Closing Bell | Bloodbath on D-St; Nifty below 23,000, Sensex down 931 pts

Indian equity indices ended on a weak note with Nifty below 23,000 on April 4 amid seling across the sectors. At close, the Sensex was down 930.67 points or 1.22 percent at 75,364.69, and the Nifty was down 345.65 points or 1.49 percent at 22,904.45.

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Markets came under pressure and declined by nearly one and a half percent, largely weighed down by weak global cues. After two days of lackluster movement, the Nifty slipped below its key support level of 23,100 in early trade and continued to drift lower, eventually settling at 22,904.45. Most sectors witnessed significant pressure, with metals, pharma, and energy being the worst performers. The broader indices, which had outperformed in the previous sessions, saw a sharp correction, plunging between 3% and 4%.

The sharp fall in global markets—particularly in the US—and fresh concerns over potential tariffs on pharma impacted sentiment negatively. However, sustained strength in banking and financial stocks helped limit the overall downside to some extent. Looking ahead, we anticipate a time-wise correction in the Nifty index. Traders are advised to stay focused on stock selection and adopt a hedged strategy until further clarity emerges.

The Indian stock market closed on a dismal note today, with both the Sensex and Nifty plummeting over 1.22% and 1.49% due to global market turmoil triggered by US President Donald Trump's sweeping tariff announcements. The Sensex ended at around 75,364, down by nearly 930 points, while the Nifty closed at approximately 22,904, a decline of about 345 points from the previous close. The downturn was largely driven by fears of a global trade war and recession, exacerbated by Trump's imposition of a universal 10% baseline tariff on US imports, with India facing a 26% tariff on its exports.

Key sectors like Metal and Pharma were significantly impacted, pharma stocks succumbing to broader market pressure. The banking sector was supported by stocks like HDFC Bank. Looking ahead, market expectations are cautious, due to ongoing global uncertainties and potential retaliatory measures from trading partners.

Markets slumped in sync with the crash in global equities with sectors crashing over 2-6% on broader-based selling. Investors fear Trump's reciprocal tariff policy will fuel recession and drive inflation in the US going ahead and will also engulf other key economies. A sharp fall in metal and oil stocks is indicating that demand could be hit amid slowdown fears.

The Nifty has given a consolidation breakdown on the daily chart, indicating bearishness. Initially, the index found support at the crucial 22,900 level. However, sentiment remains weak, and a further decline from the current level could trigger additional market correction.

The recent implementation of higher-than-anticipated U.S. tariffs has had a significant impact on global markets, triggering a bearish trend as investors assess the broader implications. The likelihood of retaliatory measures against the U.S. has further heightened uncertainty. U.S. bond yields and oil prices are trending downward, reflecting concerns over potential economic slowdown and increased recessionary risks.

Domestically, while the direct impact of these tariffs is relatively moderate compared to other major economies, it remains more substantial than initially projected. As Q4 approaches, a sequential improvement in corporate performance is anticipated. However, prevailing weak market sentiment suggests that the phase of consolidation may persist in the near term.

#1 Market erases half of the gains seen in previous 2 weeks

#2 Sensex & Nifty fall 3 percent each, Midcap index down 2 percent

#3 Nifty Bank relatively outperforms, falls less than 0.5 percent

#4 IT is the biggest losing index on global growth concerns, falls 9 percent

#5 IT index records biggest weekly fall since COVID 2020, down 9 percent

#5 Except FMCG, all sectoral indices record losses

Indian rupee ended 21 paise higher at 85.23 per dollar on Friday against Thursday's close of 85.44.

Indian equity indices ended on a weak note with Nifty below 23,000 on April 4 amid selling across the sectors.

At close, the Sensex was down 930.67 points or 1.22 percent at 75,364.69, and the Nifty was down 345.65 points or 1.49 percent at 22,904.45. About 1081 shares advanced, 2721 shares declined, and 131 shares unchanged.

Biggest losers on the Nifty included Tata Steel, Hindalco Industries, ONGC, Tata Motors, Cipla, while gainers were Bajaj Finance, Tata Consumer, HDFC Bank, Apollo Hospitals and Nestle India.

On the sectoral front, Metal index plunged 6.5 percent, Pharma index shed 4 percent, Realty index tumbled 3.6 percent, Oil & gas index slipped nearly 4 percent, while Auto, Consumer Durables, Power, PSU, Media, Information Technology indices lost 2-3 percent.

Broader indices underperformed the benchmarks, with BSE Midcap index falling 3 percent and Smallcap index shedding 3.4 percent.

Gold witnessed profit booking with prices down by Rs 650 at Rs 89,450 in MCX, following the official announcement of tariff pricing. The move comes as the markets had already priced in the impact of reciprocal trade tariffs over the past few months, making profit-taking a natural outcome.

With the tariff premium now largely discounted, further downside pressure may emerge as geopolitical tensions—especially from Russia-Ukraine and the Middle East—remain relatively subdued. This easing of global uncertainty could lead to a softening in safe-haven demand. On the technical front, Comex gold faces strong resistance at the $3,120–$3,130 zone, while immediate support is seen around $3,050–$3,055. A break below this could accelerate selling pressure in the near term.

Indian Rupee gained on weak US Dollar index and a sharp decline in crude oil prices. However, weak domestic markets and FII outflows capped sharp gains. US Dollar declined on disappointing services PMI data and concerns over trade tariffs, raising worries over economic growth in the US.

We expect Rupee to trade with a negative bias on risk aversion in global market amid trade tariff worries and FII outflows. However, a weak US Dollar and decline in crude oil prices may support the rupee at lower levels. Traders may take cues from US non-farm payrolls data. USDINR spot price is expected to trade in a range of Rs 84.95 to Rs 85.55.

#1 No further M&A & fundraising for next 5-7 years

#2 Preference to improve profitability over growth

#3 To grow revenue at 11 percent+ CAGR over FY24-30, expand pre-ind AS EBITDA margin to 11 percent+ by FY30

#4 To turn debt-free in the next 2-3 years

#5 Demerged ABFRL revenue to grow at 19 percent+ CAGR over FY24-30

#6 Demerged ABFRL to expand pre-IND AS EBITDA margin to 7 percent+ by FY30 and generate positive FCF from FY29

#7 No sign of demand trends improving

#8 High operating & financial leverage, impact on company’s growth & profitability will be highest

#1 Management underlined its core message that future growth will be organic

#2 Top priority will be to deliver profitability even if inorganic opportunities turns favourable

#3 This change, if executed, could trigger a significant re-rating for stock

#1 Overhangs may drive further de-rating

#2 Key concerns are deposits, CEO, auditor report

#3 Loan growth cut by 200 bps to 10 percent; NIMs down 20–25bps

#4 FY26 credit costs seen at approximately 1.7 percent

#5 EPS cut by 14–15 percent for FY26/27

#1 Stable outlook; valuations attractive

#2 Lesser NIM pressure vs private peers

#3 Credit cost seen under control

#4 Loan growth estimates at 12 percent FY25-27; modest NIM compression

#5 RoA/RoE estimated at 0.9 percent/13 percent in FY26-27

The Sensex was down 967.07 points or 1.27 percent at 75,328.29, and the Nifty was down 362.35 points or 1.56 percent at 22,887.75. About 780 shares advanced, 2706 shares declined, and 91 shares unchanged.

#1 Loan & deposit growth was in-line with management guidance

#2 Will closely track margin progression at upcoming quarterly results

Another, block deal saw 1.86 million shares in a trade

The Sensex was down 939.88 points or 1.23 percent at 75,355.48, and the Nifty was down 355.30 points or 1.53 percent at 22,894.80. About 793 shares advanced, 2654 shares declined, and 99 shares unchanged.

#1 Gross advances grow 5.4 percent to Rs 26.43 lakh crore Vs Rs 25.08 lakh crore, YoY

#2 Average deposits increase 15.8 percent to Rs 25.28 lakh crore Vs Rs 21.84 lakh crore, YoY

#3 Period end deposits zoom 14.1 percent to Rs 27.14 lakh crore Vs Rs 23.8 lakh crore, YoY

#4 CASA deposits rise 5.7 percent to Rs 8.29 lakh crore Vs Rs 7.84 lakh crore, YoY

#5 AUM-average soars 7.3 percent to Rs 26.95 lakh crore Vs Rs 25.12 lakh crore, YoY

#6 AUM-period jumps 7.7 percent to Rs 27.73 lakh crore Vs Rs 25.76 lakh crore, YoY

#1 Q4 revenue growth in high-teens (15 percent in Q3) led by pricing, ahead of estimate +12 percent

#2 Gross margin is expected to contract in-line with Q3 owing to copra & vegetable oil inflation

#3 Gross margin contraction largely in-line with estimate

#4 Management has guided for maintaining double-digit revenue growth in FY26

#1 Strong history, but stayed 'local' with average profitability

#2 Strength: NR deposit base, conservative lending

#3 New CEO aims to scale returns to top-6 bank peers

#4 RoE seen at 14 percent in FY27/28 vs 11 percent average past decade

#5 Valuation cheap: 1.1x P/B, 9x P/E (FY27)

#1 Q4 loan growth at 5.4 percent versus 3 percent in Q3

#2 Retail up 9 percent YoY, CRB up 3 percent, corp down 4 percent

#3 AUM up 8 percent; deposits up 14 percent YoY

#1 Gross funded assets growth remained strong at 20.3 percent YoY vs 20.4 percent in Q3FY25

#2 Deposits growth (as per our estimates) was at 6.4 percent QoQ vs 5.9 percent QoQ in prior quarter

#3 Total customer deposits grew by 6.7 percent QoQ vs 4.3 percent QoQ in prior quarter

The Sensex was down 735.42 points or 0.96 percent at 75,559.94, and the Nifty was down 284.90 points or 1.23 percent at 22,965.20. About 839 shares advanced, 2563 shares declined, and 112 shares unchanged.

#1 Strong summer start expected

#2 Q1 India volume growth estimated at 14 percent

#3 M&A-driven 30 percent revenue & 31 percent EBITDA growth forecast

#4 Execution edge in traditional trade

#1 27 percent US tariff hits all exports

#2 Navin Fluorine most exposed; PI Ind 15 percent, UPL 10–12 percent, SRF 8 percent

#3 Assuming 50 percent tariff absorption: FY26 EBITDA Hit: Navin Fluorine -9 percent, PI Ind -6 percent, UPL -5 percent, SRF -3 percent

#4 Companies may pass on tariff; US retail prices may rise

Tillomed Laboratories, a subsidiary of Emcure Pharmaceuticals has entered into an Asset Purchase Agreement (APA) with UK based Manx Healthcare and its subsidiaries Manx Pharma and Manx Generics.

Under the APA, Tillomed will acquire Manx’s product portfolio inclusive of relevant Dossiers, Marketing Authorisations, Intellectual Property (collectively Intellectual Properties) and the relevant stocks for around £ 19.7 mn (including £ 4.7mn for inventory) of which £ 6.2 mn will be upfront and rest as milestone payments over the next 18 months.

#1 Target price cut to Rs 765 from Rs 930

#2 25 percent US Tariffs & Jaguar Model cuts may drop JLR volumes by 14 percent YoY in FY26

#3 EBIT margin seen falling to 7 percent in FY26/27 vs 9 percent in FY25

#4 JLR FY26 EBITDA cut by 15 percent, but FCF stays positive

#5 JLR EV/EBITDA multiple cut to 2.0x from 2.5x; market pricing in at 1.1x

#6 CV cycle bottoming in FY26; rolling CV valuation to FY28 may add Rs 127

#7 Adds cushion Vs US demand risks from tariffs

#1 Q4FY25 AUM up 26 percent YoY; customer/loan growth strong

#2 Healthy topline, asset quality& succession to drive value

The company announced the launch of its daily non-stop flights connecting Delhi and Kathmandu starting May 10, 2025.

#1 Lost market share in deposits, & grew loans in-line with system

#2 A shift toward retail is a positive

#3 MFI collections efficiency in March improved to 99 percent; will need to see if this can be sustained

The company has commissioned its 10.8 MW DC solar power plant as part of its solar facility in Pratapnagar, Gujarat. This plant comprises two captive solar plants, each with a capacity of 5.4 MW.

The company has entered into a Share Purchase Agreement with Infinite Uptime Inc., USA, for the sale of its stake in Covacsis Technologies for Rs 10 crore. Accordingly, Covacsis has ceased to be an associate company.

The company has inaugurated its Peptide Research Center at its R&D campus in Hyderabad.

The company laid the foundation stone for its upcoming factory in Khordha, Odisha, which is slated to be its tenth factory in India. The factory will be set up with an initial investment of Rs 900 crore in its first phase.

The Sensex was down 760.34 points or 1.00 percent at 75,535.02, and the Nifty was down 286.70 points or 1.23 percent at 22,963.40. About 835 shares advanced, 2506 shares declined, and 110 shares unchanged.

The company's subsidiary, Jupiter Tatravagonka Railwheel Factory (JTRF), has secured land in Khordha, Odisha, for its upcoming railwheel & axle forging plant. Jupiter Tatravagonka plans to invest Rs 2,500 crore in phases to develop this facility. The plant is expected to produce 1 lakh forged wheelsets annually.

#1 Q4 loan growth at 11 percent YoY vs 15 percent in Q3

#2 Deposits up 12 percent YoY; LDR down 200 bps to 91 percent

#3 MFI collection stable at 97.7 percent, below normalised levels

#4 Sector stress key to re-rating despite relative strength

#1 Standalone Q4 revenue of Rs 14,460 crore was up 16.7 percent YoY, in-line with estimate

#2 Five-year CAGR at 18.5 percent was higher than fiscal Q3’s 18.2 percent

#3 Five-year CAGR lower than the average of 20 percent for Q1FY24-Q4FY24

#4 Net store additions at 28, highest quarterly increase in stores

#5 Estimate implied SSSg for the quarter to be between 8 percent & 9 percent

The company has commissioned a 6 MW AC solar power plant, which will be operational in a phased manner under grid connectivity. The power from the 6 MW AC solar power plant will be utilized for captive consumption.

Indian rupee erased some of the intraday gains but still trading higher at 85.23 per dollar against Thursday's close of 85.44.

The defense engineering company has signed a strategic Memorandum of Understanding (MoU) with Israel-based MicroCon Vision (part of Controp and the Rafael Group). This collaboration will position Paras Defence as the exclusive supplier of advanced drone camera technology in India, at a much lower cost.

KP Green Engineering has informed that Phase 1 of the construction at the Matar factory has been successfully completed, which includes the successful commencement of trial and commercial production of the Pre-Engineering Building (PEB).

The Board approved the acquisition of 6.42 crore equity shares of Wonder WallCare, for an enterprise value of up to Rs 235 crore. The company has executed a Share Purchase Agreement with Wonder Cement and Kushal Sogani for acquiring a stake in Wonder WallCare. After the acquisition, Wonder WallCare will become a wholly-owned subsidiary of the company.

#1 Risk-reward balanced; NIM sustainability key

#2 Core PPOP/assets at approximately 1.5 percent (9MFY25)

#3 EPS raised 3 percent to 5 percent for FY26/27

#4 Risks are competition & low CET I

#5 Liquidity surplus (Rs 800 billion), tax rebates & pay hike to support growth

The company's name and symbol will be changed from Zomato to ETERNAL, effective April 9.

#1 Growth remains strong and better than system

#2 Domestic loan growth moderated to 14.3 percent YoY vs 15 percent in the prior quarter

#3 Domestic deposits growth was 11.2 percent vs 13.3 percent in the prior quarter

#4 Will closely track margin progression & guidance in the upcoming quarterly results

The US Food and Drug Administration (US FDA) conducted an inspection at the company's API manufacturing facility in Ankleshwar, Gujarat, during January 27-31, 2025. Post-inspection, the USFDA issued an Establishment Inspection Report with a Voluntary Action Indicated status for the said manufacturing facility.

The company has received an order worth Rs 116.15 crore from GAIL India for the supply of HFW 355.60 X 8.7 & 10.3 WT, GR X-70 PSL-2, coated pipes.