Indices edge lower in early trade; breadth negative

The key equity benchmarks traded with minor losses in early trade. The Nifty traded below the 23,350 mark.IT, metal and oil & gas shares declined, while PSU bank and pharma shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 300.65 points or 0.39% to 76,743.64. The Nifty 50 index fell 111.90 points or 0.48% to 23,325.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.37% and the S&P BSE Small-Cap index shed 0.08%.

The market breadth was negative. On the BSE, 1,316 shares rose and 1,476 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,936.42 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,512.77 crore in the Indian equity market on 16 April 2025, provisional data showed.

Stocks in Spotlight:

Wipro declined 5.54%. The companys consolidated net profit grew 6.43% to Rs 3,569.6 crore in Q4 FY25 as against Rs 3,353.8 crore posted in Q3 FY25. revenue from operations increased marginally to Rs 22,504.2 crore in Q4 FY25 as against Rs 22,318.8 crore reported in Q3 FY25 . For the quarter ending 30 June 2025, Wipro expects revenue from its IT Services business segment to be in the range of $2,505 million to $2,557 million. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms.

Waaree Renewable Technologies jumped 11.15% after the company reported 82.7% jump in consolidated net profit to Rs 93.81 crore in Q4 FY25 as compared with Rs 51.34 crore in Q4 FY24. Net sales increased 74.4% YoY to Rs 476.58 crore during the quarter ended 31st March 2025.

Angel One fell 4.22% after the companys consolidated net profit declined 48.7% to Rs 174.52 crore in Q4 FY25 as compared with Rs 339.94 crore in Q4 FY24. Total income fell 22.1% YoY to Rs 1057.84 crore in Q4 FY25. The board declared dividend of Rs 26 per share for FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.33% to 6.479 as compared with the previous close of 6.410.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.5400, compared with its close of 85.6400 during the previous trading session.

MCX Gold futures for the 5 June 2025 settlement were rose 0.19% to Rs 95,855.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.32% to 99.59.

The United States 10-year bond yield rose 0.70% to 4.309.

In the commodities market, Brent crude for June 2025 settlement shed 58 cents or 0.89% to $ 65.54 a barrel.

Global Markets:

US Dow Jones index futures added 208 points, signaling a positive opening for Wall Street.

Asian equity markets gained on Thursday, supported by positive signals from U.S. equity futures, as investors focused on the upcoming U.S.-Japan trade discussions. Japan is among the first countries to initiate direct trade talks with the U.S., making the outcome of these negotiations a key focus for global markets.

Data released by Japans Ministry of Finance on Thursday showed that exports rose 3.9% year-on-year in March, marking the sixth consecutive month of growth. Imports increased by 2% over the same period, resulting in a trade surplus of 544.1 billion yen (approximately $3.84 billion).

In contrast, U.S. markets declined sharply overnight. Federal Reserve Chair Jerome Powell cautioned that ongoing trade tensions could affect the central banks ability to meet its inflation and employment targets. His comments contributed to broad-based selling in equities.

The Dow Jones Industrial Average closed 1.7% lower, the S&P 500 fell 2.2%, and the NASDAQ Composite declined by 3.1%. Notable declines included Advanced Micro Devices (down over 7%), Intel Corporation (down 3%), and Broadcom Inc. (down 2.4%).

Powell also indicated that the Federal Reserve is not inclined to cut interest rates in the near term, citing inflationary pressures and economic uncertainties linked to the implementation of new tariffs. He emphasized a cautious, wait-and-see approach in response to the evolving economic environment.

Separately, U.S. retail sales data released Wednesday showed a 1.4% increase in March, following a revised 0.2% gain in February. The rise was driven in part by increased vehicle purchases, as consumers anticipated the impact of potential tariffs.

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