PSU Banks and Pharma Stocks Lead Gains as Broader Indices Hold Firm

Power Grid, Cipla and Sun Pharma are among the top gainers, while HCL Technologies, TCS and Infosys are among the top losing stocks from the Nifty 50.

Market Update at 2:30 PM: The Sensex slipped 0.4 per cent to 76,331, while the Nifty 50 dropped 0.3 per cent to 23,268, weighed down by IT stocks. The decline followed the U.S. President Donald Trump’s decision to impose reciprocal tariffs on imports from South Asia.

On Wednesday, small and midcap stocks traded with marginal gains, holding broader market indices into positive territory. The Nifty Small-cap index jumped by almost 0.43 per cent, while the Nifty Mid-cap index was up over 0.09 per cent during mid-day trade.

Meanwhile, the India VIX was trading near the 13.5 mark, down by 1.4 per cent.

On the sectoral front, 10 out of 17 sectors recorded gains, with Nifty Pharma rising over 2 per cent, while Nifty IT were the top-losing sector.

Power Grid, Cipla and Sun Pharma are among the Top Gainers, while HCL Technologies, TCS and Infosys are among the top losing stocks from the Nifty 50.

About 1,917 stocks are advancing as against 850 stocks that are declining, thus indicating a positive market breadth in the broader market.

Market Update at 12:15 PM: Indian stock markets declined on Thursday following the U.S. decision to impose 26 per cent reciprocal tariffs. However, gains in pharmaceutical stocks, which were exempt from these duties, helped limit the downside. Additionally, the tariff rate imposed on India was lower compared to other Asian nations, providing some relief.

By midday, the Nifty 50 was trading with minor losses, down 43 points from its previous close, trading above the 23,200 mark with losses of 0.18 per cent. Similarly, the Sensex trading is trading lower with a loss of 242 points or 0.31 per cent. The Bank Nifty showed strong intraday performance and jumped by 2.81 per cent. Meanwhile, the India VIX was trading near the 13.5 mark, down by 1.6 per cent, indicating decreased volatility in the Indian market.

By midday, the top gaining stocks that lifted Nifty 50 higher are Sun Pharma (+17.46 pts), HDFC Bank (+10.9 pts) and Larsen & Toubro (+9.47 pts). On the other hand, Infosys (-41.62 pts), TCS (-28.14 pts), and HCL Technologies (-12.36 pts) were dragging the index down.

Nifty 50 was trading below 200-DEMA but above 50-DEMA today; the index is still in negative territory, according to the DEMA analysis.

On Thursday, overall market breadth remained positive, as 1,865 stocks advanced while 802 declined. The Nifty Mid-Cap 100 and Nifty Small-Cap 100 indices were trading mixed, where Nifty Mid-caps was down by 0.18 per cent and Nifty Small-cap was up by 0.15 per cent

On the sectoral front, 14 out of 17 sectors recorded gains, with Nifty pharma rising over 2 per cent, while Nifty IT (-3 per cent) was the top-losing sector.

Market Update at 10:30 AM: India’s benchmark indices opened lower on Thursday following U.S. President Donald Trump's decision to impose a 26 per cent reciprocal tariff on imports from the country. However, a temporary exemption for pharmaceutical products provided some relief to the market.

At 10:30 a.m. IST, the Nifty 50 was down 0.21 per cent at 23,285, while the Sensex declined 0.33 per cent to 76,388. Trump's tariff measures, announced on Wednesday, are part of a broader plan to introduce a 10 per cent baseline tariff on all trade partners from April 5, with steeper duties on select nations, including a 34 per cent tariff on China from April 9.

Despite the broader market weakness, the Nifty Pharma index surged 3 per cent as the sector received a temporary exemption from the new tariffs. Among its 20 constituents, 19 were trading higher, offering support to the overall Nifty 50 index.

In today’s trade, India VIX was trading around the 13.5 mark, down by 1.18 per cent, indicating a decrease in market volatility.

About 1,715 stocks are advancing against 948 declining stocks, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 7:45 AM: Indian equity markets are likely to open sharply lower on Thursday, mirroring the global sell-off triggered by US President Donald Trump’s announcement of reciprocal tariffs.

Asian markets declined, and US stock futures also tumbled after Trump imposed a 10 per cent baseline tariff on all imports to the US. Additionally, he introduced higher reciprocal tariffs for countries with trade barriers against US goods. India faces a 26 per cent tariff, half of what it imposes on US imports, while automobile imports to the US will now be taxed at 25 per cent.

Gift Nifty was trading around 23,140, reflecting a discount of nearly 299 points from Nifty futures’ previous close, suggesting a gap-down opening for domestic indices.

Despite this, Wall Street closed higher on Wednesday ahead of Trump’s announcement. The Dow Jones gained 235.36 points (0.56 per cent) to 42,225.32, the S&P 500 advanced 37.90 points (0.67 per cent) to 5,670.97, and the Nasdaq Composite climbed 151.16 points (0.87 per cent) to 17,601.05.

In economic updates, US private payrolls rose by 155,000 in March, surpassing expectations. February’s figure was revised upward to 84,000 from 77,000. US factory orders also grew 0.6 per cent in February, following a 1.8 per cent increase in January, marking a 1.5 per cent year-on-year rise.

Crude oil prices dropped amid concerns of a global trade war affecting demand. Brent crude declined 2.63 per cent to USD 72.98 per barrel, while WTI crude slid 2.76 per cent to USD 69.73 per barrel.

Following Trump’s tariff measures, Asian markets plunged. Japan’s Nikkei 225 fell 3.02 per cent, and the Topix index lost 3.19 per cent. South Korea’s Kospi dropped 1.57 per cent, and Kosdaq slipped 0.55 per cent. Hong Kong’s Hang Seng futures signalled a weaker start.

On the domestic front, Indian equities ended higher on Wednesday, driven by gains in financial and technology stocks. The Sensex climbed 592.93 points (0.78 per cent) to 76,617.44, while the Nifty 50 rose 166.65 points (0.72 per cent) to close at 23,332.35.

The U.S. Dollar Index (DXY) dropped to a 24-week low, reaching 102.80. Over the past month, it has declined by 2.63 per cent, while its annual performance shows a 0.47 per cent decrease. The Indian rupee declined in the non-deliverable forward market on Thursday, USD/INR was trading at 85.74.

On April 02, 2025, foreign institutional investors (FII) sold shares worth Rs 1,538.88 crore, while domestic institutional investors (DII) bought shares worth Rs 2,808.83 crore.

There are not any stocks banned for trading in the F&O segment on April 03, 2025.

Disclaimer: The article is for informational purposes only and not investment advice.