Market Turmoil on April 9, 2025: Sensex closes at 73,847.15, Nifty at 22,399.15

On Wednesday, April 9, 2025, the benchmark equity indices in India, the Sensex and the Nifty, both traded lower. The Sensex closed 380 points down (0.51%) at 73,847.15, while the Nifty ended the day below the 22,450 level, declining 136.70 points (0.60%) settling at 22,399.15. This downturn occurred despite the Reserve Bank of India (RBI) announcing a cut in interest rates and a shift in its policy stance. Selling pressure was broad-based, with 12 of the 13 major sectors experiencing declines as markets reacted to the Central Bank revising its FY26 GDP growth estimates to 6.5%, down from the earlier projection of 6.7%  

Both Nifty Smallcap 250 and Nifty Midcap 100 indices also registered a drop of 1.05% and 0.51% respectively. 

RBI Implements Rate Cut and Policy Shift

The Reserve Bank of India (RBI) announced a 25 basis points reduction in the key repo rate, bringing it down to 6.00%. This was the second such rate cut in the current year. Furthermore, the RBI changed its monetary policy stance from "neutral" to "accommodative". The Standing Deposit Facility (SDF) rate was subsequently adjusted to 5.75%. This policy decision was taken amidst rising trade tensions and global uncertainties.

Global Markets React Negatively to Trade Tensions

Financial markets worldwide faced increased instability following actions by the U.S. President regarding tariffs. S&P 500 futures experienced a fall of 1.9%. In Asia, Japan’s Nikkei Index declined by 3.93%, Australia’s S&P/ASX 200 fell by 1.5%, and Hong Kong’s Hang Seng plunged by 3.1%. Conversely, the Shanghai Composite rose by 1.6%. European markets also saw significant drops as US tariffs came into effect. Taiwan's stock market closed with a substantial 5.8% decrease after US tariffs were implemented. Oil prices also slid by nearly 4% due to concerns over demand amid the escalating trade war between the U.S. and China.

Sectoral Movements and Stock Performance

The IT sector, which has a significant reliance on revenue from the U.S., saw a decline of 2.18%. The pharma index also fell by 1.97% following indications of potential "major" tariffs on pharmaceutical imports. The Nifty PSU Bank index led the pack in red, with a decline of 2.52%. The Nifty FMCG sector traded in green with an increase of 1.78%.

In terms of individual stock performance, Wipro’s shares dropped by 4.23%, and SBI’s shares fell by 3.40%. Shares of Muthoot Finance and IIFL Finance experienced a decline after the RBI announced plans for stricter regulations on gold loans. On the other hand, NBCC’s stock price increased by 4.85% after securing new project orders and a Memorandum of Understanding (MoU) with RailTel. Cyient shares were also in focus following the launch of its semiconductor subsidiary. 

Market Performance at 12 PM

• Sensex: The BSE Sensex was down by 397.42 points (0.54%), trading at 73,829.66.

• Nifty: The NSE Nifty declined by 122.55 points (0.54%), trading at 22,414.40.

The indices are under pressure due to concerns over the US-China tariff escalation and mixed cues from global markets.

Top Gainers of the Market

1. Nestlé India (NESTLEIND)

• Opening Price: ₹2,283.20
  
  
• Closing Price (LTP): ₹2,337.75
  
  
• % Change: +2.74%
  Nestlé India led the market gains, supported by investor confidence in its strong FMCG portfolio and steady demand for essentials. Strong Q3 results, including a 5% YoY increase in net profit and 4% increase in revenue growth are reasons for increase in share price.
  

2. Hindustan Unilever (HINDUNILVR)

• Opening Price: ₹2,293.95
  
  
• Closing Price (LTP): ₹2,340.05
  
  
• % Change: +2.22%
  Hindustan Unilever rose over 2%, reflecting renewed interest in defensives. The uptick could be attributed to strong financial performance and positive analyst ratings.
  

3. Power Grid Corporation (POWERGRID)

• Opening Price: ₹289.95
  
  
• Closing Price (LTP): ₹294.55
  
  
• % Change: +1.94%
  Power Grid gained due to bullish sentiment in the power and infrastructure segment, potentially fueled by government focus on expanding transmission networks.
  

4. Mahindra & Mahindra (M&M)

• Opening Price: ₹2,540.00
  
  
• Closing Price (LTP): ₹2,561.05
  
  
• % Change: +1.48%
  M&M showed strength with a 1.48% gain, likely influenced by strong vehicle sales data and growing demand in the SUV and tractor segments.
  

5. ITC Ltd. (ITC)

• Opening Price: ₹413.00
  
  
• Closing Price (LTP): ₹418.40
  
  
• % Change: +1.31%
  ITC rose over 1% due to optimism around its FMCG growth and consistent earnings performance across verticals like hotels and paper.
  

6. Tata Consumer Products (TATACONSUM)

• Opening Price: ₹1,062.00
  
  
• Closing Price (LTP): ₹1,083.40
  
  
• % Change: +1.28%
  The stock gained as investors bet on increased household consumption. The company’s health and wellness positioning have added to investor optimism.
  

7. Apollo Hospitals (APOLLOHOSP)

• Opening Price: ₹6,665.00
  
  
• Closing Price (LTP): ₹6,836.00
  
  
• % Change: +1.19%
  Apollo Hospitals saw healthy gains on expectations of strong performance in healthcare services and growing medical tourism.
  

8. Asian Paints (ASIANPAINT)

• Opening Price: ₹2,975.10
  
  
• Closing Price (LTP): ₹2,999.50
  
  
• % Change: +0.82%
  Gains were driven by Lower Raw Material Costs, Price Hikes and Margin Improvement and Positive Analyst Ratings and Outlook.
  

9. Bajaj Auto (BAJAJ-AUTO)

• Opening Price: ₹7,525.45
  
  
• Closing Price (LTP): ₹7,563.90
  
  
• % Change: +0.88%
  Bajaj Auto performed positively, due to robust export data and continued dominance in the two-wheeler segment.
  

10. Hero MotoCorp (HEROMOTOCO)

• Opening Price: ₹3,590.00
  
  
• Closing Price (LTP): ₹3,596.75
  
  
• % Change: +0.63%
  The company posted moderate gains, potentially reflecting improving rural demand and a pickup in two-wheeler sales.

These top performers reflect a broader investor preference today for consumer-driven stocks, automotive majors, and defensive sectors like power and healthcare, showing market optimism in both cyclical and defensive plays.

Top Losers of the Market

1. Wipro Ltd. (WIPRO)

• Opening Price: ₹240.70
  
  
• Closing Price (LTP): ₹234.50
  
  
• % Change: -5.16%
  Wipro experienced a sharp drop, due to weak earnings expectations or investor concerns over its IT services demand, particularly in global markets.
  

2. Tech Mahindra (TECHM)

• Opening Price: ₹1,290.00
  
  
• Closing Price (LTP): ₹1,270.95
  
  
• % Change: -3.31%
  Tech Mahindra saw a significant fall, likely due to underwhelming sector outlook and pressure on IT services margins amid macro uncertainty.
  

3. Shriram Finance (SHRIRAMFIN)

• Opening Price: ₹647.95
  
  
• Closing Price (LTP): ₹621.85
  
  
• % Change: -3.06%
  The financial stock declined amid concerns over rising borrowing costs and asset quality risks in the NBFC sector.
  

4. Adani Enterprises (ADANIENT)

• Opening Price: ₹2,265.70
  
  
• Closing Price (LTP): ₹2,203.25
  
  
• % Change: -2.76%
  Adani Enterprises fell due to profit booking and regulatory overhang concerns impacting investor sentiment.
  

5. Trent Ltd. (TRENT)

• Opening Price: ₹4,767.00
  
  
• Closing Price (LTP): ₹4,637.85
  
  
• % Change: -2.71%
  The retail major declined following stretched valuations and potential moderation in discretionary spending.
  

6. Infosys Ltd. (INFY)

• Opening Price: ₹1,405.00
  
  
• Closing Price (LTP): ₹1,392.05
  
  
• % Change: -2.57%
  Infosys was impacted by negative cues in the IT sector and concerns over revenue growth in Western markets.
  

7. Eternal Ltd. (ETERNAL)

• Opening Price: ₹216.00
  
  
• Closing Price (LTP): ₹209.90
  
  
• % Change: -2.46%
  The decline in Eternal Ltd. is due to lower trading volumes and market correction after a previous rally.
  

8. Jio Financial Services (JIOFIN)

• Opening Price: ₹224.00
  
  
• Closing Price (LTP): ₹219.35
  
  
• % Change: -2.34%
  JioFin dropped due to delays in key product rollouts and cautious sentiment in financial services.
  

9. Tata Steel (TATASTEEL)

• Opening Price: ₹130.00
  
  
• Closing Price (LTP): ₹127.17
  
  
• % Change: -2.39%
  Tata Steel declined amid concerns over global steel demand and softening commodity prices.
  

10. State Bank of India (SBIN)

• Opening Price: ₹767.00
  
  
• Closing Price (LTP): ₹750.65
  
  
• % Change: -2.34%
  SBI saw a sharp decline due to concerns over rising interest rates affecting credit growth and potential NPA risks.
  These top losers reflect broader weakness in IT, financials, and commodity-linked sectors, driven by profit-taking, weak global cues, and sector-specific pressures.

Market Open

Indian stock markets opened in the red on Wednesday, echoing losses in Asia as global investors prepared for the impact of U.S. tariffs at midnight. The BSE Sensex fell 392.41 points (0.53%) to 73,834.67 in opening bell trade, and the Nifty fell 75.55 points (0.34%) to 22,460.30.

Factors Influencing Market Sentiment

• Trump’s 104% tariff on China: The United States will impose a 104% tariff on Chinese imports from Wednesday at 12:01 AM ET (04:01 AM Greenwich Mean Time), as Beijing failed to meet the deadline to lift its retaliatory duties on U.S. products by Tuesday afternoon, a White House official said.
• US markets: U.S. stocks closed lower once more: the Dow Jones Industrial Average fell 320 points (0.84%) to 37,645.59; the S&P 500 declined 1.57% to 4,982.77; and the Nasdaq Composite declined 2.15% to 15,267.91—after having risen as much as 4.5% earlier in the day.
• RBI MPC: The Reserve Bank of India's six-member Monetary Policy Committee, led by Governor Sanjay Malhotra, is seen as highly likely to cut crucial policy rates by 25 basis points when it meets today at 10 AM, given that inflation pressures are subsiding.

Global Backdrop:

• US Dollar: In morning trading, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies like the Euro, British Pound, Japanese Yen, Swedish Krona and Swiss Franc, declined 0.54% to 102.40. Meanwhile, on April 8 the Indian rupee dropped 0.48%, closing the day at ₹86.26 per US Dollar.

• Gold Rate Today: Gold eased this week, with the 24‑carat price falling 1.7% from last week to ₹87,850 per 10 grams, although it's still 2.4% above what it was a month ago. The rate for 22‑carat gold today is ₹80,529 per 10 grams, and for 18‑carat ₹65,888.

• Crude Oil: Oil prices went in different directions on Wednesday: WTI crude futures fell 3.23% to $57.66 a barrel, while Brent crude increased 2.75% to $61.09 per barrel.

Stocks in Focus:

• NTPC: Commissioned another 90 MW at Dayapar Wind Energy Project Phase I (Bhuj), bringing group capacity to 80,020 MW.
• NTPC Green Energy: Established a 74:26 JV with MAHAPREIT to create renewable energy parks in Maharashtra and elsewhere.
• BPCL: Established a 50:50 joint venture with Sembcorp Green Hydrogen for renewable energy and green hydrogen projects across the country.
• Adani Wilmar: To be renamed AWL Agri Business Limited from 16 April.
• Vodafone Idea: Issued 3,695 Cr equity shares (₹36,950 Cr) to the Indian government to become a 48.99% stakeholder through debt restructuring.
• GAIL India: Incorporated wholly owned finance subsidiary GAIL Global IFSC at GIFT City, Gujarat.
• Concord Biotech: Approved by US FDA for its ANDA of Teriflunomide (7 mg & 14 mg) and has launched the treatment for relapsing MS.
• Cyient: Launched Cyient Semiconductors, its wholly owned unit in the semiconductor space.
• PNB Housing Finance: Anujai Saxena, director of affordable housing business, resigned on 8 April.
• Sasken Technologies: Approved acquisition of BORQS International Holding and its subsidiaries worth ₹338 Cr (USD 40 M).
• IRB Infrastructure Developers: March toll collections increased 15.8% YoY to ₹556.8 Cr; FY25 toll revenue gained 23% to ₹6,360 Cr.
• NBCC (India): Won new orders worth ₹120.90 Cr and entered a strategic alliance with RailTel for data‑centre infrastructure.
• Pharma Sector: Pharma shares fell up to 6% on Wednesday after the U.S. President Donald Trump announced that the United States will soon impose a "major" tariff on pharmaceutical imports.

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