Benchmarks trade sideways; European mrkt advance

The key equity indices traded sideways in afternoon trade. The Nifty traded above the 22,450 mark. IT, private bank and bank shares declined while realty, financial services and oil & gas stocks advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex declined 51.06 points, or 0.07%, to 74,064.11. The Nifty 50 index added 5.85 points, or 0.03%, to 22,466.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% and the S&P BSE Small-Cap index declined 1.09%.

The market breadth was weak. On the BSE, 1,167 shares rose and 2,663 shares fell. A total of 133 shares were unchanged.

Gainers & Losers:

Trent (up 3.36%), Sun Pharma (up 2.69%), ICICI Bank (up 2.34%), Bharti Airtel (up 1.86%) and Bharat Petroleum Corporation (BPCL) (up 1.59%) were the major Nifty50 gainers.

IndusInd Bank (down 26.01%), Infosys (down 2.87%), Bajaj Finserv (down 2.47%), Wipro (down 1.99%) and Power Grid Corporation of India (down 1.90%) were the major Nifty50 losers.

IndusInd Bank slumped 26.01% after the bank reported discrepancies in account balances within its derivative portfolio following an internal review. The bank estimates a potential adverse impact of approximately 2.35% of its net worth as of December 2024. The discrepancies were identified during a review of "Other Asset and Other Liability accounts" related to the derivative portfolio, prompted by the implementation of the RBI's new Master Direction on investment portfolios.

According to the media reports, this could lead to an adverse impact on its net worth by about Rs 1600 crore, and the bank plans to absorb this loss in its fourth-quarter earnings or the first quarter of the next fiscal year.

Stocks in Spotlight:

Bharat Electronics (BEL) rose 0.92%. The company announced that it has received additional orders worth Rs 843 crore since the last disclosure on 6 March, 2025.

Anupam Rasayan India shed 0.56%. The company has signed a 10-year letter of intent (LoI) with a leading Korean multinational in specialty chemicals, for the supply of a high-performance niche chemical, expected to begin in FY26.

Indoco Remedies declined 4.04% after its Clinical Research Organization, AnaCipher, located in Hyderabad, received one Form 483 from the United States Food and Drug Administration (US FDA) at the end of an inspection.

Centum Electronics jumped 3.89% after the company informed that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,219.65 per equity share.

Allcargo Gati slipped 3.82% after the companys total volume, including surface and air express, stood at 95 kilotons (kt) in February 2025, down 5% from 100 kt in February 2024.

Nectar Lifesciences was locked in 5% lower circuit after the company said that its Punjab-based API manufacturing facility had received seven observations, following an EU regulatory inspection.

Global Markets:

Most European shares advanced as traders will be focusing on earnings from Persimmon, Lego and Leonardo are also set to be released Tuesday.

Most Asian stocks declined on Tuesday, mirroring Wall Street losses as fears grew that tariffs and political upheaval could derail growth in the world's largest economy.

Investor concerns deepened over a potential slowdown in US economic expansion after President Donald Trump escalated trade tensions and continued to cut spending while unsettling long-standing geopolitical alliances.

In Japan, fresh government data showed the economy grew at an annualized rate of 2.2% in Q4, down from an earlier estimate of 2.8%. However, the reading remained well above the previous quarters 1.2% expansion. Quarter-on-quarter, GDP growth was revised slightly lower to 0.6% from 0.7%, still ahead of the prior 0.3% pace.

On Wall Street, US stocks nosedived Monday, with the S&P 500 dropping 2.7%, the Dow Jones Industrial Average losing 2%, and the NASDAQ Composite plunging 4%largely driven by steep declines in major tech stocks.

Tesla Inc. led the selloff with a 15% plunge, while NVIDIA Corporation fell 5.1%. Broadcom Inc. shed 5.4%, and Arm Holdings declined 7.3%.

Bond markets reacted sharply, with 10-year Treasury yields slipping as investors bet that an economic slowdown could push the Federal Reserve toward interest rate cuts.

All eyes are now on the consumer price inflation report due Wednesday, a key data point ahead of next weeks Fed interest rate decision.

Last week, Fed Chair Jerome Powell signaled a cautious approach, emphasizing that the central bank was closely monitoring the impact of Trumps recent economic policies, including tariffs and federal worker layoffs.

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