Nifty trades near 23,300 level; European mkt decline

The key domestic indices traded with modest gains in the afternoon trade. The Nifty traded near the 23,300 level. All the other sectoral indices on the NSE were traded in green, while realty, consumer durables and FMCG shares gaining the most.

At 13:28 IST, the barometer index, the S&P BSE Sensex, jumped 476.12 points or 0.63% to 76,500.63. The Nifty 50 index added 130 points or 0.56% to 23,297.50.

In the broader market, the S&P BSE Mid-Cap index rose 1.01% and the S&P BSE Small-Cap index added 0.74%.

The market breadth was strong. On the BSE, 2,624 shares rose and 1,169 shares fell. A total of 168 shares were unchanged.

Economy:

India's manufacturing sector growth recovered the ground lost in February, picking up to its highest in eight months as a faster upturn in total sales underpinned a sharper increase in output. March's acceleration came despite a mild slowdown in international order growth. Buoyant demand led companies to tap into their inventories to meet increased client appetite, resulting in the most rapid decline in finished goods stocks since January 2022. Firms aimed to counter declining stock levels by acquiring additional inputs for their production processes at the quickest pace seen in seven months.

Meanwhile, a stronger increase in purchase prices contrasted with a softer rise in selling charges. Registering 58.1 in March, the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) was up from 56.3 in February to its highest mark in eight months. The latest reading showed a substantial improvement in the health of the sector that was above its long-run average.

The Reserve Bank of India (RBI) has announced an Open Market Operation (OMO) purchase worth Rs 80,000 crore in April. The purchases will be conducted in four tranches of Rs 20,000 crore each on April 3, April 8, April 22, and April 29, the central bank said in a statement released late Tuesday.

OMO purchases involve the RBI buying government securities from the market to infuse liquidity, ensuring smoother credit flow and stable financial conditions.

The central bank emphasized that it will continue to monitor evolving liquidity and market conditions and take appropriate measures as needed to maintain orderly market operations.

Gainers & Losers:

Tata Consumer Products (up 7.26%), IndusInd Bank (up 3.14%), Titan Company (up 3.18%), Zomato (up 2.64%), and Tech Mahindra (up 1.87%) were the major Nifty gainers.

Bharat Electronics (down 3.96%), Nestle India (down 1.41%), Hindalco Industries (down 1.42%), UltraTech Cement (down 1.30%) and Dr. Reddy's Laboratories (down 1.07%) were the major Nifty losers.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) added 1.11% after the company delivered its highest-ever cargo volume of 41.5 MMT in March 2025, marking a 9% increase on a year-on-year (YoY) basis.

Baazar Style Retail surged 18.44% after the company reported 55% growth in revenue to Rs 345.6 crore in Q4 FY25 as compared with Q4 FY24.

Sandhar Technologies advanced 3.08% after the company said that its wholly-owned subsidiary Sandhar Ascast has acquired Sundaram-Clayton's 'high-pressure and low-pressure aluminum die casting' business at its Hosur plant.

Hyundai Motor India (HMIL) declined 1.57%. The company reported a 2.6% YoY increase in total sales, reaching 67,320 units in March 2025, including domestic sales of 51,820 units and export sales of 15,500 units. In FY25, the company's total sales reached 762,052 units, comprising 598,666 units in domestic sales and 163,386 units in export sales.

Tata Motors rose 0.10%. The company announced that its domestic sales fell marginally to 90,500 units in March 2025, down 0.35%, as compared with 90,822 units sold in March 2024.

Global Markets:

European markets traded lower while Asian stocks traded mixed on Wednesday as global traders brace themselves for a raft of fresh trade tariffs due to be announced by U.S. President Donald Trump's administration.

Overnight in the U.S., the three major averages closed mixed. The S&P 500 added 0.38% while the Nasdaq Composite gained 0.87%. The Dow Jones Industrial Average slipped 0.03%.

White House officials confirmed that Liberation Day tariffs, including a 25% auto import tariff starting April 3, will be implemented immediately on April 2. Investor uncertainty regarding the tariffs' full impact and potential retaliatory actions is contributing to market volatility.

Tesla Inc. shares closed 3.6% higher on Tuesday. The company is set to report its first-quarter vehicle deliveries on Wednesday. NVIDIA shares rose 1.6%, while Microsoft stock climbed 1.8%. Alphabet shares closed 1.5% up, while those of Micron Technology Inc. jumped 2.1%.

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