The stock market plunged into red as the trading session for the week began on Tuesday, April 1, also the first day of the fresh fiscal year. IT, financial services, and metal stocks were down the most.
At 9.15 am, the benchmark BSE Sensex was down by 572.15 points or 0.74 per cent, reaching 76,842.77. The broader NSE Nifty opened 125.35 points down or 0.53 per cent in the red, reaching 23,394.00.
By 10:45 am, the Sensex was down by 868.54 points or 1.12 per cent, reaching 76,546.38. It briefly fell 1,000 points, hitting an intraday low of 76,415.69. Meanwhile, the Nifty fell 183.10 points or 0.78 per cent into the red, reaching 23,336.25. Its low was 23,276.10.
This comes as US President Donald Trump’s reciprocal tariffs roll out from April 2, with India among countries expected to be hit hard.
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Which stocks fell the most?
Among the 30 Sensex stocks, Infosys fell the most upon opening by 2.25 per cent, trading at ₹1,535.10. This was followed by NTPC, which was down 1.82 per cent, trading at ₹351.15, and Bajaj Finance, which was down by 1.66 per cent, trading at ₹8,800.
Infosys had also fallen the most upon open last Friday by 0.54 per cent, trading at ₹1,594.95. Monday was a market holiday due to the occasion of Eid-ul-Fitr.
10 of the Sensex stocks were in the green.
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How did individual sectors perform?
Among the Nifty sectoral indices, the IT Index fell the most by 1.57 per cent, reaching 36,305.35. This was followed by Nifty Financial Services, which was down 0.75 per cent, reaching 26,262.20, and Nifty Metal, which was down 0.69 per cent, reaching 9,029.35.
The IT Index had also fallen the second-most on Friday’s open by 0.15 per cent, reaching 37,491.45.
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Stock market in the previous session
The market closed in red after the previous trading session ended on Friday, March 28. The Sensex closed 191.51 points or 0.25 percent into the red, reaching 77,414.92. The Nifty was down by 72.60 points or by 0.31 per cent in the red reaching 23,519.35.
“The Nifty’s ongoing retreat from last week’s highs is increasingly looking like a dip within a larger advance,” said Akshay Chinchalkar, Head of Research, Axis Securities. “This is because so far the last gap-up area of 23,402 continues to remain protected.”
He added that “additionally, the index is also getting support from a flattening 100-day average at current levels” and that “seasonally also, the Nifty is bullish as it has risen 70% of the time in the current week – week #14 – with an average return of 1%.”
Among the Sensex stocks, IndusInd Bank fell the most by 3.57 per cent, closing at ₹649.55. This was followed by Mahindra & Mahindra, which was down 2.45 per cent, closing at ₹2,666.35, and HCL Technologies, which was down 2.20 per cent, closing at ₹1,590.95.
In contrast, IndusInd Bank was up the second most at 2.68 per cent, closing at ₹673.60, during Thursday’s close.
11 out of the 30 Sensex stocks were in the green.
Among the Nifty sectoral indices, the Media Index fell the most by 2.29 per cent, reaching 1,475.25. This was followed by Nifty IT, which was down 1.76 per cent, reaching 36,886.15, and the Nifty Realty Index, which was down 1.42 per cent, reaching 851.30.
In contrast, the Media Index was up the most by 2.50 per cent, reaching 6,296.15 on Thursday’s close.
In the Nifty Media Index, Tips Music fell the most (3.74% down), followed by Network18 Media & Investments (3.58% down), and Zee Entertainment Enterprises (3.39% down).
In the Nifty IT Index, LTIMindtree fell the most (3.59% down), followed by Wipro (3.56% down), and Persistent Systems (2.79% down)
In the Nifty Realty Index, Anant Raj fell the most (3.81% down), followed by Macrotech Developers (3.58% down), and Brigade Enterprises (2.71% down).
Foreign Institutional Investors (FIIs) became net sellers of ₹4,352.82 crore worth of equities, while Domestic Institutional Investors (DIIs) became net buyers, purchasing a difference of ₹7,646.49 crore worth of equities.
What to look out for this week
“The final days of March and early April 2025 will be critical for market sentiment, with key economic data releases providing insights into global manufacturing, employment trends, and economic activity,” Bajaj Broking wrote in its market commentary.
The releases are as follows:
- S&P Global Manufacturing PMI for the US (April 1): As April begins, the focus will shift to the United States, with the PMI reflecting business sentiment and industrial output. Auto Companies will release theire Auto numbers for the month of March 2025.
- S&P Global Manufacturing PMI for India (April 2): India’s S&P Global Manufacturing PMI will indicate domestic manufacturing trends.
- US ADP Nonfarm Employment Change report: this will provide a preview of private-sector job growth ahead of the official labor market data.
- US Initial Jobless Claims report (April 3): This will be closely watched as a leading indicator of labor market strength and potential Federal Reserve policy implications.
- US Nonfarm Payrolls and Unemployment Rate data (April 4): These figures will be crucial in assessing the labor market’s resilience and inflationary pressures, influencing Fed rate expectations and market volatility across equities, bonds, and currencies.
