Markets Today
Indian benchmark indices closed lower on Wednesday, as weak cues from IT, oil & gas, and heavyweights like Reliance Industries dragged sentiment.
The Sensex fell 176 points to end at 83,536, while the Nifty slipped 46 points, closing at 25,476.
The broader market mood was cautious, with investors still digesting U.S. President Donald Trump’s tariff threat, a 10% levy on imports from BRICS nations, including India. That has placed trade relations and market sentiment on edge.
Sectoral Snapshot
Losses were sharp in IT, metals, and oil & gas. The IT index slipped 0.8%, oil & gas fell 1.3%, and metals lost 1.4%.
Top laggards included HCL Tech, Tata Steel, Tech Mahindra, BEL, and Reliance Industries, which dropped 2% after reports said its digital arm, Reliance Jio, may defer IPO plans to 2025.
Vedanta plunged 3.4% after Viceroy Research disclosed a short position in Vedanta Resources, citing concerns of “systematic draining” of its Indian arm.
On the other hand, FMCG stocks outperformed. The index rose 0.8% led by gains in Hindustan Unilever and Varun Beverages, both flagged as contrarian picks by Jefferies.
The Nifty Smallcap 100 gained 0.6%, while the Midcap 100 edged down 0.1% — showing mixed sentiment in broader markets.
Expert Take
Ajit Mishra of Religare Broking says the market continues its narrow, range-bound trend, with consolidation likely to continue. With TCS Q1 results due Thursday, and the weekly options expiry ahead, volatility could spike.
Rupak De of LKP Securities notes that while the Nifty remains above key support at 25,200, momentum indicators show weakening. A breakout above 25,550 could resume the uptrend, he adds.
Global Markets
Global equities were largely positive. European indices rose, Germany’s DAX up 0.7%, France’s CAC up 0.8%. Asian markets were mixed: Japan and Korea gained, but China underperformed with the Hang Seng down 1.1%.
In commodities, gold extended losses for the third session, now at $3,286 an ounce. Oil held near recent highs, Brent crude up 0.7% to $70.63, amid Red Sea tensions and U.S. tariff threats on copper.
Rupee & Dollar
The Indian rupee ended flat at 85.67, even as traders awaited clarity on the US-India trade deal. Meanwhile, the Dollar Index inched up to 97.02, reflecting slight strength in the greenback.
That’s it for today’s market wrap. We’ll be back tomorrow with all the action and updates from D-Street. Until then, stay tuned and invest smart.
