a relatively stable cost environment. 

On the global front, Asian markets were trading mostly in green after comments by a Federal Reserve official bolstered odds that the central bank will cut interest rates as early as June. 

The BSE Sensex is currently trading at 78869.56, down by 931.87 points or 1.17% after trading in a range of 78605.81 and 80130.66. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 2.41%, while Small cap index was down by 2.81%.

The only gaining sectoral index on the BSE was IT up by 0.15%, while Utilities down by 3.29%, Power down by 3.19%, Realty down by 2.51%, Healthcare down by 2.51% and Industrials was down by 2.50% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 0.77%, TCS up by 0.64%, Tech Mahindra up by 0.45% and Indusind Bank up by 0.15%. On the flip side, Axis Bank down by 4.57%, Adani Ports down by 3.97%, Bajaj Finserv down by 3.14%, Power Grid down by 2.90% and NTPC down by 2.64% were the top losers.

Meanwhile, steel secretary Sandeep Pondrik has said that the government is taking all measures to ensure that the quality and price of steel are right, even as he sounded confident of the country achieving the target of having 300-million tonnes steel production by 2030. 

Steel Secretary defended the 12 per cent safeguard duty on steel imports. He said ‘the government has already imposed a safeguard duty. It will be appropriately modified as per recommendation of DGTR. We are also ensuring that only quality steel comes into the country and low quality steel doesn't come only because of low price’. To achieve that, he said ‘we are bringing most of the grades of steel in quality control orders and BIS standards. So, we are taking all measures to ensure that the quality and price of steel is right’. 

He said the safeguard duty has been imposed by government based on the recommendation of Director General of Trade Remedies (DGTR), who has recommended 12 per cent safeguard duty, that was done to prevent injury to the domestic industry because low-cost steel was being dumped in the country as per the investigation of DGTR. Stating that this is provisional duty that will be applicable for 200 days, he said in the meanwhile DGTR will finalise its investigation, give its final findings to the government and based on that government will take a decision on the rate of the duty as well as the period of the duty up to which it will be implemented. 

He further said the government is working on an international cooperation strategy to promote the Indian steel industry by encouraging them to open offices and acquire mining assets abroad and also collaborate on technology.  He added ‘so we are now encouraging our companies to become international players rather than being only domestic players’.

The CNX Nifty is currently trading at 23943.55, down by 303.15 points or 1.25% after trading in a range of 23847.85 and 24365.45. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were SBI Life up by 4.37%, Tech Mahindra up by 1.02%, Infosys up by 0.96%, TCS up by 0.59% and Indusind Bank up by 0.25%. On the flip side, Axis Bank down by 4.37%, Adani Ports down by 3.83%, Adani Enterprises down by 3.77%, Shriram Finance down by 3.49% and Trent down by 3.32% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 666.59 points or 1.87% to 35,705.74, Taiwan Weighted added 393.92 points or 1.98% to 19,872.73, Hang Seng advanced 143.69 points or 0.66% to 22,053.45, Jakarta Composite gained 51.08 points or 0.77% to 6,664.56, KOSPI was up by 23.97 points or 0.94% to 2,546.30 and Straits Times rose 3.89 points or 0.1% to 3,835.81, while Shanghai Composite was down by 2.23 points or 0.07% to 3,295.06.
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