Sensex, Nifty pare losses; metal shares lose sheen

The frontline indices erased all losses and traded with minor gains in mid-morning trade, as investors turned their focus to upcoming quarterly earnings. The Nifty climbed above the 23,500 mark. Metal shares declined after advancing in the past three trading sessions. Trading was volatile due to the weekly Nifty50 F&O series expiry today.

At 11:28 IST, the barometer index, the S&P BSE Sensex, advanced 273.68 points or 0.36% to 77,317.97. The Nifty 50 index added 84 points or 0.36% to 23,519.40.

In the broader market, the S&P BSE Mid-Cap index advanced 0.33% and the S&P BSE Small-Cap index rose 0.65%.

The market breadth was strong. On the BSE, 2,359 shares rose and 1,289 shares fell. A total of 185 shares were unchanged.

Buzzing Index:

The Nifty Metal index fell 0.28% to 8,430.95. The index jumped 7.43% in three consecutive trading sessions.

Welspun Corp (down 1.94%), JSW Steel (down 1.59%), Lloyds Metals & Energy (down 1.44%), Tata Steel (down 1.26%), Steel Authority of India (down 0.78%), Hindalco Industries (down 0.59%), Vedanta (down 0.48%) declined.

On the other hand, Jindal Steel & Power (up 2.18%), National Aluminium Company (up 1.08%), and APL Apollo Tubes (up 0.76%) edged higher.

Stocks in Spotlight:

Angel One declined 2.14% after the companys consolidated net profit declined 48.7% to Rs 174.52 crore on a 22.1% fall in total revenue from operations to Rs 1,056.01 crore in Q4 FY25 over Q4 FY24.

Venus Remedies surges 7.09% after the company said its investigational drug candidate VRP-034 has received Qualified Infectious Disease Product (QIDP) designation from the US drug regulator.

Bharat Heavy Electricals (BHEL) rose 0.86%. The company said that it has entered into a technology transfer agreement (TTA) with Bhabha Atomic Research Centre (BARC) to achieve complete indigenous development of alkaline electrolyser systems for hydrogen production.

Global Markets:

US Dow Jones index futures added 323 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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