Indian equity benchmarks made negative start on Wednesday and extended their losses as Brent crude rose to a more than five-week high amid the escalating West Asia conflict and renewed Houthi threats in the Red Sea, intensifying concerns over global oil supplies. Higher crude oil prices are negative for India, the world's third-largest crude importer, as they can fuel inflation, widen the trade deficit, and squeeze corporate profit margins. The Sensex and Nifty were trading about 0.75 per cent lower in early deals, weighed down by broad-based selling across nearly all sectoral indices, with exception of auto stocks.
On the sectoral front, pharma and healthcare stocks remained in focus after US President Donald Trump unveiled a phased tariff plan on imported generic medicines. The announcement raised concerns over the long-term growth prospects of Indian drugmakers, many of which derive a significant portion of their revenue from the US market.
On the global front, Asian markets were trading mostly higher as investors took cues from a rebound in U.S. markets, and strong rally in semiconductor stocks. Technology stocks led the advance after strong semiconductor export data from South Korea and encouraging trade figures from Taiwan revived optimism around the global chip cycle.
The BSE Sensex is currently trading at 76885.41, down by 584.70 points or 0.75% after trading in a range of 76851.19 and 77384.95. There were 3 stocks advancing against 27 stocks declining on the index.
The sole gaining sectoral index on the BSE was Auto up by 0.13%, while Healthcare down by 1.70%, Realty down by 1.61%, Bankex down by 0.91%, PSU down by 0.84% and Utilities down by 0.80% were the top losing indices on BSE.
The few gainers on the Sensex were Titan Company up by 0.50%, Eternal up by 0.26% and Maruti Suzuki India up by 0.20%. On the flip side, Interglobe Aviation down by 3.12%, State Bank of India down by 1.40%, Axis Bank down by 1.32%, Sun Pharma down by 1.23% and Adani Ports & SEZ down by 1.01% were the top losers.
Meanwhile, a World Trade Organization (WTO) report has stated that India aims to increase its share of global merchandise exports from around 1.8 per cent in 2024 to about 10 per cent by 2047. To achieve this goal, the country continues to implement various duty exemption, remission, and rebate schemes to promote exports. Export promotion is also a key pillar of the Viksit Bharat vision, which seeks to sustain high long-term economic growth and enhance India's global competitiveness.
The report further noted that India's approach to WTO reform is development-centred, consensus-based, and member-driven. India continues to advocate for adequate policy space to support its development objectives. India does not subscribe to the Joint Statement Initiatives (JSIs) and reiterated its concerns over these initiatives on multiple occasions during WTO meetings held throughout the review period.
The report also highlighted that, under the 2025-26 Union Budget, India revised its basic customs duty structure by eliminating the highest tariff rates of 100 per cent, 125 per cent, and 150 per cent, and reducing the number of applied rates to eight on industrial goods through the removal of intermediate rates.
The CNX Nifty is currently trading at 24014.45, down by 173.25 points or 0.72% after trading in a range of 24011.90 and 24166.30. There were 5 stocks advancing against 45 stocks declining on the index.
The top gainers on Nifty were Bajaj Auto up by 3.45%, Nestle India up by 0.90%, ONGC up by 0.81%, Titan Company up by 0.52% and Eternal up by 0.03%. On the flip side, Interglobe Aviation down by 3.05%, Cipla down by 1.84%, State Bank of India down by 1.56%, Sun Pharma down by 1.37% and Max Healthcare down by 1.36% were the top losers.
Asian markets were trading mostly in green; Nikkei 225 surged 746.81 points or 1.13% to 66,979.00, Taiwan Weighted jumped 721.79 points or 1.61% to 44,954.66, KOSPI rose 343.66 points or 4.85% to 7,091.61, Shanghai Composite strengthened 19.21 points or 0.49% to 3,883.58, Straits Times gained 15.95 points or 0.29% to 5,542.67 and Jakarta Composite added 0.61 points or 0.01% to 6,340.63, while Hang Seng declined 198.29 points or 0.8% to 24,934.00.
