Weak trade persists over Dalal Street in late afternoon session

Indian bourses continued to trade lower in late afternoon trade amid rising concerns of looming global trade war after US president Trump imposed discounted reciprocal tariffs on all their trading partners. The US president has imposed 26% tariff on goods coming from India to US which weighed down investor sentiments. Besides, the World Trade Organization’s Director-General has stated that the measures announced by the US will have substantial implications for world trade and economic growth prospects, and could lead to an overall contraction of around 1 percent in global merchandise trade volume this year, which rekindled fears of slow-down in global economy. 

On the global front, Asian markets are trading lower as U.S. President Donald Trump's reciprocal tariffs fuelled concerns about high inflation and a possible recession in US economy. European markets are trading lower as investors reacted to mixed economic readings from Germany and France.

Back home, the pharma sector stocks have experienced heavy selling pressure which saw pharma index -- Nifty Pharma -- slashing all gains made in previous session to trade 4% lower.

The BSE Sensex is currently trading at 75325.47, down by 969.89 points or 1.27% after trading in a range of 75286.29 and 76258.12. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index down by 3.43%, while Small cap index was down by 3.89%.

The top losing sectoral indices on the BSE were Metal down by 6.39%, Capital Goods down by 4.42%, Oil & Gas down by 4.38%, Industrials down by 4.37% and Realty down by 4.13%, while there were no gainers on BSE sectoral index.

The top gainers on the Sensex were HDFC Bank up by 1.42%, Bajaj Finance up by 1.31%, ICICI Bank up by 0.44%, Nestle up by 0.24% and Bharti Airtel up by 0.22%. On the flip side, Tata Steel down by 8.30%, Tata Motors down by 6.31%, Larsen & Toubro down by 4.81%, Adani Ports down by 4.55% and Indusind Bank down by 4.02% were the top losers.

Meanwhile, India's services sector activity eased slightly in March 2025, weighed down by a marginal slowdown in sales amid softer demand conditions and easing inflationary pressures. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index fell from February's reading of 59.0 to 58.5 in March, but remained above its long-run average of 54.2. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. The HSBC India Composite PMI, which included robust manufacturing growth, rose to a seven-month high of 59.5 in March from February's 58.8, reflecting stronger overall private sector growth. 

Output was supported by buoyant underlying demand and ongoing increases in new business. Sales rose at a softer pace than in February, albeit one that was still sharp. At the sub-sector level, there was a broad-based increase in business activity and sales, with Finance & Insurance exhibiting the strongest growth trends, followed by Consumer Services. The slowdown in growth of total new business reflected a weaker increase in international sales. New orders from abroad rose at the softest pace in 15 months.

On the price front, output charge inflation slowed to a three-and-a-half-year low in March. Only 1 per cent of survey participants reported higher average fees than in February, with the remaining companies signalling no change. Panellists identified heightened competition as the main challenge for growth prospects going ahead. The level of positive sentiment slipped to a seven-month low and was below its long-run average. Consumer Services firms were the most upbeat in March, followed by Finance & Insurance, Real Estate & Business Services and Transport, Information & Communication.

As per the survey, hiring activity across the service economy was pared back in March. Employment still rose at an above-trend pace, albeit one that was the weakest in close to a year. Outstanding business volumes among Indian service providers rose only slightly in March. Business expenses continued to increase in March, with panellists signalling higher food, freight, maintenance, medical equipment and vehicle spare part costs. The overall rate of inflation was solid, but eased to a five-month low. Consumer Services topped the input price inflation rankings and was the only category to see a pick-up in cost pressures.

The CNX Nifty is currently trading at 22888.15, down by 361.95 points or 1.56% after trading in a range of 22874.40 and 23214.70. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 1.54%, Tata Consumer Products up by 1.46%, HDFC Bank up by 1.33%, Nestle up by 0.37% and Shriram Finance up by 0.31%. On the flip side, Tata Steel down by 8.50%, Hindalco down by 7.95%, ONGC down by 7.47%, Tata Motors down by 6.38% and Cipla down by 5.49% were the top losers.

All Asian markets are trading lower; KOSPI dropped 21.28 points or 0.86% to 2,465.42, Nikkei 225 slipped 955.35 points or 2.83% to 33,780.58 and Straits Times fell 108.26 points or 2.75% to 3,833.97.

European markets were trading lower; UK’s FTSE 100 decreased 131.11 points or 1.57% to 8,343.63, France’s CAC fell 115.46 points or 1.54% to 7,483.52 and Germany’s DAX lost 408.67 points or 1.92% to 21,308.72.