The Indian stock market, including the BSE and the National Stock Exchange (NSE), remained closed on Thursday in observance of Mahavir Jayanti 2025.
On Wednesday, the Indian benchmark indices closed lower, weighed down by escalating global trade tensions, despite the Reserve Bank of India cutting interest rates and shifting its policy stance from "neutral" to "accommodative."
The benchmark BSE Sensex declined 379.93 points or 0.5% to close at 73,847.15, while the broader Nifty 50 index closed at 22,399.15, lower by 136.70 points or 0.6%.
Here's how analysts read the market pulse:
Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs, said Vinod Nair, Head of Research at Geojit Investments, adding that a trade war is escalating global risk, with a rise in U.S. bond yields prompting a sell-off in the world's safe treasury assets.
“In India, a cut in the repo rate, along with the adaptation of an accommodative policy stance, is taken as a constructive step. However, it has done little to uplift overall market sentiment, as the world is embracing recessionary risk. The IT sector continues to lag ahead of Q4 results, which are estimated to be weak,” said Nair.
He added, “Pharma remains cautious over potential headwinds arising from the imposition of U.S. tariffs on the industry. On a positive note, domestic focus sectors like FMCG are trading better due to lack of recessionary risk from global slowdown."
Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!
US markets
Wall Street's main indexes extended declines in afternoon trading on Thursday, with the benchmark S&P 500 plunging more than 5% as investor concerns about the economic damage from U.S. tariff policies returned to the fore.
Stocks shot higher on Wednesday after U.S. President Donald Trump declared a 90-day tariff pause for many countries but raised the levy on imports from China to 125%.
The pause on tariffs from dozens of trading partners came less than 24 hours after they kicked in.
Trump turned up the heat on China on Thursday, raising the total levy on imports from the country to 145%, according to a CNBC report, citing the White House. Beijing had slapped 84% tariffs on U.S. imports.
"While yesterday seemed to be a significant rally in the face of good news in terms of the potential for negotiations, the bad news is the trade war with China continues to escalate," said Art Hogan, chief market strategist, B Riley Wealth.
Meanwhile, data showed the consumer price index unexpectedly dipped 0.1% in March and advanced 2.4% in the 12 months through March. Economists polled by Reuters had forecast the CPI edging up 0.1% and climbing 2.6% year-on-year.
Fed Governor Michelle Bowman said it is unclear how the tariffs might affect the economy. Traders now see nearly 90 basis points of interest-rate cuts in 2025, according to LSEG data.
European Markets
European shares jumped on Thursday, with most indexes recording their biggest one-day gains since 2022, after U.S. President Donald Trump's pause on reciprocal tariffs for most trading partners prompted a huge relief rally following a brutal selloff.
The suspension of punishing tariffs on dozens of countries came less than 24 hours after they kicked in. In response, the European Union on Thursday paused its own countermeasures against around 21 billion euros worth of U.S. imports.
The pan-European STOXX 600 leapt 3.7%, and major regional bourses jumped between 3% and 4.7%.
The benchmark index, as well as those in Germany Spain, and the UK recorded their best day since March 2022. France's CAC 40 jumped 3.8%, its best day since October 2022.
Tech View
The Nifty continues to trade below the upper band of the falling channel and the 21-day EMA, indicating short-term weakness and resistance near 22,500, said Rupak De, Senior Technical Analyst at LKP Securities that the RSI shows a bearish crossover, reinforcing the negative momentum.
“The trend is expected to stay weak below 22,500, with a breakout potentially driving the index to 22,750–22,800. Failure to cross 22,500 may drag it down toward 22,000," said De.
Also read | Explained: Why banks are flying gold worth billions from London to New York amid Trump tariff fears
Most active stocks in terms of turnover
HDFC Bank (Rs 1,978 crore), BSE (Rs 1,745 crore), ICICI Bank (Rs 1,686 crore), L&T (Rs 1,373 crore), Muthoot Finance (Rs 1,260 crore), Reliance Industries Ltd (Rs 1,209 crore) and Infosys (Rs 1,193 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 50.14 crore), Tata Steel (Traded shares: 7.33 crore), YES Bank (Traded shares: 6.95 crore), Suzlon Energy (Traded shares: 5.08 crore), NMDC (Traded shares: 4.05 crore), IDFC First Bank (Traded shares: 3.40 crore) and NBCC (Traded shares: 3.04 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Jyothy Labs, Mastek Ltd, Home First Finance, Route Mobile, Dr Lal Pathlabs, Transformers & Rectifiers and NBCC were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 57 stocks hit their 52 week highs today while 78 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Quess Corp, Caplin Point, Muthoot Finance, Glenmark Life, Sai Life Science, Jubilant Life and Piramal Pharma.
Sentiment meter bearish
The market sentiments were bearish. Out of the 4,030 stocks that traded on the BSE on Wednesday, 2,442 stocks witnessed declines, 1,445 saw advances, while 143 stocks remained unchanged.
Also read | Trump’s tariff bombshell sparks US recession fears—Will India pay the price?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
On Wednesday, the Indian benchmark indices closed lower, weighed down by escalating global trade tensions, despite the Reserve Bank of India cutting interest rates and shifting its policy stance from "neutral" to "accommodative."
The benchmark BSE Sensex declined 379.93 points or 0.5% to close at 73,847.15, while the broader Nifty 50 index closed at 22,399.15, lower by 136.70 points or 0.6%.
Here's how analysts read the market pulse:
Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs, said Vinod Nair, Head of Research at Geojit Investments, adding that a trade war is escalating global risk, with a rise in U.S. bond yields prompting a sell-off in the world's safe treasury assets.
“In India, a cut in the repo rate, along with the adaptation of an accommodative policy stance, is taken as a constructive step. However, it has done little to uplift overall market sentiment, as the world is embracing recessionary risk. The IT sector continues to lag ahead of Q4 results, which are estimated to be weak,” said Nair.
He added, “Pharma remains cautious over potential headwinds arising from the imposition of U.S. tariffs on the industry. On a positive note, domestic focus sectors like FMCG are trading better due to lack of recessionary risk from global slowdown."
Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!
US markets
Wall Street's main indexes extended declines in afternoon trading on Thursday, with the benchmark S&P 500 plunging more than 5% as investor concerns about the economic damage from U.S. tariff policies returned to the fore.
Stocks shot higher on Wednesday after U.S. President Donald Trump declared a 90-day tariff pause for many countries but raised the levy on imports from China to 125%.
The pause on tariffs from dozens of trading partners came less than 24 hours after they kicked in.
Trump turned up the heat on China on Thursday, raising the total levy on imports from the country to 145%, according to a CNBC report, citing the White House. Beijing had slapped 84% tariffs on U.S. imports.
"While yesterday seemed to be a significant rally in the face of good news in terms of the potential for negotiations, the bad news is the trade war with China continues to escalate," said Art Hogan, chief market strategist, B Riley Wealth.
Meanwhile, data showed the consumer price index unexpectedly dipped 0.1% in March and advanced 2.4% in the 12 months through March. Economists polled by Reuters had forecast the CPI edging up 0.1% and climbing 2.6% year-on-year.
Fed Governor Michelle Bowman said it is unclear how the tariffs might affect the economy. Traders now see nearly 90 basis points of interest-rate cuts in 2025, according to LSEG data.
European Markets
European shares jumped on Thursday, with most indexes recording their biggest one-day gains since 2022, after U.S. President Donald Trump's pause on reciprocal tariffs for most trading partners prompted a huge relief rally following a brutal selloff.
The suspension of punishing tariffs on dozens of countries came less than 24 hours after they kicked in. In response, the European Union on Thursday paused its own countermeasures against around 21 billion euros worth of U.S. imports.
The pan-European STOXX 600 leapt 3.7%, and major regional bourses jumped between 3% and 4.7%.
The benchmark index, as well as those in Germany Spain, and the UK recorded their best day since March 2022. France's CAC 40 jumped 3.8%, its best day since October 2022.
Tech View
The Nifty continues to trade below the upper band of the falling channel and the 21-day EMA, indicating short-term weakness and resistance near 22,500, said Rupak De, Senior Technical Analyst at LKP Securities that the RSI shows a bearish crossover, reinforcing the negative momentum.
“The trend is expected to stay weak below 22,500, with a breakout potentially driving the index to 22,750–22,800. Failure to cross 22,500 may drag it down toward 22,000," said De.
Also read | Explained: Why banks are flying gold worth billions from London to New York amid Trump tariff fears
Most active stocks in terms of turnover
HDFC Bank (Rs 1,978 crore), BSE (Rs 1,745 crore), ICICI Bank (Rs 1,686 crore), L&T (Rs 1,373 crore), Muthoot Finance (Rs 1,260 crore), Reliance Industries Ltd (Rs 1,209 crore) and Infosys (Rs 1,193 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 50.14 crore), Tata Steel (Traded shares: 7.33 crore), YES Bank (Traded shares: 6.95 crore), Suzlon Energy (Traded shares: 5.08 crore), NMDC (Traded shares: 4.05 crore), IDFC First Bank (Traded shares: 3.40 crore) and NBCC (Traded shares: 3.04 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Jyothy Labs, Mastek Ltd, Home First Finance, Route Mobile, Dr Lal Pathlabs, Transformers & Rectifiers and NBCC were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 57 stocks hit their 52 week highs today while 78 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Quess Corp, Caplin Point, Muthoot Finance, Glenmark Life, Sai Life Science, Jubilant Life and Piramal Pharma.
Sentiment meter bearish
The market sentiments were bearish. Out of the 4,030 stocks that traded on the BSE on Wednesday, 2,442 stocks witnessed declines, 1,445 saw advances, while 143 stocks remained unchanged.
Also read | Trump’s tariff bombshell sparks US recession fears—Will India pay the price?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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