Closing Bell: Battered market rebounds; Sensex gains 1,089 pts, Nifty above 22,500

Indian equity indices ended on strong note with Nifty at 22,500 on April 8. At close, the Sensex was up 1,089.18 points or 1.49 percent at 74,227.08, and the Nifty was up 374.25 points or 1.69 percent at 22,535.85.

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

Markets saw a breather after Monday’s sharp decline, rebounding over 1.5% in line with the recovery in global markets. Following a gap-up opening, the Nifty moved in a range but maintained a positive bias throughout the session, eventually closing at 22,535.85. All major sectors contributed to the bounce, with realty, financials, and FMCG emerging as the top gainers. Broader indices also performed well, rising over 2% each.

Participants are advised not to read too much into this single-day recovery, as tariff-related developments are likely to keep volatility elevated. Moreover, the upcoming outcome of the MPC’s monetary policy meeting could add to the market swings, especially on the weekly expiry day. We recommend maintaining a hedged approach, focusing on stocks showing relatively higher strength.

Following positive global cues, led by the interest of many nations to enter into bilateral agreements with the US, the domestic market witnessed a recovery. Moreover, this optimism stems from the fact that the Indian economy is more driven by local demand and low reciprocal tariff and ongoing trade negotiations with the U.S. Meanwhile, China's currency devaluation, aimed at mitigating the impact of escalating trade tensions, is exerting downward pressure on the INR. Additionally, all eyes are on the RBI policy decision tomorrow, where a 25-bps rate cut is anticipated.

Today, the Indian stock market rebounded strongly with the Sensex surging over 1,000 points to close at 74,227, and the Nifty 50 ending above 22,500. This recovery was driven by several factors, including positive global cues as Asian markets showed resilience and some easing of trade war fears as investors began to believe that the US-China trade tensions might not significantly impact other major economies.

Hopes of a possible RBI rate cut to address liquidity challenges contributed to the upside. The market's fear gauge, India VIX, dropped significantly, indicating reduced investor anxiety. Market expectations remain cautiously optimistic, with investors awaiting clarity on global trade developments and the RBI's policy stance.

Despite ongoing uncertainty, the stable macroeconomic fundamentals of India and fair valuations in large-cap stocks are expected to support the market in the long term. Overall, the market's ability to bounce back from significant losses suggests a robust underlying sentiment, though investors are likely to remain in a wait-and-watch mode until more clarity emerges on global trade tensions.

Positive global market cues aided massive recovery in local benchmarks, as concerns over US trade tariffs faded a bit on hopes that most of the nations would work out ways to overcome the challenge. With India largely being a consumption-led economy, the US tariff impact may not hurt the country in a major way when compared to some of the other nations.

The Indian rupee experienced a decline in value against the US dollar, primarily driven by strong demand for dollars from importers and ongoing outflows of foreign funds from Indian equity markets. As a result, the rupee has emerged as the worst-performing currency among its Asian counterparts this month. Market sentiment continues to remain negative for the rupee, particularly following the imposition of reciprocal tariffs by the US, which has caused the currency to drop to its lowest point since March 21.

In the short term, the USD/INR exchange rate may rise above the 86.50 mark, with the potential to find support around 85.60.

The combination of oversold condition and a strong recovery in global equities helped the Index begin the session on a positive note. Despite a short dip during the opening trade, Nifty50 managed to extend its gains, finishing the day higher at 22,535.85 with gains of 374.25 points. All sectors closed in the green, with Media and PSU Banks leading the way. With gains of over 2%, Mid and Small-cap stocks outperformed the Frontline Index.

The Spinning Top candlestick pattern observed on the daily chart suggests indecisiveness between the bulls and bears. Under normal circumstances, the day’s high and low (22,700 and 22,270, respectively) would serve as immediate resistance and support levels. A breakout above or below these levels would signal a clear trend direction.

Indian rupee ended 40 paise lower at 86.24 per dollar on Tuesday versus Monday's close of 85.84.

Indian equity indices ended on strong note with Nifty at 22,500 on April 8.

At close, the Sensex was up 1,089.18 points or 1.49 percent at 74,227.08, and the Nifty was up 374.25 points or 1.69 percent at 22,535.85. About 2968 shares advanced, 843 shares declined, and 115 shares unchanged.

Jio Financial, Shriram Finance, Titan Company, Cipla, Bharat Electronics were among major gainers on the Nifty, while only loser was Power Grid.

All the sectoral indices ended in the green with Capital Goods, Consumer Durables, FMCG, Oil and Gas, PSU, Realty, Telecom, Media up 2-4 percent.

BSE Midcap index rose 1.8 percent and Smallcap index added 2 percent.

Zuari Infraworld India, a wholly-owned subsidiary of Zuari Industries has entered into binding term sheet with Texmaco Rail & Engineering, a related party of the company to act as Development Manager to provide development management services for the overall development for mixed use development project at Texamco’s land located at Agarpara Mouza, Barrackpore - 2 Block, 24 Parganas (North), West Bengal.

RBI has last cut the repo rate by 25 basis points to 6.25% in February 2025, driven by inflation dropping and to stimulate economic growth. India’s CPI inflation fell to 3.61% in February 2025 and is lower than the RBI’s tolerance target of 4%. The food inflation has also dropped 3.75% in February 2025 from 5.97% in January 2025. RBI has already infused durable liquidity of around Rs 6.5 trillion by cutting the CRR, open market operations (OMO), and foreign currency swaps. With lowering inflation, the rate cut consideration by the RBI seems fruitful.

The US reciprocal tariffs on India and other major economies have increased the risk of a global recession. This can lead to a decrease in India’s export earnings and create uncertainty in India’s growth trajectory. As the global economy is facing the wrath of reciprocal tariffs from the US and starting the trade wars, there is a high probability that the RBI will cut the repo rate by another 25 basis points in the April meeting.

While the US is at risk of heightened inflation with tariffs on imports, the FOMC has kept the benchmark rate unchanged in the range of 4.25% to 4.5% in its last meeting. The rate cut by the RBI could benefit India by making borrowing cheaper for individuals and businesses, leading to higher spending and investment. Also, India is still at a benefit with a comparative advantage over the US tariff stance as compared to China, with an expectation of a shift of the supply chain to India. So, there is a possibility that the RBI will take the rate cut route with the benefit of lowering inflation and to offset the marginal impact of US tariffs on India’s economic growth.

#1 Upgrades Axis Bank to buy, target price at Rs 1,228

#2 Upgrades SBI to neutral from sell, target price at Rs 823

#1 Strong rebound expected from FY26 driven by top drugs & potential new drug approvals

#2 Successful integration of Cohance, Sapala & NJ Bio expected to contribute to >20 percent EBITDA CAGR

#1 Government hikes excise duty on petrol & diesel after 2 days of falling oil prices

#2 Oil price, excise duty & pump price support high margin, but raise risk perception

#3 Cut target valuation multiples due to increased risk perception

#4 Buy call on IOC, target price cut to Rs 150 from Rs 170

#5 Buy call on BPCL, target price cut to Rs 400 from Rs 440

#6 Buy call on HPCL target price raises to Rs 480 from Rs 450

The Sensex was up 1,160.24 points or 1.59 percent at 74,298.14, and the Nifty was up 383.55 points or 1.73 percent at 22,545.15. About 2841 shares advanced, 629 shares declined, and 82 shares unchanged.

Indian rupee extended the losses and trading 41 paise lower at 86.25 per dollar on Tuesday versus Monday's close of 85.84.

The company has terminated the order from Sai Bandhan Infinium for the 66.20 MW hybrid power project under the captive power producer (CPP) segment due to changes in project technical requirements post-receipt of the order. This termination will not have any material financial impact on the company.

#1 Production & sales on track with revised guidance

#2 Expecting 12 percent YoY growth at the consolidated level

#3 Awaiting further clarity with results on May 23

#1 Indian sales volumes grew 3 percent YoY, with strong domestic sales up 7 percent YoY

#2 Exports lower at 6 percent due to volume transfer to UK unit

#3 Tata Steel UK shows improvement in sales

As of 2:00 pm, the top five gainers on BSE Sensex are:

The Sensex was up 1,222.23 points or 1.67 percent at 74,360.13, and the Nifty was up 405.45 points or 1.83 percent at 22,567.05. About 2781 shares advanced, 644 shares declined, and 98 shares unchanged.

Bajaj Finserv & Bajaj Holdings to together acquire 6.1% of Allianz stake in the first tranche.

The company has signed a contract with the Ministry of Defence valued at Rs 2,210 crore for the supply of an electronic warfare (EW) suite for Mi-17 V5 helicopters of the Indian Air Force. With this, BEL has now accumulated orders totalling Rs 2,803 crore in the current financial year.

#1 FY25 saw slower growth & moderated RoE due to higher credit costs

#2 With asset quality improving, expect strong growth from FY26

#3 PAT CAGR expected at 22-23 percent, with AUM growth of 25 percent

Housing and Urban Development Corporation (HUDCO) has signed a Memorandum of Understanding (MoU) with Mumbai Metropolitan Region Development Authority (MMRDA), Maharashtra.

The MoU has been entered to establish a framework for cooperation between HUDCO and MMRDA wherein HUDCO shall explore and provide funds up to Rs.1,50,000 Crore over a period of five years for development of infrastructure projects to be implemented by MMRDA in Mumbai Metropolitan Region. Further, HUDCO will also extend Consultancy services and Capacity Building activities to meet the emerging requirements of MMRDA.

#1 Excise duty on petrol & diesel increased by Rs 2/litre

#2 No change in retail fuel prices, reducing OMCs margin from super-normal levels

#3 Government revenue increase of Rs 33,000 crore annually to offset Rs 41,300 crore LPG losses

#4 Domestic LPG prices raised by Rs 50/cylinder, reducing LPG losses by 23 percent

The company has received an offer from Assam Electricity Grid Corporation (AEGCL), Government of Assam to acquire land parcel admeasuring 3 acres in Guwahati, Assam for the purpose of setting up a super speciality hospital thereat.

The Sensex was up 1,609.39 points or 2.20 percent at 74,747.29, and the Nifty was up 493.65 points or 2.23 percent at 22,655.25. About 2809 shares advanced, 575 shares declined, and 95 shares unchanged.

The Tata Motors Group global wholesales in Q4 FY25, including Jaguar Land Rover were at 3,66,177, lower by 3%, as compared to Q4 FY24.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q4 FY25 were at 1,07,765, lower by 3%, over Q4 FY24.

Global wholesales of Tata Motors passenger vehicles in Q4 FY25 were at 1,46,999, lower by 6% as compared to Q4 FY24.

Global wholesales for Jaguar Land Rover were 1,11,413 vehicles, higher by 1% as compared to Q4 FY24. Jaguar wholesales for the quarter were 7,070 vehicles, while Land Rover wholesales for the quarter were 1,04,343 vehicles.

Garden Reach Shipbuilders & Engineers has signed a Memorandum of Understanding (MoU) with SWAN Defence and Heavy Industries.

The Board has approved the re-appointment of Umesh Chowdhary as Vice Chairman, Managing Director, and CEO of the company for five years, effective October 1, 2025. Furthermore, the Board approved the appointment of Vijay Subramanian as Chief Transformation Officer of the company, effective April 7.

Lyka Labs has been granted an Indian Patent for its proprietary product, Pregabalin Gel 8%, with patent protection valid through 2043.

Despite the widespread fear gripping global markets, fueled in part by recent tariff announcements from President Trump, I believe we are nearing the end of a bottoming process in US markets. In my view, this final phase will give way to a sharp, euphoric rally that could mislead many into thinking stability has returned.

While sentiment remains bearish, I foresee a surge in the S&P with potential upside targets of 6300–6700 over the next 6–8 months, marking what could be a classic blow-off top before a significant correction. This is a personal take based on current market signals, and while risks persist, I believe we’re on the cusp of a powerful, albeit temporary, upswing.

#1 The development value is Rs 865 crore

The company has defaulted on the payment of a Rs 2,628.15 crore loan from banks/financial institutions as of March 2025. Its total financial indebtedness, including short-term and long-term debt, amounts to Rs 3,097.71 crore.

#1 Positioned for top-quartile profit growth

#2 PBT margin expected to rise from approximatey 3 percent in FY24 to over 16 percent by FY28

#3 Growth Drivers: CDMO business, CHG capacity expansion & turnaround of ICH business

#1 Strong Q4 expected due to supportive yields & tighter industry capacity

#2 Positive impact from business class ramp-up & weakness in fuel prices

#3 IndiGo’s EV/EBITDA for FY26 & FY27 expected at 10.4x & 8.3x

HDFC MF acquired an additional 6.23 lakh shares in the IT company at an average price of Rs 1,099 per share, amounting to Rs 68.56 crore.

However, NWBP, as the depository participant (DP) of First State Indian Subcontinent Fund A Sub Fund of FS INVTS ICVS, sold 6.79 lakh shares at an average price of Rs 1,099.72 per share, valued at Rs 74.74 crore.

The company has terminated the order from Sai Bandhan Infinium for the 66.20 MW hybrid power project under the captive power producer (CPP) segment due to changes in project technical requirements post-receipt of the order. This termination will not have any material financial impact on the company.

The company has incorporated a wholly owned subsidiary named Mahindra Advanced Technologies in Mumbai, Maharashtra.

MCX Gold prices extended their losing streak for four days in a row. Prices were down by more than 1,000 points as prices settled around 87,000 levels. The decline was primarily driven by investors liquidating positions to meet margin requirements and book profits amid mounting volatility across broader markets. Sentiment worsened after President Trump's statement threatening to impose a 50% tariff on Chinese imports unless Beijing rolls back its 34% retaliatory duties on American goods.

We expect Gold prices to remain volatile ahead of FOMC minutes this week. The street expects some clarity on the rate cut next month, which may support prices, or Gold may head southwards.

The Sensex was up 783.70 points or 1.07 percent at 73,921.60, and the Nifty was up 252.80 points or 1.14 percent at 22,414.40. About 2541 shares advanced, 516 shares declined, and 113 shares unchanged.

Revolt Motors has expanded its dealership network to 200 locations multiplying the dealership network by 10 times over the last 2 years. By the end of FY26, Revolt aims to reach 400 dealerships, further strengthening its national footprint.