Domestic indices magnify losses in late morning deals

Domestic equity indices magnified their losses in late morning deals as market participants indulged in reducing their positions. Sensex dropped over 1100 points while Nifty fell over 265 points. Hectic selling in Bajaj Finserv, Infosys, HDFC Bank, Bajaj Finance and Axis Bank companies’ stocks dragged both Sensex and Nifty to trade below their psychological 76,300 and 23,300 levels respectively. Traders were cautious ahead of U.S. reciprocal tariff announcements on its trading partners, which are due to be imposed on April 2. Further, sentiments were also weak on report that the foreign institutional investors (FIIs) were net sellers on March 28 as they sold equities worth Rs 4,352 crore.

On the global front, Asian markets were trading in green as some traders picked up stocks at a bargain after selling in the previous sessions. In the stock specific development, Vodafone Idea soared after an announcement that the Central government will convert its outstanding spectrum dues into equity shares.

The BSE Sensex is currently trading at 76272.43, down by 1142.49 points or 1.48% after trading in a range of 76218.75 and 77487.05. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.94%, while Small cap index down by 0.11%.

The only gaining sectoral indices on the BSE were Telecom up by 2.50% and Oil & Gas up by 0.14%, while Realty down by 3.03%, IT down by 2.20%, Consumer Durables down by 1.87%, TECK down by 1.55% and Bankex down by 1.42% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 5.05%, Eternal up by 0.87%, Bharti Airtel up by 0.18%, ITC up by 0.09% and Nestle up by 0.05%. On the flip side, Bajaj Finserv down by 3.16%, Infosys down by 3.12%, HDFC Bank down by 2.86%, Bajaj Finance down by 2.60% and Axis Bank down by 2.17% were the top losers.

Meanwhile, the think tank Global Trade Research Initiative (GTRI) has indicated that India's merchandise exports, which have been contracting since October last year, are likely to decline slightly by the end of this fiscal year falling below $435 billion. The exports dipped 10.85 per cent in February to $36.91 billion owed to volatility in petroleum prices and global uncertainties. The GTRI expects, at this rate, India's total merchandise exports for FY'2025 to be below $435 billion, which is slightly lower than $437.1 billion in FY'2024.

During April-February 2024-25, the exports stood at $395.63 billion as against $395.38 billion in the corresponding period of 2023-24. The key sectors that recorded negative growth both in February and cumulatively include petroleum products, ceramic products and glassware, oil meals, oil seeds, gems and jewellery and iron ore. The GTRI has signalled a need for strategic interventions to support recovery of these sectors as they are facing consistent declines. Moreover, on declining exports, it added that the decline of 7.8 per cent in global crude oil prices from $83.5 per barrel in February 2024 to $77 per barrel in February 2025 has primarily resulted into exports falling by 29.23 per cent in February 2025 and 25.56 per cent over 11 months. It also added that a recovery in this sector will depend on global oil price trends and increased refining efficiency to maintain margins.

India's largest export segment, the engineering goods witnessed 8.62 per cent decline in February 2025, while recording a 7.97 per cent increase over 11 months. GTRI has suggested that the government can provide low-cost export credit to reduce financial pressure on exporters, and offer technology upgrade incentives to boost productivity and efficiency to support this sector. Further, the government can implement targeted policy measures to stabilise struggling sectors and improve overall export performance, ensuring India remains competitive in the global trade market.

The CNX Nifty is currently trading at 23250.85, down by 268.50 points or 1.14% after trading in a range of 23221.15 and 23565.15. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 5.02%, Trent up by 4.19%, HDFC Life Insurance up by 1.39%, Cipla up by 1.25% and Bajaj Auto up by 1.09%. On the flip side, Bajaj Finserv down by 3.04%, Infosys down by 3.00%, HDFC Bank down by 2.77%, Shriram Finance down by 2.52% and Bajaj Finance down by 2.46% were the top losers.

Asian markets were trading in green; Hang Seng advanced 62.71 points or 0.27% to 23,182.29, Shanghai Composite strengthened 7.39 points or 0.22% to 3,343.14, Straits Times rose 0.59 points or 0.01% to 3,973.02, KOSPI increased 46.08 points or 1.82% to 2,527.20, Nikkei 225 surged 11.36 points or 0.03% to 35,628.92 and Taiwan Weighted added 584.27 points or 2.75% to 21,280.17.