MARKET DRIFT LOWER; BREADTH STRONG

The equity benchmarks traded with moderate losses in early trade as investors reacted to rising tariff trade tensions and awaited a slew of domestic economic data, along with the crucial US Consumer Price Index (CPI) report. Market sentiment remained cautious ahead of these key updates, with concerns over inflation and growth weighing on investor confidence. The Nifty traded below the 22,500 level.

IT, FMCG and healthcare shares declined while oil & gas, banking and auto shares edged higher.

At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 91.43 points or 0.13% to 74,013.57. The Nifty 50 index lost 40.20 points or 0.18% to 22,457.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index rose 0.23%.

The market breadth was strong. On the BSE, 1,849 shares rose and 990 shares fell. A total of 141 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,823.76 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,001.79 crore in the Indian equity market on 11 March 2025, provisional data showed.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) slipped 1.27%. The company has incorporated a wholly owned subsidiary, Nykaa Essentials, for its beauty and personal care business.

Bharti Airtel rose 0.26%. The firm has signed an agreement with SpaceX to bring Starlink`s high-speed internet services to its customers in India, subject to regulatory approvals.

Rail Vikas Nigam (RVNL) advanced 1.78% after the company emerged as lowest bidder (L1) from National Highway Authority of India (NHAI) for construction of 6 lane access controlled connectivity to Visakhapatnam Port Road in Andhra Pradesh.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 6.807 as compared with previous close 6.800.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.2350, compared with its close of 87.2150 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement shed 0.06% to Rs 86,097.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.18% to 103.59.

The United States 10-year bond yield fell 0.30% to 4.275.

In the commodities market, Brent crude for May 2025 settlement gained 46 cents, or 0.66% to $70.02 a barrel.

Global Markets:

US Dow Jones index futures were up 75 points, indicating a positive opening in the US stocks today.

Asian stocks showed a mixed performance on Wednesday after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.

Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.

In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.

Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario�s new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.

Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week�s Federal Reserve interest rate decision.

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