Market Closing Updates: Sensex down by 1.22%, Nifty by 1.49%

Indian equity markets experienced a savage selling on Friday and their downward spiral continued for the second consecutive session. The decline followed weakness in global equity markets that was compounded by US President Donald Trump ordering mutual tariffs. Consequently, the Nifty scaled down 1.49% to 22,904.45, while the Sensex slumped 1.22% to finish at 75,364.69.

Global Recession Concerns

Investor sentiment has been spooked by worries of a worldwide recession. While markets relaxed a bit yesterday after discovering the tariff impact on India was not as bad as its Asian peers, the prospect of a broader economic slowdown has rattled nerves. A global downturn, then, would also bring at least the same rate of slowdown in India.

Tariffs on Pharma

Drugs and pharmaceuticals shares of the Indian Pharma companies fell sharply on Friday amid comments by the U.S. President Donald Trump indicating that tariffs on the import of pharmaceuticals might be introduced. The news has rattled investor confidence in a sector that had recently rallied amid optimism it would be exempt from wider trade restrictions issued earlier in the week.

Tech Earnings Outlook

They have born the brunt of ferocious selling, prices in some tech stocks down by more than 7% in five days. Investor sentiment is being heavily influenced by concerns about recession and reduced demand in the US. This is especially concerning because it can directly depress overall demand and affect the deal pipelines for big IT companies.

Analyst Perspectives

Market analysts released mixed views of the developing situation. Others expect the same volatility and uncertainty to cloud the markets as the trade situation unfolds. If fears of a US recession push the Nifty down to 21,500 in three months, a warning from Emkay Global, some sectors like metals, tech, autos and chemicals will be under stress, it suggested. However, experts like Sachin Shah would soon encourage investors to sift through the market's cacophony to identify good businesses with reasonable balance sheet once initial shock settles down, and even sectors with export oriented value offering could benefit after clearing the haze from tariff challenges.

INR vs USD

Bucking the widespread pessimism in the market, the Indian Rupee closed the week that saw tariffs imposed on it, with a slight gain against the dollar as the greenback faltered against weakening global indices. The local currency settled at ₹85.2350 versus the US dollar- rise of 0.3% for the week.

Market Performance

• Sensex: The BSE Sensex was down by 761 points (0.99%), trading at 75,534.59. This marks a sharp decline from its previous close of 76,295.36.
• Nifty: The NSE Nifty fell below the critical 23,000 mark to 22964.35, dropping by 293 points (1.26%) to trade at 22,964.35

Top Gainers:

1. Bajaj Finance (BAJFINANCE)

• Opening Price: ₹8,656.00
  
  
• Closing Price (LTP): ₹8,774.60
  
  
• Percentage Change: +2.09%
  Bajaj Finance led the market gainers with a strong 2.09% rise. The stock saw a steady increase, indicating positive investor sentiment, driven by strong fundamentals and financial performance in Assets under Management (AUM).
  

2. Tata Consumer Products (TATACONSUM)

• Opening Price: ₹1,065.45
  
  
• Closing Price (LTP): ₹1,092.30
  
  
• Percentage Change: +1.99%
  Tata Consumer Products saw a nearly 2% gain, reflecting optimism in the FMCG sector. The company’s stock was also upgraded by Goldman Sachs.

3. HDFC Bank (HDFCBANK)

• Opening Price: ₹1,813.00
  
  
• Closing Price (LTP): ₹1,829.45
  
  
• Percentage Change: +1.93%
  HDFC Bank gained 1.93%, as banking stocks continued to perform well. Investors might be factoring in strong credit growth and financial stability.
  

4. Bharti Airtel (BHARTIARTL)

• Opening Price: ₹1,754.50
  
  
• Closing Price (LTP): ₹1,768.85
  
  
• Percentage Change: +1.31%
  Bharti Airtel saw a 1.31% rise, likely due to increasing telecom penetration and growing data consumption trends.
  

5. Nestle India (NESTLEIND)

• Opening Price: ₹2,234.00
  
  
• Closing Price (LTP): ₹2,271.10
  
  
• Percentage Change: +1.16%
  Nestlé India's 1.16% gain indicates strong demand in the consumer goods sector, possibly due to rising consumption patterns.
  

These stocks outperformed the market, reflecting investor confidence in financial services, FMCG, and telecom sectors.

Top Losers:

1. Hindalco (HINDALCO)

• Opening Price: ₹645.00
  
  
• Closing Price (LTP): ₹610.00
  
  
• Percentage Change: -6.53%
  Hindalco was the biggest loser, dropping 6.53%, likely due to concerns in the metal sector, falling commodity prices, or global economic uncertainty.
  

2. Oil & Natural Gas Corporation (ONGC)

• Opening Price: ₹240.56
  
  
• Closing Price (LTP): ₹227.64
  
  
• Percentage Change: -6.44%
  ONGC saw a sharp decline of 6.44%, possibly due to the overnight decline in global crude oil prices.
  

3. Cipla (CIPLA)

• Opening Price: ₹1,495.70
  
  
• Closing Price (LTP): ₹1,409.15
  
  
• Percentage Change: -5.79%
  Cipla faced a 5.79% drop, potentially triggered by regulatory concerns or weaker-than-expected earnings in the pharmaceutical industry.
  

4. Tata Steel (TATASTEEL)

• Opening Price: ₹152.62
  
  
• Closing Price (LTP): ₹145.35
  
  
• Percentage Change: -5.08%
  Tata Steel declined by 5.08%, reflecting investor worries over steel demand and possible pressure from raw material costs.
  

5. Tata Motors (TATAMOTORS)

• Opening Price: ₹650.00
  
  
• Closing Price (LTP): ₹620.75
  
  
• Percentage Change: -5.08%
  Tata Motors saw a steep 5.08% decline due to global auto sector challenges caused by tariff concerns in the US, supply chain issues, and lower sales projections.
  

These stocks experienced notable declines, mainly due to sector-specific pressures, market volatility, and macroeconomic concerns.

Market Open

Indian equity market started Friday's trading session on a muted note, mirroring global market cues. The Sensex opened at 76,160.09 dipping 0.18% while the Nifty opened down by 0.22% at 23,190.40 for the second consecutive day as the news of reciprocal tariff presented by President Donald Trump hit the market. The announcement sent the US markets into free fall, leading to recession fears and the Dow Jones, S&P 500, and Nasdaq posting their biggest single-day losses in five years, since the Covid pandemic.

Factors Influencing Market Sentiment

• Tariff Shock Triggers Market Mayhem on Wall Street: Wall Street had its worst trading day since 2020 on Tuesday, April 3, following President Donald Trump’s announcement of across-the-board tariffs that started fears of a global trade war and a recession. The S&P 500 fell into correction territory, the Dow plummeted sharply and the tech-dominated Nasdaq took the biggest hit.
• Ripple effects on the Indian markets and pivotal sectors: The Indian stock indices responded warily, with major indices sliding. The I.T. sector, in particular, recorded its steepest drop in years as concerns grew about weakened discretionary spending demand in the United States, while pharmaceutical stocks rose, lifted by their exemption from tariffs.
• Reactions and Counter-Responses: Globally, governments have reacted firmly. Key trading partners, including the European Union, China, and Canada, are weighing retaliatory tariffs, and diplomatic negotiations are sure to intensify in the coming weeks.

Global Backdrop:

• US Dollar: In foreign exchange, the US Dollar Index (DXY), which measures the dollar against six currencies, was at 101.81 on Friday morning, and the rupee ended at 85.44 per US dollar on April 3.

• Gold Rate Today: Gold prices remained unchanged in India on April 4. 24-carat gold was priced at Rs 93,390 per 10 grams and 22-carat gold at Rs 85,610 per 10 grams, as per Goodreturns. Moreover, the price of 18-carat gold was Rs 70,050 per 10 grams.

• Crude Oil: On April 4, crude oil prices in the global market decreased slightly due to market changes. WTI crude by 0.58% to $66.56 per barrel, and Brent crude - by 0.52% per barrel to $69.78 per barrel.

Stocks in Focus:

• HDFC Bank: Deposits ₹27.15 trillion (up 14.1% YoY, 5.9% qoq); avg deposit at ₹25,279 billion (up 15.8% YoY, 3.1% qoq)
• Avenue Supermarts (DMart): Standalone revenue for Q4: ₹14,462.39 crore vs ₹12,393.46 crore.
• State Bank of India (SBI): Scrapped its Amrit Kalash special fixed deposit (7.1% for 400 days) on April 1.
• UltraTech Cement: Board approved the acquisition of Wonder WallCare for an enterprise value of ₹235 crore.
• Power Finance Corporation (PFC) : Approved ₹3,517 crore of loans to Chhattisgarh East Railway Limited for the East Rail Corridor Project.
• Surya Roshni: Received an order for ₹116.15 crore from GAIL India Limited for coated pipes.
• G R Infraprojects: Bihar Government's Arbitral Tribunal awarded an amount of ₹106.45 crore plus future interest.
• Nestle India: Set the brickwork for its 10th manufacturing facility in Khordha, Odisha, with an preliminary capital outlay of ₹900 crore.
• Mazagon Dock: Govt to offload up to 4.83% stake through OFS from April 4 to April 7 at a floor price of ₹2,525 per share.
• Bajaj Finance: New loans surged 36 per cent YoY to 10.70 millionYoY, with the customer base reaching 101.82 million as of March 31, 2025.
• Jindal Steel and Power Ltd (JSPL): To buy more than 99.62% stake in Allied Strips Limited for over ₹217 crore.
• L&T Finance: Q3 retailisation at 97%, retail disbursements YoY ₹15,044 crore; FY25 update retailisation ~ 97% with disbursements of ₹60,020 crore (yoy ~ 11% growth).
• Jio Financial Services: Invested ₹66.5 crore each with its joint venture Jio BlackRock Investment Advisers to finance the office operations.
• Paras Defence and Space Technologies: Entered into an MoU with MicroCon Vision to be the exclusive, low-cost supplier of cutting-edge drone camera technology in India.

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