Nifty settles below 24,400; broader mrkt underperforms; VIX rallies 3.58%

The key equity indices ended with moderate losses today, snapping a two-day gaining streak. The negative movement was driven by a sharp decline in the broader market, which fell over 2%. Additionally, the rupee weakened against the dollar, further weighing on sentiment. Investors remained cautious amid rising geopolitical tensions between India and Pakistan following the Pahalgam terror attack.

Market participants are also awaiting the outcome of the upcoming US Federal Reserve meeting and key economic data releases. The Nifty ended below the 24,400 level. Barring the Nifty Auto index, all other sectoral indices on the NSE closed in the red.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 155.77 points or 0.19% to 80,641.07. The Nifty 50 index lost 81.55 points or 0.33% to 24,379.60. In the past two consecutive trading sessions, the Sensex rose by 0.69%, while the Nifty gained 0.52%.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.16% and the S&P BSE Small-Cap index tumbled 2.33%.

The market breadth was weak. On the BSE, 786 shares rose and 3,159 shares fell. A total of 127 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.58% to 19.

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.

New Listing:

Shares of Ather Energy were at Rs 302.50 on the BSE, representing a discount of 5.76% as compared with the issue price of Rs 321.

The scrip was listed at Rs 326.05, exhibiting a discount of 7.22% to the issue price.

The stock has hit a high of 332.90 and a low of 300. On the BSE, over 18.06 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index tumbled 4.84% to 6,235.20. The index fell 4.87% in two consecutive trading sessions.

Bank of Baroda (down 10.12%), Union Bank of India (down 6.33%), Bank of India (down 6.27%), Indian Overseas Bank (down 5.7%), Central Bank of India (down 5.35%), Punjab National Bank (down 4.96%), Punjab & Sind Bank (down 4.95%), Canara Bank (down 4.92%), Bank of Maharashtra (down 3.34%) and Indian Bank (down 2.61%) declined.

Stocks in Spotlight:

Coforge shed 0.82%. The IT company reported a 20.81% jump in consolidated net profit from continuing operations to Rs 305.9 crore in Q4 FY25 as compared with Rs 253.2 crore in Q3 FY25. Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25.

CCL Products (India) surged 17.60% after the companys consolidated net profit jumped 56.18% to Rs 101.86 crore in Q4 FY25 as compared with Rs 65.22 crore in Q4 FY24. Revenue from operations increased 15.02% YoY to Rs 835.84 crore during the quarter ended 31st March 2025.

Indian Hotels Company dropped 6.10% after the companys consolidated net profit fell 10.30% to Rs 522.3 crore in Q4 FY25 as against Rs 582.32 crore in Q3 FY25. Revenue from operations declined 4.26% to Rs 2,425.14 crore in Q4 FY25 over Q3 FY25

Computer Age Management Services fell 5.28%. The company has reported 10.2% increase in consolidated net profit to Rs 114.02 crore on a 14.7% rise in revenue from operations to Rs 356.17 crore in Q4 FY25 over Q4 FY24.

Jammu & Kashmir Bank declined 3.12% after the company reported 8.47% decline in net profit to Rs 584.54 crore in Q4 FY25, compared with Rs 638.67 crore in Q4 FY24. However, total income jumped 15.35% year on year to Rs 3,616.16 crore in Q4 FY25.

Unicommerce eSolutions added 1.77% after the company's consolidated net profit rose 16.4% to Rs 3.35 crore on 70.6% increase in net sales to Rs 45.27 crore in Q4 March 2025 over Q4 March 2024.

Polycab India added 1.82% after the companys consolidated net profit spiked 32.68% to Rs 734.40 crore on a 24.92% rise in revenue from operations to Rs 6,985.8 crore in Q4 FY25 over Q4 FY24.

DCM Shriram slipped 1.17%. The companys consolidated net profit jumped 51.88% to Rs 178.91 crore in Q4 FY25 as compared with Rs 117.80 crore in Q4 FY24. Revenue from operations (excluding excise duty) jumped 19.9% YoY to Rs 2,876.76 crore during the quarter ended 31st March 2025.

Bombay Dyeing & Manufacturing Company dropped 6.36% after the companys consolidated net profit tumbled 82.63% to Rs 11.54 crore in Q4 FY25 as against Rs 66.46 crore posted in Q4 FY24. Revenue from operations declined 5.68% year on year to Rs 359.02 crore in the quarter ended 31 March 2025.

Paras Defence and Space Technologies declined 1.37%. The company has signed a memorandum of understanding (MoU) with Israel-based HevenDrones to establish a joint venture for manufacturing logistics and cargo drones in India.

Global Markets:

European shares declined as investors closely monitored corporate earnings and shifting U.S. trade policy.

Most Asian stocks ended higher on Tuesday as investors sifted through the latest whispers on U.S. trade moves and a weakening dollar. Japan and South Korea, meanwhile, hit the snooze button for public holidays.

India may be angling for a tariff truce, reportedly floating a zero-duty deal on steel, auto parts, and pharma goodiesprovided the favor is returned. Over in Malaysia, officials said the U.S. is game for more talks and might even consider trimming tariffs.

Adding to the optimism, U.S. Treasury Secretary Scott Bessent chimed in Monday, saying deals were very closea tune President Trump had already been humming over the weekend.

Meanwhile, Chinas markets reopened post-Labor Day to a slightly more diplomatic mood between Washington and Beijing.

Chinas Caixin Services PMI clocked in at 50.7 for Aprila seven-month low and a step down from Marchs 51.9. Still above the 50-mark (which separates growth from contraction), but just barely.

Across the Pacific, U.S. stocks dipped slightly on Monday as investors braced for the Federal Reserves next move. Energy stocks led the decline, with Wall Street adopting a wait-and-see stance amid shifting trade winds.

The Dow Jones edged down 0.24%, while the S&P 500 fell 0.64% and NASDAQ slipped 0.74%. Investors are eyeing the Feds two-day policy meeting starting Tuesday, with an interest rate verdict expected Wednesday.

Oil majors Exxon Mobil and Chevron both took hits as crude prices tumbled to a four-year low. Blame it on OPEC+ deciding to pump more oil for the second month running.

Skechers USA shares sprinted up over 24% after the company agreed to a $9.4 billion buyout by 3G Capital. Berkshire Hathaway stumbled 5% after reporting a 14% drop in Q1 operating earnings.

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