| The key equity indices traded with robust gains in the afternoon trade, supported by a resilient domestic structural outlook and sustained foreign portfolio investor (FPI) inflows. Bank private bank and PSU bank shares advanced while IT and metal shares declined. The Nifty climbed above the 23,750 mark after hitting the day’s low of 23,298.55 in early trade.
At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 1,256.09 points or 1.63% to 78,300.38. The Nifty 50 index jumped 344.05 points or 1.48%, to 23,781.65.
In the broader market, the S&P BSE Mid-Cap index advanced 0.39%, and the S&P BSE Small-Cap index rose 0.60%.
The market breadth was strong. On the BSE, 2,470 shares rose and 1,322 shares fell. A total of 175 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.86% to 16.
Gainers & Losers:
ETERNAL (up 3.27%), Bharti Airtel (up 3.15%), ICICI Bank (up 3.14%), State Bank of India (up 3.08%) and Sun Pharmaceutical Industries (up 2.48%) were the major Nifty50 gainers.
Wipro (down 4.58%), Hero MotoCorp (down 1.09%), Tech Mahindra (down 0.69%), JSW Steel (down 0.50%), and Coal India (down 0.47%) were the major Nifty50 Losers.
Wipro dropped 4.58% after a domestic broker downgraded the stock to a ‘Hold’ and slashed its target price to Rs 260 from Rs 300.
The brokerage flagged the IT major's weak Q4FY25 quarter, with IT services revenue falling short of expectations. It also pointed to subdued Q1FY26 revenue guidance, reflecting macro uncertainties from global tariffs. With limited visibility on FY26 growth, the brokerage said Wipro’s turnaround thesis looks challenged.
Another domestic broker also downgraded Wipro to ‘Reduce,’ with a target price of Rs 252. The brokerage expects a potential demand recovery later in Q1FY26, particularly if global tariff-related disputes are resolved. However, a weak start makes full-year positive growth a challenge. Margins are expected to remain under pressure due to a soft revenue environment, pricing constraints from cost takeout deals, and vendor consolidation, it added.
The IT major announced that its consolidated net profit grew 6.43% to Rs 3,569.6 crore in Q4 FY25 as against Rs 3,353.8 crore posted in Q3 FY25. However, revenue from operations increased marginally to Rs 22,504.2 crore in Q4 FY25 as against Rs 22,318.8 crore reported in Q3 FY25.
Stocks in Spotlight:
GTPL Hathway declined 1.61% after the company’s consolidated net profit slipped 19.27% to Rs 10.64 crore in Q4 FY25, compared with Rs 13.18 crore in Q4 FY24. Revenue from operations increased 10.27% to Rs 890.99 crore in Q4 FY25, compared with Rs 807.98 crore posted in the corresponding quarter last year.
Krystal Integrated Services rallied 2.89% after the firm received a contract worth Rs 348.91 crore from Tamil Nadu Medical Services Corporation (TNMSC) for providing housekeeping and security services.
Angel One shed 0.58%. The company’s consolidated net profit declined 48.7% to Rs 174.52 crore on a 22.1% fall in total revenue from operations to Rs 1,056.01 crore in Q4 FY25 over Q4 FY24.
Meanwhile, the company’s board declared a final dividend of Rs 26 per equity share for FY25. The said dividend will be paid within 30 days from the date of the Annual General Meeting (AGM).
Venus Remedies surged 7.71% after the company said its investigational drug candidate VRP-034 has received Qualified Infectious Disease Product (QIDP) designation from the US drug regulator.
Shivalic Power Control rose 1.97% after the company announced that it has secured two orders totaling Rs 2.31 crore for the supply of low-tension (LT) panels to CBG and Mahagun.
Suzlon Energy rose 2.06% after the company announced that it has secured a 100.8 MW wind power order from Sunsure Energy.
RMC Switchgears hit a lower circuit of 2% after the company informed that Anand Chaturvedi has tendered his resignation from the post of chief financial officer, effective from 16 April 2025.
Global Markets:
European markets opened lower on Thursday as traders awaited the latest monetary policy decision from the European Central Bank.
Asian shares advanced, supported by positive signals from U.S. equity futures, as investors turned their attention to the upcoming U.S.-Japan trade discussions. Japan is one of the first countries to enter direct trade talks with the U.S., making the outcome of these negotiations a key focal point for global markets.
Data released by Japan’s Ministry of Finance on Thursday showed that exports rose 3.9% year-on-year in March, marking the sixth consecutive month of growth. Imports increased by 2% over the same period, resulting in a trade surplus of 544.1 billion yen (approximately $3.84 billion).
In contrast, U.S. markets declined sharply overnight. Federal Reserve Chair Jerome Powell cautioned that ongoing trade tensions could affect the central bank’s ability to meet its inflation and employment targets. His comments contributed to broad-based selling in equities.
The Dow Jones Industrial Average closed 1.7% lower, the S&P 500 fell 2.2%, and the NASDAQ Composite declined by 3.1%. Notable declines included Advanced Micro Devices (down over 7%), Intel Corporation (down 3%), and Broadcom Inc. (down 2.4%).
Powell also indicated that the Federal Reserve is not inclined to cut interest rates in the near term, citing inflationary pressures and economic uncertainties linked to the implementation of new tariffs. He emphasized a cautious, wait-and-see approach in response to the evolving economic environment.
Separately, U.S. retail sales data released Wednesday showed a 1.4% increase in March, following a revised 0.2% gain in February. The rise was driven in part by increased vehicle purchases, as consumers anticipated the impact of potential tariffs.
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