Lackluster trade persists on Dalal Street

The key Indian equity benchmarks continued to trade flat in late afternoon trade. The broader markets were trading lower as the fear of US tariff haunting the street after US president reaffirms reciprocal tariffs on Mexico and Canada and also plans to announce tariffs on all other US trade partners on April 2. The market participants remained cautious after Trump indicated plans to impose 25% reciprocal tariffs on Auto and other goods coming from EU. However, jubilation came in banking sector after RBI restored risk weights on exposure of schedule commercial banks (SCBs) to non-banking finance companies (NBFCs), this action may reduce the cost of capital in coming period. Traders are keeping close eye on upcoming scheduled meeting between Indian PM and EU chief for any clues of possible trade deal between EU and India.

On the global front, Asian equity markets were trading mixed, while European equity markets were trading lower amidst concerns over a global trade war.

The BSE Sensex is currently trading at 74653.56, up by 51.44 points or 0.07% after trading in a range of 74556.41 and 74834.09. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index down by 1.19%, while Small cap index was down by 2.18%.

The few gaining sectoral indices on the BSE were Metal up by 0.48% and Bankex up by 0.22%, while Industrials down by 2.56%, Realty down by 2.16%, Auto down by 1.83%, Capital Goods down by 1.74% and Power down by 1.67% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.87%, Bajaj Finance up by 2.59%, Sun Pharmaceutical Industries up by 1.71%, Indusind Bank up by 1.56% and HDFC Bank up by 1.42%. On the flip side, Ultratech Cement down by 4.91%, Mahindra & Mahindra down by 2.15%, Tata Motors down by 2.04%, Tech Mahindra down by 1.29% and Maruti Suzuki down by 1.17% were the top losers.

Meanwhile, highlighting initiatives being taken by the government to support startups in the country, Union Minister of Commerce & Industry Piyush Goyal has said that the Centre is committed to creating a favourable investment climate, ensuring regulatory stability, and enhancing the ease of doing business (EoDB) in the country. 

Goyal further stressed that Prime Minister Narendra Modi’s recent visits to the USA and France have paved the way for greater investment and enhanced collaborations. Emphasizing that the Union Budget reinforces its commitments with a Rs 10k crore Fund of Funds for Startups and a Deep Tech Fund empowering entrepreneurs, he stressed that a significant investment committed towards R&D with an initial estimation of Rs 20,000 crore for Anusandhan National Research Foundation (ANRF) along with a high-level committee, an investment-friendly index & Jan Vishwas 2.0 further bolster trust-based governance.

At the Pune International Business Summit 2025 which was held on February 24 and 25, 2025, Commerce Minister also noted that the 2-day summit will delve into emerging trade trends, build robust alliances and highlight the transformative role of Small and Medium Enterprises (SMEs) in driving Viksit Bharat.

The CNX Nifty is currently trading at 22549.70, up by 2.15 points or 0.01% after trading in a range of 22516.15 and 22613.30. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 5.15%, Bajaj Finserv up by 2.87%, Bajaj Finance up by 2.74%, Hindalco up by 2.20% and Sun Pharmaceutical Industries up by 1.71%. On the flip side, Ultratech Cement down by 4.87%, Trent down by 2.56%, Bajaj Auto down by 2.40%, BPCL down by 2.27% and Hero MotoCorp down by 2.11% were the top losers.

Asian markets are trading mixed; Hang Seng declined 69.64 points or 0.29% to 23,718.29, Jakarta Composite plunged 117.26 points or 1.81% to 6,488.92, KOSPI dropped 19.34 points or 0.74% to 2,621.75 and Taiwan Weighted lost 349.37 points or 1.52% to 23,053.18, while Nikkei 225 surged 113.8 points or 0.3% to 38,256.17, Straits Times rose 6.9 points or 0.18% to 3,914.95 and Shanghai Composite strengthened 7.85 points or 0.23% to 3,388.06.

European markets were trading lower; UK’s FTSE 100 decreased 30.04 points or 0.35% to 8,701.42, France’s CAC fell 67.09 points or 0.83% to 8,076.83 and Germany’s DAX lost 297.17 points or 1.32% to 22,496.94.