April 4, 2025 | Mumbai, India
Indian equity markets saw mixed movements in early trade on Thursday, with the Nifty 50 hovering around 23,100 while the Sensex slipped by 300 points amid weakness in IT and metal stocks. Banking stocks, however, provided some support, helping to limit broader losses.
Key Market Highlights:
- Sensex down 300 points, trading near 77,200 levels
- Nifty 50 holds at 23,100, maintaining a narrow range
- Banking stocks rally, led by gains in HDFC Bank, ICICI Bank, and SBI
- IT & metal sectors under pressure, dragging the indices lower
- Midcap and smallcap indices outperform, showing resilience
- Rupee weakens slightly, trading at ₹83.20 per USD
Sector-wise Performance
The banking sector was the bright spot in an otherwise weak market session, with private and PSU banks posting gains amid strong quarterly earnings expectations. HDFC Bank and ICICI Bank were among the top gainers.
On the other hand, IT and metal stocks faced heavy selling pressure, with TCS, Infosys, and Wipro declining as global recession fears weighed on tech demand. In the metals space, Tata Steel and JSW Steel saw sharp corrections following concerns over weak global commodity prices.
Global Cues & Market Sentiment
Asian markets showed mixed trends, with Japan’s Nikkei and Hong Kong’s Hang Seng slipping, while Chinese stocks remained steady. Investors remain cautious ahead of key US economic data and Federal Reserve comments on interest rates.
In the domestic market, foreign institutional investors (FIIs) were net sellers, adding to the bearish sentiment, while domestic institutional investors (DIIs) continued to support the market with selective buying in banking and FMCG stocks.
Outlook for the Day
Analysts expect Nifty to remain range-bound between 23,000 and 23,300, with banking stocks leading the recovery. However, IT and metal sectors could continue to weigh on the broader indices. Traders will be watching global cues, crude oil prices, and FII activity for further market direction.
