Nifty bounces off day's low, ends near 22,500 mark; Trent up 4%

The domestic equity benchmarks ended Tuesday's session near the flat line, recovering from a weak start. The Nifty rebounded from the day's low of 22,314.70 in early trade to close near the 22,500 mark. The rebound was supported by a decline in crude oil prices and selective buying in heavyweight stocks. However, lingering concerns over the potential impact of US President Donald Trump's tariff policies and their subsequent economic consequences continued to weigh on investor sentiment. Realty and energy shares were in demand, while private banks and IT shares were under pressure.

The S&P BSE Sensex shed 12.85 points or 0.02% to 74,102.32. The Nifty 50 index added 37.60 points, or 0.17%, to 22,497.90.

Trent (up 4.06%), ICICI Bank (up 2.49%) and Reliance Industries (up 0.74%) supported the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.72%, and the S&P BSE Small-Cap index fell 0.70%.

The market breadth was weak. On the BSE, 1466 shares rose and 2506 shares fell. A total of 120 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 0.62% to 14.07.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.51% to 6.802 as compared with previous close 6.810.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.2100, compared with its close of 87.3100 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement rose 0.63% to Rs 85,961.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.35% to 103.57.

The United States 10-year bond yield rose 0.02% to 4.214.

In the commodities market, Brent crude for May 2025 settlement gained 70 cents, or 1.01% to $69.98 a barrel. Oil prices are under pressure since the past few days amid concerns that U.S. tariffs on Canada, Mexico, and China could slow economic growth and dampen energy demand.

Global Markets:

Most European shares advanced on Tuesday as traders will be focusing on earnings from Persimmon, Lego, and Leonardo, which are also set to be released Tuesday.

Asian stocks ended lower, tracking losses in the U.S. following anxiety over tariff policy and a potential recession in the world's largest economy.

Investor concerns deepened over a potential slowdown in US economic expansion after President Donald Trump escalated trade tensions and continued to cut spending while unsettling long-standing geopolitical alliances.

In Japan, fresh government data showed the economy grew at an annualized rate of 2.2% in Q4, down from an earlier estimate of 2.8%. However, the reading remained well above the previous quarter's 1.2% expansion. Quarter-on-quarter, GDP growth was revised slightly lower to 0.6% from 0.7%, still ahead of the prior 0.3% pace.

On Wall Street, US stocks nosedived on Monday, with the S&P 500 dropping 2.7%, the Dow Jones Industrial Average losing 2%, and the NASDAQ Composite plunging 4%'largely driven by steep declines in major tech stocks.

Tesla Inc. led the selloff with a 15% plunge, while NVIDIA Corporation fell 5.1%. Broadcom Inc. shed 5.4%, and Arm Holdings declined 7.3%.

Bond markets reacted sharply, with 10-year Treasury yields slipping as investors bet that an economic slowdown could push the Federal Reserve toward interest rate cuts.

All eyes are now on the consumer price inflation report due Wednesday, a key data point ahead of next week's Fed interest rate decision.

Last week, Fed Chair Jerome Powell signaled a cautious approach, emphasizing that the central bank was closely monitoring the impact of Trump's recent economic policies, including tariffs and federal worker layoffs.

Stocks in Spotlight:

IndusInd Bank slumped 27.17% to Rs 655.95 after the bank reported discrepancies in account balances within its derivative portfolio following an internal review. The bank estimates a potential adverse impact of approximately 2.35% of its net worth as of December 2024. The discrepancies were identified during a review of Other Asset and Other Liability accounts related to the derivative portfolio, prompted by the implementation of the RBI's new Master Direction on investment portfolios.

According to the media reports, this could lead to an adverse impact on its net worth by about Rs 1600 crore, and the bank plans to absorb this loss in its fourth-quarter earnings or the first quarter of the next fiscal year.

NTPC rose 0.32%. The company has announced that along with its subsidiary, NTPC Green Energy, has signed multiple agreements worth Rs 96,000 crore with the Government of Chhattisgarh to develop nuclear, pumped hydro, and renewable energy projects in the state.

Supreme Industries gained 1.47% after the company said that it has entered into an agreement for acquiring the Indian Piping (building and infrastructure) business of Wavin Industries for an aggregate consideration of $30 million plus net working capital on the closing date.

Anupam Rasayan India added 0.61%. The company has signed a 10-year letter of intent (LoI) with a leading Korean multinational in specialty chemicals, for the supply of a high-performance niche chemical, expected to begin in FY26.

Waaree Renewable Technologies slipped 3.26%. The company informed that it has received a letter of award (LOA) worth Rs 740.06 crore for EPC works on a solar power project with a capacity of 125 MWAC (181.3 MWp DC) on a turnkey basis, along with operation and maintenance.

Centum Electronics rallied 3.40% to Rs 1241.60 after the company informed that its board approved the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,219.65 per equity share.

Urja Global dropped 4.12%. The company said that its board has approved the appointment of Sachin Kumar Agrahari as a chief financial officer (CFO) and key managerial personnel (KMP) with effect from 10 March 2025.

Sterling and Wilson Renewable Energy fell 2.93%. The company said that its board has approved the appointment of Ajit Pratap Singh as a chief financial officer (CFO) and key managerial personnel (KMP) with effect from 24 March 2025.

AK Capital Services advanced 2.36% after the company's board has reappointed A. K. Mittal as managing director (MD) of the company for a period of five years with effective from 1 April 2025.

Allcargo Gati slipped 5.10% after the company's total volume, including surface and air express, stood at 95 kilotons (kt) in February 2025, down 5% from 100 kt in February 2024.

Premier Explosives (PEL) declined 1.72%. The company said that it has signed joint venture and shareholders agreement with Global Munition (GML), a subsidiary of NIBE Ordnance and Maritime to manufacture defence and aerospace products.

Z-Tech (India) hit an upper circuit of 5% after the company secured a Rs 20 crore project from Amdavad Municipal Corporation (AMC) under the public-private partnership (PPP) model.

Hitachi Energy India lost 4.25%. The company informed that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 12,112.50 per equity share.

MSTC added 1.05% after the company announced that it has received work order from Coal India (CIL) for engagement as 'e-auction service provider'.

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