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Stock Market on Wednesday, April 9, 2025: As the trade war escalates with US President Donald Trump's decision to impose a 50 per cent additional tariff on China, bringing the total tariff to 104 per cent, combined with the outcome of the RBI MPC meeting, FII’s persistent selling, and weak global cues, the mood for Indian benchmarks, Sensex and Nifty50, is likely to be negative.
GIFT Nifty futures indicated a gap-down start. At 6:40 AM, FIFT Nifty futures were down 288 points at 22,342.
In the previous session, Sensex closed at 74,227.08, up 1,089.18 points, or 1.49 per cent, while Nifty50 gained 374.25 points or 1.69 per cent, settling at 22,535.85. ALSO READ | Stock Market LIVE Updates Today
Considering these factors, here are the top 6 cues for trading on Wednesday:
Global cues
Asia-Pacific markets declined on Wednesday as investors braced for the upcoming country-specific tariffs from the US President Donald Trump, set to take effect at midnight local time in the United States.
In Australia, ASX 200 fell 1.53 per cent. Nikkei dropped 3.1 per cent, with the Topix down 3 per cent. Kospi edged down 0.6 per cent.
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The new tariffs will come into effect just after midnight US time, adding to the 10 per cent baseline duty already implemented on Saturday.
Besides, a White House official reportedly confirmed that the US will impose a 104 per cent tariff on China starting at 12:01 am ET (0401 GMT) on Wednesday, April 8. This also marks a major escalation in the US-China trade tensions, as the Trump administration seeks to address perceived unfair trade practices. On Monday, President Trump had warned that even higher tariffs could follow if China does not retract its 34 per cent counter-tariffs.
In response to this, the Chinese offshore yuan weakened to a record low of 7.4242 against the US dollar, signaling increased pressure on the currency amid mounting trade tensions.
In the US, all three major stock indices closed lower overnight. The Dow Jones dropped 0.84 per cent, marking a four-day loss of over 4,500 points due to concerns over tariffs. Apple led the losses, as the company is expected to face higher costs due to the new China tariffs.
The S&P 500 declined 1.57 per cent. The index came close to entering bear market territory, down nearly 19 per cent from its February peak, and ended the session below 5,000 for the first time since April 2024. Meanwhile, Nasdaq settled 2.15 per cent lower.
On the commodity front, Gold pared earlier gains on Tuesday as US Treasury yields rose, but a weaker dollar and escalating trade tensions supported prices. After rising 1.3 per cent earlier, spot gold was up 0.1 per cent at $2,984.16, while US gold futures settled 0.5 per cent higher at $2,990.20.
Meanwhile, US crude oil closed below $60 per barrel, the lowest in four years, amid concerns that Trump's tariffs could lead to a global trade war. US crude lost 1.85 per cent, to close at $59.58, while Brent fell 2.16 per cent, to settle at $62.82.
RBI MPC outcome
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) is expected to announce its latest policy decision today i.e. Wednesday, with experts forecasting a 25-basis-point rate cut. In addition to the MPC statement, the RBI will release its Monetary Policy Report (MPR), providing insights into its outlook and strategy. This will be the central bank’s first meeting for the 2025-26 financial year (FY26). READ MORE
Q4 results
OK Play India and BF Utilities will release their March quarter of financial year 2025 (Q4FY25) results season.
Other domestic triggers
Domestic brokerages added a record 41.1 million demat accounts in FY25, bringing the total to 192.4 million—marking the highest annual increase ever.
Commercial banks in India are expected to write off bad loans totaling Rs 1.51 trillion in FY26 to clean up balance sheets, according to ICRA estimates.
The government's FY26 revenue collection may be impacted if an economic slowdown, driven by global headwinds from US tariffs, affects India.
Besides, FIIs net sold shares worth ₹4,994.24 crore, while DIIs net bought equities of ₹3,097.24 crore, on April 8.
Technicals
Hrishikesh Yedve, AVP of technical and derivatives research at Asit C Mehta Investment said, on the upside, 22,800 remains the immediate resistance level, while 22,320 will now act as key support. A decisive move above 22,800 could open the door for further upside. Traders are advised to monitor these key levels for potential trading opportunities.
For day traders now, 22,330/73500 would be a key level to watch; above this level, a pullback wave could move up to 22,700/75000, with further upside potentially lifting the index to 22,800/75200. Conversely, a dismissal of 22,330/73500 could accelerate selling pressure. If this level is breached, the market could retest 22,110-22,000/73000-72800. The current market texture is extremely volatile and uncertain; thus, a level-based trading strategy would be ideal for day traders, said Shrikant Chouhan, head of equity research at Kotak Securities.
Stocks to watch
NTPC: NTPC declared commercial operations for 90 MW of the Dayapar Wind Energy Project Phase-I in Gujarat, bringing its total installed capacity to 80,020 MW.
IRB Infra: Toll collections in March rose 15.8 per cent to Rs 556.8 crore. Toll revenue for FY25 increased 23 per cent to Rs 6,360 crore.
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BPCL: BPCL has formed a joint venture with Sembcorp Green Hydrogen India to explore renewable energy and green hydrogen projects across India.
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