Benchmarks trade with moderate losses, consumer durable shares slide

The headline equity indices traded with modest cuts in mid-afternoon trade as investors remained cautious amid geopolitical tensions between India and Pakistan after the Pahalgam terror attack. Market participants are also awaiting the outcome of the upcoming US Fed meeting. Nifty slipped below the 24,400 level.

Consumer durables shares declined after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 201.15 points or 0.25% to 80,595.69. The Nifty 50 index lost 83.40 points or 0.34% to 24,377.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.90% and the S&P BSE Small-Cap index declined 2.02%.

The market breadth was weak. On the BSE, 825 shares rose and 3,024 shares fell. A total of 146 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output. The headline figure was above its long-run average of 54.2.

The latest data showed a modest acceleration in growth of aggregate output, as signaled by the HSBC India Composite PMI Output Index rising from 59.5 in March to 59.7. The latest reading was consistent with a sharp rate of expansion that was the strongest since August 2024.

Buzzing Index:

The Nifty Consumer Durables Index dropped 1.64% to 36,325.35. The index rallied 0.95% in the previous trading session.

Kalyan Jewellers India (down 3.94%), Dixon Technologies (India) (down 3.15%), Amber Enterprises India (down 2.40%), Kajaria Ceramics (down 2.36%), Whirlpool of India (down 2.23%), PG Electroplast (down 1.71%), Crompton Greaves Consumer Electricals (down 1.58%), Titan Company (down 1.29%), V-Guard Industries (down 1.1%) and Cera Sanitaryware (down 0.73%) declined.

On the other hand, Blue Star (up 1.97%), Havells India (up 0.33%) and Bata India (up 0.22%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.48% to 6.450 as compared with previous close of 6.419.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4650, compared with its close of 84.3000 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement grew 2.02% to Rs 96,550.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.56% to 99.64.

The United States 10-year bond yield added 0.46% to 4.363.

In the commodities market, Brent crude for July 2025 settlement gained $1.37 or 2.27% to $61.60 a barrel.

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