Nifty wobbles below 22,500 amid global jitters; Infy drops 4%

The domestic equity benchmarks ended with minor losses on Wednesday. The Nifty concluded trading below the 22,500 mark, retreating from an intraday high of 22,577.40 reached in early trading. IT, realty and media shares tumbled. On the other hand, private banks, financial services and auto shares climbed.

Investor sentiment was weighed down by persistent selling by Foreign Institutional Investors (FIIs) in Indian equities. Concerns surrounding US President Trump's trade policies and the looming risk of a recession in the United States also contributed to the cautious atmosphere.

The S&P BSE Sensex shed 72.56 points or 0.10% to 74,029.76. The Nifty 50 index lost 27.40 points or 0.12%, to 22,470.50.

Infosys dropped 4.28% to Rs 1589.60 after a foreign broker downgraded its rating for the IT giant from overweight to equal-weight. The broker also lowered the target price from Rs 2,150 to Rs 1,740, citing concerns over slowing growth and stretched valuations.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.57% and the S&P BSE Small-Cap index declined 0.48%.

The market breadth was weak. On the BSE, 1,494 shares rose and 2,491 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.70% to 13.69.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.60% to 6.799 as compared with previous close 6.800.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.2250, compared with its close of 87.2150 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement shed 0.15% to Rs 86,025.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 103.55.

The United States 10-year bond yield fell 0.19% to 4.280.

In the commodities market, Brent crude for May 2025 settlement gained 44 cents, or 0.63% to $70 a barrel.

Global Markets:

US Dow Jones index futures were up 208 points, indicating a strong opening in US stocks today.

European shares advanced on Wednesday after the European Union quickly reacted to U.S. President Trump's 25% tariffs on steel and aluminum imports by announcing counter-tariffs on Euro 26 billion ($28.33 billion) worth of U.S. goods, set to begin in April.

The move was aimed at protecting EU consumers and businesses. While the White House confirmed the tariffs would impact Canada, Australia, the EU, and others, it clarified that Trump no longer intended to raise tariffs on Canadian metals to 50%.

Asian stocks ended mixed after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.

Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.

Japan's annual wholesale inflation hit 4% in February, slowing from the seven-month high of 4.2% the month before. The latest reading is still well above the country's 2% inflation target and raises bets that the Bank of Japan will hike interest rates.

In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.

Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario's new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.

Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week's Federal Reserve interest rate decision.

Stocks in Spotlight:

Bharti Airtel declined 0.95% while Reliance Industries rose 0.74%. Both the companies announced agreements with SpaceX to introduce Starlink's high-speed internet services to their Indian customers. However, both agreements are contingent upon SpaceX securing necessary authorizations to operate Starlink within India.

PB Fintech dropped 4.44% after the company announced a proposed Rs 696 crore investment in its wholly-owned healthcare subsidiary, PB Healthcare Services, for the financial year 2025-26. PB Healthcare Services, incorporated in January 2025, operates within the rapidly expanding healthcare and allied services sector in India.

Ola Electric Mobility (OLA) rose 0.39%, following the successful completion of its Network Transformation and Opex Reduction Program, a company-wide initiative launched in November 2024. The program, aimed at slashing costs and enhancing customer experience, has yielded financial and operational improvements.

Adani Green Energy rallied 3.44% after the company announced that its wholly-owned step-down subsidiary, Adani Solar Energy Ap Eight, has commissioned a 250 MW solar power project at Kadapa, Andhra Pradesh.

Easy Trip Planners (EaseMyTrip) advanced 2.70% after the company announced a strategic partnership with Sukoon Unlimited, a leading premium senior care service provider, to offer exclusive travel benefits tailored to senior citizens.

Carysil soars 19.80% after the company announced that it has entered into an agreement with KARRAN INC., USA, for the supply of Quartz kitchen sinks to fulfill requirements of new major U.S. home retail chain.

SEPC hit an upper circuit of 20% after the company announced the execution of a Framework Agreement with ROSHN Group, a leading real estate developer in Riyadh, Kingdom of Saudi Arabia (KSA).

SML Isuzu fell 1.27%. The firm said that it has received order from the Department of Military Affairs under the Ministry of Defence worth Rs 24.71 crore for the supply of a BS VI, 4-wheel drive troop carrier with 20 seats.

FSN E-Commerce Ventures (Nykaa) shed 0.75%. The company announced that it has incorporated a new wholly owned subsidiary, Nykaa Essentials, with its registered office in Mumbai, Maharashtra.

Sandur Manganese & Iron Ores slipped 3.09% after the company said that Krishnendu Sanyal has resigned from his position as chief executive officer (CEO) of the company due to personal reasons, effective from 10 March 2025.

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