| The key equity indices reversed all gains and traded with minor losses in the afternoon trade, weighed down by weak global cues amid escalating US-China trade tensions. PSU bank, private bank, and media shares advanced, while metal, auto, and IT shares declined. The Nifty traded below the 23,300 level.
At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 125.20 points or 0.15% to 76,617.49. The Nifty 50 index shed 32.40 points or 0.14% to 23,296.35.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.08% and the S&P BSE Small-Cap index rallied 0.61%.
The market breadth was strong. On the BSE, 2,536 shares rose and 1,246 shares fell. A total of 176 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.20% to 15.77.
Gainers & Losers:
IndusInd Bank (up 5.42%), Axis Bank (up 4.19%), Trent (up 2.26%), HDFC Life Insurance Company (up 2.08%), and Asian Paints (up 1.63%) were the major Nifty50 gainers.
Hindalco Industries (down 1.97%), Maruti Suzuki India (down 1.87%), Bajaj Finance (down 1.66%), Infosys (down 1.44%), and Hero Motocorp (down 1.32%) were the major Nifty50 losers.
Infosys declined 1.44%. The company has announced a strategic agreement with Spark New Zealand (Spark), the country’s largest telecommunications and digital services provider, to support the transformation of Spark’s technology delivery model through digital innovation.
Stocks in Spotlight:
ICICI Lombard General Insurance Company declined 1.67% after the company’s net profit slipped 1.90% to Rs 509.59 crore in Q4 FY25 as against Rs 519.5 crore posted in Q4 FY24. However, total income jumped 13.27% to Rs 5,851.17 crore in Q4 FY25 as against Rs 5,165.35 crore recorded in the corresponding quarter last year.
Meanwhile, the board has recommended a final dividend of Rs 7 per equity share for the financial year ended 31 March 2025. The dividend will be paid to eligible shareholders upon approval at the upcoming Annual General Meeting (AGM).
ICICI Prudential Life Insurance Company rallied 3.19% after the reported 122.31% surge in standalone net profit to Rs 386.29 crore in Q4 FY25 as against Rs 173.76 crore posted in Q4 FY24. However, total income tumbled 30.79% YoY to Rs 15,637.51 crore in the quarter ended 31 March 2025.
Dabur India added 1.41% after the company announced that its step-down wholly owned subsidiary, Dabur International FZE, will incorporate a new entity in the United Kingdom.
Indian Renewable Energy Development Agency (IREDA) jumped 7.19% after the company’s consolidated net profit jumped 48.66% to Rs 501.55 crore on a 36.93% increase in revenue from operations to Rs 1,905.06 crore in Q4 FY25 over Q4 FY24.
Indo National (INL) shed 0.57%. The company has announced that its board has approved the execution of a share subscription and shareholders' agreement with Medcuore Medical Solutions (MMSPL) and its promoters, marking a strategic investment of Rs 17 crore in the company.
Prozone Realty rose 0.63%. The company announced that its board has approved the acquisition of 100% equity shares of Probliss Realty.
Max India zoomed 17.84% after the company announced plans to raise up to Rs 125 crore through a rights issue of equity shares with a face value of Rs 10 each.
Global Markets:
Dow Jones futures are down 323 points, signaling a potential decline in U.S. stocks today.
European markets opened lower on Wednesday as uncertainty over the direction of U.S. trade tariffs continues to dent sentiment.
U.K. inflation data for March came in at 2.6%, according to figures published by the Office for National Statistics on Wednesday.
Most Asian stocks fell on Wednesday after Wall Street declined overnight as investors assessed quarterly earnings, while tariff worries continued to weigh on investor sentiment.
China's economy expanded by 5.4% year-on-year in the first quarter, surpassing expectations. March retail sales rose 5.9%, while industrial production grew by 7.7% compared to the same period last year. Fixed asset investment increased by 4.2% in the January–March period. The urban unemployment rate fell to 5.2% in March, easing from 5.4% in February.
In the United States, the three major stock indexes closed lower on Tuesday. The Dow Jones Industrial Average declined 0.38%, the S&P 500 fell 0.17%, and the Nasdaq Composite edged down 0.05%. The losses came after consecutive sessions of gains, amid fading optimism over temporary relief from tariffs and uncertainty surrounding future trade policy under President Donald Trump.
NVIDIA Corporation slid 6% in aftermarket trade after the artificial intelligence major said the government had further restricted exports of its H20 chips to China.
Anticipation of more first-quarter earnings, as well as more cues on the U.S. economy, also kept risk appetite in check.
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