Nifty 50 closed at 22,161.60 (-742.9, -3.2%), BSE Sensex closed at 73,137.90 (-2,226.8, -3.0%) while the broader Nifty 500 closed at 20,105.70 (-699.7, -3.4%). Market breadth is overwhelmingly negative. Of the 2,461 stocks traded today, 167 showed gains, and 2,276 showed losses.
Indian indices closed sharply lower, driven by Trump tariffs. The Indian volatility index, Nifty VIX, surged 65.6% and closed at 22.8 points. Tata Motors fell 5.3% to a new 52-week low of Rs 555.6 as its UK-based subsidiary, Jaguar Land Rover, temporarily halted vehicle shipments to the US due to a 25% import tariff on all automobiles.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Realty closed lower. According to Trendlyne’s sector dashboard, General Industrials emerged as the worst-performing sector of the day, with a fall of 5.8%.
European indices are trading lower, while major Asian indices closed in the red. US index futures are trading lower, indicating a negative start to the session, as the Trump administration maintains its stance on tariffs. After China, the EU may retaliate with tariffs on $28 billion worth of US goods. Meanwhile, Goldman Sachs raised its US recession forecast to 45%, up from 35%, marking its second increase in a week.
Phoenix Mills sees a short buildup in its April 24 futures series, with open interest increasing by 18.8% and a put-call ratio of 4.2.
Jubilant Foodworks' revenue from operations grows 33.9% YoY to Rs 2,107 crore in Q4FY25. Domino’s India posts a 12.1% YoY like-for-like sales growth. The company adds 56 new stores during the quarter, taking the total store count to 3,316.
Aavas Financiers' asset under management (AUM) rises 18% YoY to Rs 20,420 crore in Q4FY25. The company’s disbursements grow 7% YoY to Rs 2,020 crore during the quarter.
Indian Bank's Q4FY25 total business reaches Rs 13.3 lakh crore, up 8.4% YoY. Total deposits grow 7.1% to Rs 7.4 lakh crore, and gross advances rise 10.1% YoY during the quarter.
Nuvama highlights that Godrej Consumer Products' Q4FY25 performance was broadly in line with its expectations. The brokerage estimates 8.5% YoY value growth for GCPL’s India operations but notes that its volume growth fell 5% YoY, below the expected 3-4% rise. Meanwhile, a strong recovery in home care helped offset softness in personal care, especially soaps.
Tata Steel's India steel production grows 2% YoY to 5.5 million tonnes (MT) in Q4FY25. Its delivery volumes improve by 3.3% YoY to 5.6 MT. For FY25, the company's production rises 4.7% YoY to 21.8 MT.
JSW Steel's consolidated steel production grows 12% YoY to 76.3 lakh tonnes in Q4FY25. Capacity utilisation at its Indian operations stands at 93% for the quarter.
Indraprastha Gas (IGL) raises CNG prices by Rs 1/kg in Delhi and Rs 3/kg in other markets. Delhi accounts for 70% of IGL’s total CNG sales, while the remaining 30% comes from other regions.
HSBC Sec maintains a 'Buy' rating on Dixon Technologies with a target price of Rs 20,000. The brokerage highlights the company's growth, driven by the domestic market through import substitution, customer addition, and increased market share. It views Trump's announcement of higher tariffs on China, Vietnam, and Thailand as a blessing in disguise.
Oil and Natural Gas Corp (ONGC) and Oil India fall over 4% in trade as Brent crude drops nearly 4% to $63.2 a barrel, hitting a four-year low after an 11% decline last week, pressuring oil-linked stocks.
Dr. Reddy's Laboratories is falling as it receives a show cause notice from the Income Tax Department for Rs 2,396 crore. The notice is related to the merger of Dr. Reddy’s Holding.
IndusInd Bank's net advances rise 1.4% YoY to Rs 3.5 lakh crore in Q4FY25, and deposits grow by 6.8% YoY to Rs 4.1 lakh crore. However, the bank's CASA ratio contracts by 510 bps YoY to 37.9%, indicating a higher cost of funds and lower margins.
- The National Company Law Tribunal (NCLT) dismisses IDBI Bank's insolvency plea against Zee Entertainment, filed in December 2022 to recover Rs 149.6 crore. The tribunal rejected the plea, stating the default occurred during the period covered by Section 10A of the IBC, which blocks insolvency proceedings for defaults between March 25, 2020, and March 25, 2021.
Bajaj Housing Finance reports a 26% YoY rise in assets under management to Rs 1.1 lakh crore in FY25. Its disbursements grow 25% YoY to Rs 14,250 crore. The company appears in a screener of stocks with improving book value per share over the past two years.
Mazagon Dock Shipbuilders plunges as the Government of India decides to sell an additional 47.7 lakh shares (1.2% stake) through the oversubscription option in the offer for sale. The floor price for the OFS is set at Rs 2,525 per share.
Goldman Sachs retains its ‘Buy’ rating on Trent but lowers the target price to Rs 6,760, citing weaker-than-expected sales growth. For FY25, Trent's standalone gross revenue grew 39% YoY, below the brokerage's forecast of 42%.
Kawaljeet Saluja, Head of Research at Kotak Institutional Equities, forecasts low-to-mid single-digit earnings growth for Tier-1 IT companies like TCS, Infosys, and Wipro in FY25. This cautious outlook is driven by a sluggish US economy, with subdued discretionary spending amid macroeconomic uncertainties and the potential risks of a recession.
Siemens plunges sharply to a new 52-week low of Rs 2,450 as it trades on the record date for the demerger of its energy business into a separate entity, Siemens Energy India.
Kalyan Jewellers' India operations report a revenue growth of 39% YoY in Q4FY25, driven by robust wedding demand. The company opens 25 new showrooms in India during the quarter.
Godrej Properties signs an agreement to develop a residential project in Versova, Mumbai, with a saleable area of 4.4 lakh square feet and a revenue potential of Rs 1,350 crore.
Global benchmark Brent crude falls around 4% to $63.2 per barrel, a four-year low, after an 11% drop last week. West Texas Intermediate stood at $59.8. The decline follows Saudi Aramco’s decision to cut Arab Light crude by $2.3 for deliveries to Asian buyers in May after a surprise announcement from OPEC+ last week of a significant increase in output.
Delhivery's board of directors approves the acquisition of around 99.4% stake in Ecom Express for a consideration of up to Rs 1,407 crore. Following the completion of the acquisition, Ecom will become a subsidiary of the company.
Force Motors falls sharply as its monthly exports drop 77.6% YoY to 94 units in March. Meanwhile, monthly wholesales rise 0.9% YoY to 3,700 units.
Tata Motors plunges to a new 52-week low of Rs 555.6 as its UK-based subsidiary, Jaguar Land Rover (JLR), announces a temporary halt in vehicle shipments to the United States. This comes after the US government imposes a 25% tax on all car and auto part imports.
ITC acquires 2.6 lakh shares of Ample Foods for Rs 131 crore, raising its stake to 43.8%. The company plans to raise its shareholding to 62.5% by April 2027, with an additional investment of Rs 56 crore.
Gloom in markets in early trading. Nifty 50 was trading at 21,888.35 (-1016.1, -4.4%), BSE Sensex was trading at 72,293.28 (-3071.4, -4.1%) while the broader Nifty 500 was trading at 19,773.20 (-1032.2, -5.0%)
Market breadth is sharply down. Of the 2,107 stocks traded today, 38 were on the uptick, and 2,047 were down.
Riding High:
Largecap and midcap gainers today include GMR Airports Ltd. (82.22, 1.8%), Linde India Ltd. (5,885, 1.6%) and Adani Wilmar Ltd. (269.75, 1.4%).
Downers:
Largecap and midcap losers today include Siemens Ltd. (2,812.45, -42.9%), Trent Ltd. (4,740.95, -14.8%) and Mazagon Dock Shipbuilders Ltd. (2,317.30, -8.9%).
Volume Rockets
22 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Delhivery Ltd. (268.35, 3.7%), Vedant Fashions Ltd. (784, 2.4%) and Linde India Ltd. (5,885, 1.6%).
Top high volume losers on BSE were Siemens Ltd. (2,812.45, -42.9%), Trent Ltd. (4,740.95, -14.8%) and Cholamandalam Financial Holdings Ltd. (1,550, -8.5%).
Anupam Rasayan India Ltd. (707.20, -7.4%) was trading at 13.3 times of weekly average. Godrej Consumer Products Ltd. (1,160.10, 0.3%) and Torrent Pharmaceuticals Ltd. (3,221.25, -2.0%) were trading with volumes 6.4 and 4.6 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
132 stocks tanked below their 52 week lows.
Stocks making new 52 weeks lows included - AIA Engineering Ltd. (3,105, -2.7%) and Atul Ltd. (5,166.80, -3.7%).
2 stocks climbed above their 200 day SMA including Aegis Logistics Ltd. (794.50, 2.2%) and Rainbow Childrens Medicare Ltd. (1,397.95, -0.8%). 75 stocks slipped below their 200 SMA including BLS International Services Ltd. (350.60, -9.0%) and Mazagon Dock Shipbuilders Ltd. (2,317.30, -8.9%).