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

Market Close | 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.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

For the week, the BSE Sensex and Nifty fell 2.6 percent each, while the IT index suffered the most, falling 9 percent on a weekly basis due to uncertainty over IT client spends. This was the worst week for the IT index since the pandemic years. ...Read More

Ajit Mishra – SVP, Research, Religare Broking

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.

Vaibhav Vidwani, Research Analyst at Bonanza

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.

Prashanth Tapse, Senior VP (Research), Mehta Equities

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.

Rupak De, Senior Technical Analyst at LKP Securities

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.

Vinod Nair, Head of Research, Geojit Investments

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.

Market This Week

#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

Currency Check | Rupee closes 21 paise higher

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

Market Close | 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 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.

HUDCO had reported a 123 percent YoY jump in its loan disbursement to Rs 40,037 crore in FY25. Its loan sanctions meanwhile grew by over 55 percent to Rs 1.28 lakh crore....Read More

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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.

Go First, formerly known as GoAir, filed for insolvency in May 2023 due to financial troubles caused primarily by engine supply disruptions. ...Read More

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

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.

Sensex Today | Jindal Drilling gets arbitration award of Rs 66.33 crore

Brokerage Call | Citi keeps 'sell' on Aditya Birla Fashion, target Rs 260

#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

Brokerage Call | Morgan Stanley keeps 'underweight' rating on Aditya Birla Fashion, target Rs 271

#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

Brokerage Call | UBS downgrads IndusInd Bank to 'sell'; target price cut to Rs 600 from Rs 770

#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

Sensex Today | Nifty Metal index sheds 6.5%; extend losses on second day

Sensex Today | Cabinet approves rail projects worth Rs 8,741 crore in Chhattisgarh

Brokerage Call | UBS upgrads Bank of Baroda to 'buy'; target price raises to Rs 290

#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

Markets@3 | Sensex down 960 points, Nifty below 22900

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.

Stock Market LIVE Updates | Equitas Small Finance Bank Q4 deposits up 5.8% QoQ at Rs 43,107 crore

Sensex Today | Ujjivan Small Finance Bank Q4 deposits up 9.1% QoQ at Rs 37,617 crore

Commodity Check | Brent Crude slips below USD 68/bbl

Goldman, Citi and QuantEco Research had also predicted just one to two more cuts this year, but now expect 75 bps of cuts this financial year, taking the policy rate to 5.5%, which would be the lowest since August 2022. ...Read More

Brokerage Call | Morgan Stanley keeps 'underweight' rating on Bank Of Baroda, target Rs 215

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

#2 Will closely track margin progression at upcoming quarterly results

Sensex Today | BSE Power index down 3%; Siemens, CG Power top losers

Stock Market LIVE Update | Afcons Infra gets nod for Madhya Pradesh multipurpose project

Stock Market LIVE Update | IndusInd Bank increases overall borrowing limit to INR 3T

Stock Market LIVE Update | Tata Steel has 1.94 million shares traded in a block deal

Another, block deal saw 1.86 million shares in a trade

Stock Market LIVE Update | Fabtech buys additional 18% stake in Kelvin Air Conditioning

Stock Market LIVE Update | Adani approves raising up to INR 650B via debt in FY26

Global Markets | European markets trade weak; Dow Futures down 0.9%

Markets@2 | Sensex down 940 pts, Nifty at 22900

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.

Stock Market LIVE Updates | HDFC Bank Q4 advances up 5.4%, deposits up 15.8%, YoY

#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

Brokerage Call | Prabhudas Lilladher retains 'hold' rating on Avenue Supermarts, target Rs 3,942

Brokerage Call | Morgan Stanley keeps 'equal-weight' call on Marico, target Rs 625

#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

Sensex Today | Nifty PSU Bank index snaps 2-day gaining streak

Brokerage Call | CLSA initiates 'buy' rating on Federal Bank; target price Rs 230

#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)

Global Markets | Asian markets end lower; Dow Future down nearly 1%

Brokerage Call | Jefferies maintains 'buy' rating on HDFC Bank, target price Rs 2,120

#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

Stock Market LIVE Updates | Fitch affirms HCL Technologies at A-, outlook stable

Sensex Today | Nifty Media index snaps 3-day gains; Dish TV, PVR Inox down 5% each

Brokerage Call | Morgan Stanley keeps 'equal-weight' rating on IDFC First Bank, target Rs 58

#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

Markets@1 | Sensex falls 735 points, Nifty below 23000

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.

Sensex Today | All sectors trade in the red; metal down more than 5%

Stock Market LIVE Updates | J&K Bank Q4 total business up 10.6% YoY at Rs 2.52 lakh crore

Brokerage Call | HSBC maintains 'buy' rating on Varun Beverages, target price Rs 670

#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

Sensex Today | BSE PSU index breaks two-day winning streak