Bourses trade at day’s low levels in early afternoon session

Indian markets traded at day’s low levels in early afternoon session despite some positive cues from other Asian markets. Investors were cautious ahead of key global trade developments. Traders took note of ICRA’s report stating that it projected India's GDP growth at 6.9 per cent in the quarter ended March 31, 2025 (Q4) and at 6.3 per cent for the full 2024-25 fiscal, undershooting the National Statistics Office (NSO) estimates made in February. In February, the NSO had projected the Indian economy to grow at 6.5 per cent in 2024-25. With economic growth in June, September and December quarter at 6.5 per cent, 5.6 per cent and 6.2 per cent respectively. On the global front, Asian markets were trading mostly in green as People's Bank of China reduced its benchmark interest rate for the first time in seven months to stimulate consumption and support the property market amid soothing trade tensions. The central bank lowered its one-year loan prime rate by 10 basis points to 3.0 percent from 3.10 percent. 

The BSE Sensex is currently trading at 81753.87, down by 305.55 points or 0.37% after trading in a range of 81701.41 and 82250.42. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.64%, while Small cap index was down by 0.02%.

The top gaining sectoral indices on the BSE were Metal up by 0.86%, Energy up by 0.41%, IT up by 0.41%, Realty up by 0.38% and Oil & Gas was up by 0.22%, while Telecom down by 0.95%, Auto down by 0.90%, Consumer discretionary down by 0.73%, Industrials down by 0.41% and Bankex was down by 0.39% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.02%, ITC up by 0.90%, Infosys up by 0.61%, Indusind Bank up by 0.45% and NTPC up by 0.38%. On the flip side, Eternal down by 3.30%, Maruti Suzuki down by 1.35%, Mahindra & Mahindra down by 1.05%, HDFC Bank down by 1.05% and Bajaj Finserv down by 0.90% were the top losers.

Meanwhile, commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty of $733 per tonne on imports of a fungicide - Thiram - from the European Union (EU) to protect the domestic industry from cheap inbound shipments. 

The DGTR in its final findings said it is of the view that imposition of the duty is required to offset dumping and injury to the domestic industry. The authority recommends imposition of anti-dumping duty on the imports originating in or exported from the subject country for a period of 5 years. Swarup Chemicals had filed an application before the DGTR for the initiation of the investigation.

The finance ministry will take the final decision to impose the duty. Thiram is used as a fungicide to prevent crop damage in the field and deterioration in storage or transport. It is also used as a seed, nut, fruit, and mushroom disinfectant for a variety of fungal diseases. In addition, it is used as an animal repellent to protect fruit trees and ornamentals from damage by rabbits, rodents, and deer. 

Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these duties under the multilateral regime of the Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level playing field for domestic producers vis-a-vis foreign producers and exporters. India has already imposed anti-dumping duties on several products to tackle cheap imports from various countries, including China.

The CNX Nifty is currently trading at 24860.10, down by 85.35 points or 0.34% after trading in a range of 24844.55 and 25010.35. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.33%, ONGC up by 1.49%, Hindalco up by 1.03%, Dr. Reddy's Lab up by 1.00% and Tata Steel up by 0.99%. On the flip side, Eternal down by 3.34%, Shriram Finance down by 1.71%, Cipla down by 1.68%, Hero MotoCorp down by 1.65% and Maruti Suzuki down by 1.44% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 327.88 points or 1.41% to 23,660.60, Jakarta Composite gained 36.34 points or 0.51% to 7,177.43, Nikkei 225 surged 30.86 points or 0.08% to 37,529.49, Shanghai Composite strengthened 12.5 points or 0.37% to 3,380.08, Straits Times rose 7.62 points or 0.2% to 3,883.82 and Taiwan Weighted was up by 2.2 points or 0.01% to 21,526.03. On the flip side, KOSPI was down by 1.62 points or 0.06% to 2,601.80.