NIFTY TRADES NEAR 23,150 MARK; BANK SHARES DECLINE

The key equity benchmarks continued to trade with major cuts in mid-afternoon trade, amid concerns over U.S. President Donald Trump`s tariff announcements on April 2, which could impact overall market sentiment. The Nifty traded near the 22,150 mark. Bank shares extended losses for two consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,438.60 points, or 1.86%, to 75,976.32. The Nifty 50 index tumbled 367.25 points, or 1.56%, to 23,151.40.

In the broader market, the S&P BSE Mid-Cap index declined 1.23%, and the S&P BSE Small-Cap index shed 0.12%.

The market breadth was strong. On the BSE, 2,519 shares rose and 1,403 shares fell. A total of 157 shares were unchanged.

Economy:

Moody�s Ratings said India�s growth at 6.5% will remain the highest amongst the advanced and emerging G-20 countries, supported by tax measures and continued monetary easing. The report released today said that the country will continue to attract capital and withstand any cross-border outflow. In its report on emerging markets, Moody�s said emerging economies are exposed to choppy waters from the churn of US policies. It said economic activity in the fastest-growing economies will slow slightly from high levels but remain strong this year and next.

Meanwhile, India�s current account deficit (CAD) rose marginally to $11.5 billion, or 1.1% of gross domestic product (GDP), during the October-December 2024 quarter of the ongoing financial year (Q3FY25) from $10.4 billion, or 1.1% of GDP, a year ago, amid a rise in service exports. Sequentially, CAD moderated from $16.7 billion in Q2FY25, or 1.8% of GDP, the latest data released by the Reserve Bank of India (RBI) showed. The current account deficit is the difference between exports and imports of goods and services. It is a key indicator of the country�s external sector.

Merchandise trade deficit increased to $79.2 billion in Q3FY25 from $71.6 billion during the same period of FY24. Net services receipts increased to $51.2 billion in Q3FY25 from $45 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services, and travel services.

Buzzing Index:

The Nifty Bank index fell 1.44% to 50,823.45. The index declined 1.45% in the two consecutive trading sessions.

HDFC Bank (down 3.16%), ICICI Bank (down 2.11%), Axis Bank (down 1.81%), Kotak Mahindra Bank (down 1.28%), AU Small Finance Bank (down 0.86%), Federal Bank (down 0.81%), and State Bank of India (down 0.31%) declined.

On the other hand, IndusInd Bank (up 4.72%), IDFC First Bank (up 3.42%), and Canara Bank (up 1.11%) added.

Numbers to Track:

MCX Gold futures for 4 April 2025 settlement rose 0.63% to Rs 90,684.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.06% to 104.13.

The United States 10-year bond yield declined 1.72% to 4.172.

In the commodities market, Brent crude for June 2025 settlement fell 17 cents, or 0.23% to $74.60 a barrel.

Stocks in Spotlight:

SML Isuzu soared 10.97% after the company said that it has sold 2,315 units in March 2025, registering a growth of 23.9% from 1,868 units sold in the same period last year.

Atul Auto surged 12.08% after its total sales grew by 18.06% to 3,693 units in March 2025 as against 3,128 units sold in March 2024.

Steel Strips Wheels (SSWL) jumped 4.44% after the company reported a net turnover of Rs 433.70 crore for March 2025, registering a 27.29% YoY growth compared to Rs 340.72 crore posted in March 2024.

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