Sensex, Nifty pare all gains; IT shares slide

The key domestic indices pared all gains and traded with modest losses in the mid-afternoon trade, as concerns over potential US tariffs on automobiles, pharmaceuticals, and semiconductors dampened market sentiment. The Nifty slipped below the 22,900 level. IT shares declined after jumping in the past trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, shed 216.52 points or 0.29% to 75,750.87. The Nifty 50 index declined 70.35 points or 0.31% to 22,871.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.74% and the S&P BSE Small-Cap index gained 1.93%.

The market breadth was strong. On the BSE, 2,708 shares rose and 1,199 shares fell. A total of 128 shares were unchanged.

Economy:

The unemployment rate in India for people aged 15 years and above in urban areas dropped to 6.4% in the October-December quarter of 2024, according to the National Sample Survey Survey (NSSO). This was unchanged on a quarterly basis. Among males, the unemployment rate in urban areas was flat at 5.8% in October-December 2024 as compared to the rate of the same quarter a year ago.

The rate was 5.7% in JulySeptember 2024. The unemployment rate among females (aged 15 years and above) in urban areas dropped to 8.1% in October-December 2024 from 8.6% in the same quarter a year ago. The rate was 8.4% in July-September 2024.

Buzzing Index:

The Nifty IT index declined 1.44% to 40,868. The index rose 0.95% in the past trading session.

LTIMindtree (down 3.24%), Tata Consultancy Services (down 2.29%), Infosys (down 1.85%), L&T Technology Services (down 0.9%), HCL Technologies (down 0.85%), Tech Mahindra (down 0.53%) declined.

On the other hand, persistent systems (up 1.77%), Mphasis (up 1.51%) and Coforge (up 0.86%) edged higher.

Numbers to Track:

MCX Gold futures for 4 April 2025 settlement were added 0.19% to Rs 86,278.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 107.02.

The United States 10-year bond yield rose 0.35% to 4.560.

In the commodities market, Brent crude for April 2025 settlement rose 53 cents or 0.70% to $76.37 a barrel.

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