The key equity indices traded with minor losses in early trade, amid mixed global cues. Investor sentiment remained cautious amid signs of escalation in geopolitical tensions between India and Pakistan after the Pahalgam terror attack. Additionally, market could be volatile as the monthly Nifty50 F&O contracts are set to expire today. The Nifty traded below the 24,300 level.
Investors will also closely watch the market’s response to India’s latest diplomatic and economic measures against Pakistan, announced following Tuesday's terrorist attack in Pahalgam in Jammu & Kashmir, which claimed 26 lives. These measures include the suspension of the Indus Waters Treaty, shutting down the Wagah-Attari border, cancelling visas for Pakistanis, along with other measures.
At 09:25 IST, the barometer index, the S&P BSE Sensex shed 141.09 points or 0.20% to 79,965.55. The Nifty 50 index declined 66.55 points or 0.27% to 24,262.40.
In the broader market, the S&P BSE Mid-Cap index jumped 0.11% and the S&P BSE Small-Cap index fell 0.02%.
The market breadth was positive. On the BSE, 1,507 shares rose and 1,190 shares fell. A total of 151 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,332.93 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,234.46 crore in the Indian equity market on 23 April 2025, provisional data showed.
Economy:
On the macroeconomic front, the World Bank on Wednesday revised its growth outlook for India, trimming its forecast by 0.4 percentage points to 6.3% for the current fiscal year. The revision reflects rising global uncertainty, which the institution warned could dampen growth prospects across South Asia.
Stocks in Spotlight:
Tata Consumer Products declined 2.68%. The company reported 52.06% jump in consolidated net profit to Rs 407.07 crore in Q4 FY25 as compared with Rs 267.71 crore in Q4 FY24. Revenue from operations jumped 17.35% to Rs 4,608.22 crore in Q4 FY25 as compared with Rs 3926.94 crore in Q4 FY24. Meanwhile, the company’s board has recommended a dividend of Rs. 8.25 per equity share of Re. 1 each for FY25, if approved by the shareholders at the ensuing 62nd Annual General Meeting, will be paid on or after June 21, 2025.
LTIMindtree shed 0.84%. The company’s consolidated net profit advanced 2.6% to Rs 1,099.9 crore on 9.88% revenue from operations in net sales to Rs 9,771.7 crore in Q4 FY25 over Q4 FY24. Meanwhile, the company’s board has recommended a final dividend of Rs 45 per equity share on a face value of Rs 1 each for the financial year ended 31 March 2025. The final dividend will be paid within 30 days from the conclusion of the AGM.
Bajaj Finance said that its board is scheduled to meet on 29 April 2025, to consider stock split and bonus issue.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.94% to 6.454 as compared with the previous close of 6.428.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6100, compared with its close of 85.4500 during the previous trading session.
MCX Gold futures for the 5 June 2025 settlement were added 1.34% to Rs 95.995.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 99.65.
The United States 10-year bond yield fell 0.62% to 4.360.
In the commodities market, Brent crude for June 2025 settlement advanced 9 cents or 0.14% to $66.21 a barrel.
Global Market:
Asian stocks traded mixed on Thursday, following gains on Wall Street driven by renewed optimism over potential progress in U.S.-China trade relations.
In the latest development, China indicated a willingness to engage in trade talks with the United States. However, it emphasized that it would not participate in negotiations under continued threat of sanctions or tariffs from the U.S. administration. This dual stance contributed to cautious optimism among global investors.
In South Korea, advance estimates released Thursday showed that GDP contracted by 0.1% in the first quarter of 2025, signaling potential economic headwinds in the region.
On Wall Street, the three major indices closed higher overnight, supported by hopes that trade tensions may ease in the near term. Additionally, President Donald Trump signaled that he does not intend to remove Federal Reserve Chair Jerome Powell, a move that appeared to reassure financial markets.
At the close in NYSE, the Dow Jones Industrial Average rose 1.07%, while the S&P 500 index gained 1.67%, and the NASDAQ Composite index added 2.50%.
On Thursday, investors will look for quarterly earnings reports from Alphabet, Intel and PepsiCo. On the economic data front, durable gods orders and weekly jobless claims are also due.