The Nifty traded below the 24,300 level. FMCG shares declined after advancing for the past two consecutive trading sessions.

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, and cancelling visas for Pakistanis, along with other measures.

At 12:30 IST, the barometer index, the S&P BSE Sensex tumbled 301.32 points or 0.38% to 79,827.99. The Nifty 50 index shed 69.25 points or 0.29% to 24,258.10

In the broader market, the S&P BSE Mid-Cap index fell 0.04% and the S&P BSE Small-Cap index added 0.46%.

The market breadth was positive. On the BSE, 2,155 shares rose and 1,612 shares fell. A total of 163 shares were unchanged.

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.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.74% to 16.40. The Nifty 24 April 2025 futures were trading at 24,251.10, at a discount of 7 points as compared with the spot at 24,258.10.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 366.5 lakh contracts at the 24,300 strike price. A maximum put OI of 246 lakh contracts was seen at 24,250 strike price.

Buzzing Index:

The Nifty FMCG index shed 0.90% to 56,980.10. The index added 1.51% in previous two trading sessions.

Hindustan Unilever (down 3.91%), Godrej Consumer Products (down 2.18%), Patanjali Foods (down 2%), Britannia Industries (down 1.98%), Varun Beverages (down 1.94%), Nestle India (down 1.74%), United Breweries (down 1.7%), Marico (down 0.81%), Emami (down 0.5%) and Radico Khaitan (down 0.04%) declined

On the other hand, ITC (up 0.89%), Tata Consumer Products (up 0.48%) and Colgate-Palmolive (India) (up 0.39%) added.

Hindustan Unilever (HUL) declined 3.91%. The company reported a 3.61% jump in standalone net profit to Rs 2,493 crore in Q4 FY25, compared with Rs 2,406 crore in the corresponding quarter last year. Revenue from operations rose 2.08% to Rs 15,000 crore in Q4 FY25, compared with Rs 14,693 crore in Q4 FY24.

Meanwhile, the company’s board has recommended a final dividend of Rs 24 for the financial year ended 31 March 2025 on equity shares of Rs 1 each.

Tata Consumer Products rose 0.48%. The company reported a 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 3,926.94 crore in Q4 FY24.

Meanwhile, the company’s board has recommended a dividend of Rs. 8.25 per equity share of Rs. 1 each for FY25, which, if approved by the shareholders at the ensuing 62nd Annual General Meeting, will be paid on or after June 21, 2025.

Stocks in Spotlight:

Bajaj Housing Finance added 1.25% after the company reported a 53.84% rise in standalone net profit to Rs 586.68 crore on a 25.62% increase in revenue from operations to Rs 2,507.96 crore in Q4 FY25, compared with Q4 FY24.

Lupin rose 1.02% after the global pharmaceutical major received approval from the U.S. Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Tolvaptan Tablets.

Tamilnad Mercantile Bank surged 4.28% after the bank's net profit rose 15.35% to Rs 291.90 crore on 8.78% increase in total income to Rs 1,542.06 crore in Q4 March 2025 over Q4 March 2024.