Indices trade with deep cuts; consumer durables shares drop

The headline equity benchmarks traded with significant losses in the early-afternoon trade, amid concerns over U.S. President Trump's tariff announcements on April 2, which could impact overall market sentiment. The Nifty traded below the 23,250 mark after hitting the days high of 23,565.15 in morning trade. Consumer durables shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,180.94 points, or 1.53%, to 76,233.98. The Nifty 50 index tumbled 305.25 points, or 1.30%, to 23,214.10.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index declined 0.84%, and the S&P BSE Small-Cap index shed 0.08%.

The market breadth was strong. On the BSE, 2,480 shares rose and 1,365 shares fell. A total of 161 shares were unchanged.

Economy:

Moodys Ratings said Indias growth at 6.5% will remain the highest amongst the advanced and emerging G-20 countries, supported by tax measures and continued monetary easing. The report released today said that the country will continue to attract capital and withstand any cross-border outflow. In its report on emerging markets, Moodys said emerging economies are exposed to choppy waters from the churn of US policies. It said economic activity in the fastest-growing economies will slow slightly from high levels but remain strong this year and next.

Indias current account deficit (CAD) rose marginally to $11.5 billion, or 1.1% of gross domestic product (GDP), during the October-December 2024 quarter of the ongoing financial year (Q3FY25) from $10.4 billion, or 1.1% of GDP, a year ago, amid a rise in service exports. Sequentially, CAD moderated from $16.7 billion in Q2FY25, or 1.8% of GDP, the latest data released by the Reserve Bank of India (RBI) showed. The current account deficit is the difference between exports and imports of goods and services. It is a key indicator of the countrys external sector.

Merchandise trade deficit increased to $79.2 billion in Q3FY25 from $71.6 billion during the same period of FY24. Net services receipts increased to $51.2 billion in Q3FY25 from $45 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services, and travel services.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.84% to 13.72. The Nifty 24 April 2025 futures were trading at 23,368.95 at a premium of 154.85 points as compared with the spot at 23,214.10.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 41.1 lakh contracts at the 23,500 strike price. Maximum put OI of 50.9 lakh contracts was seen at 23,500 strike price.

Buzzing Index:

The Nifty Consumer Durables index fell 1.96% to 34,954.05. The index slipped 2.43% in two consecutive trading sessions.

Voltas (down 6.18%), Amber Enterprises India (down 4.45%), Blue Star (down 2.93%), Kalyan Jewellers India (down 2.19%), Titan Company (down 2.07%), Crompton Greaves Consumer Electricals (down 1.88%), Havells India (down 1.84%), V-Guard Industries (down 1.58%), Century Plyboards (India) (down 1.53%) and PG Electroplast (down 1.13%) declined.

On the other hand, Whirlpool of India (up 2.24%), Cera Sanitaryware (up 0.75%) and Bata India (up 0.60%) edged higher.

Stocks in Spotlight:

VST Tillers Tractors rose 0.19%. The companys total sales surged 63.63% to 7,892 units in March 2025 from 4,823 units sold in March 2024.

Eicher Motors shed 0.80%. The company reported a 33.71% increase in total motorcycle sales to 101,021 units in March 2025 from 75,551 units sold in March 2024.

Larsen & Toubro (L&T) slipped 1.31%. The company announced that its Power Transmission & Distribution (PT&D) vertical has secured large new orders both in India and abroad.

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