Barometers trade lower; European mrkt decline

The key equity indices traded with limited losses in afternoon trade as investors remained cautious amid geopolitical tensions between India and Pakistan after Pahalgam terror attack. Market participants are also awaiting the outcome of the upcoming US Fed meeting. Nifty slipped below the 24,400 level.

Barring Auto index all the sectoral indices on the NSE were traded in red with PSU Bank, realty and media shares leading the fall.

At 13:26 IST, the barometer index, the S&P BSE Sensex, declined 189.93 points or 0.23% to 80,615.33. The Nifty 50 index lost 72.45 points or 0.30% to 24,388.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.46% and the S&P BSE Small-Cap index declined 1.50%.

The market breadth was weak. On the BSE, 892 shares rose and 2,906 shares fell. A total of 152 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output. The headline figure was above its long-run average of 54.2.

The latest data showed a modest acceleration in growth of aggregate output, as signaled by the HSBC India Composite PMI Output Index rising from 59.5 in March to 59.7. The latest reading was consistent with a sharp rate of expansion that was the strongest since August 2024.

Gainers & Losers

Hero Motocorp (up 3.17%), Bharati Airtel (up 1.75%), Tata Steel (up 1.56%), Mahindra & Mahindra (up 1.47%) and Eicher Motors (up 1.36%) were the major Nifty gainers.

Adani Enterprises (down 3.48%), SBI Life Insurance (down 2.73%), HDFC Life Insurance (down 2.48%), Eternal (down 1.03%) and NTPC (down 2.11%) were the major nifty losers.

Stocks in Spotlight:

Coforge rose 0.28% after the IT company reported a 20.81% jump in consolidated net profit from continuing operations to Rs 305.9 crore in Q4 FY25 as compared with Rs 253.2 crore in Q3 FY25. Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25.

CCL Products (India) surged 13.42% after the company's consolidated net profit jumped 56.18% to Rs 101.86 crore in Q4 FY25 as compared with Rs 65.22 crore in Q4 FY24. Revenue from operations increased 15.02% YoY to Rs 835.84 crore during the quarter ended 31st March 2025.

Indian Hotels Company declined 5.32% after the company's consolidated net profit fell 10.30% to Rs 522.3 crore in Q4 FY25 as against Rs 582.32 crore in Q3 FY25. Revenue from operations declined 4.26% to Rs 2,425.14 crore in Q4 FY25 over Q3 FY25

Computer Age Management Services declined 4.27%. The company has reported 10.2% increase in consolidated net profit to Rs 114.02 crore on a 14.7% rise in revenue from operations to Rs 356.17 crore in Q4 FY25 over Q4 FY24.

Jammu & Kashmir Bank declined 2.72% after the company reported 8.47% decline in net profit to Rs 584.54 crore in Q4 FY25, compared with Rs 638.67 crore in Q4 FY24. However, total income jumped 15.35% year on year to Rs 3,616.16 crore in Q4 FY25.

Unicommerce eSolutions soared 3.11% after the company's consolidated net profit rose 16.4% to Rs 3.35 crore on 70.6% increase in net sales to Rs 45.27 crore in Q4 March 2025 over Q4 March 2024.

Paras Defence and Space Technologies declined 1.21%. The company has signed a memorandum of understanding (MoU) with Israel-based HevenDrones to establish a joint venture for manufacturing logistics and cargo drones in India.

DCM Shriram gained 2.03% after the company's consolidated net profit jumped 51.88% to Rs 178.91 crore in Q4 FY25 as compared with Rs 117.80 crore in Q4 FY24. Revenue from operations (excluding excise duty) jumped 19.9% YoY to Rs 2,876.76 crore during the quarter ended 31st March 2025.

Global Markets:

Most European market declined as investors closely monitored corporate earnings and shifting U.S. trade policy.

Asian stocks advanced on Tuesday as investors sifted through the latest whispers on U.S. trade moves and a weakening dollar. Japan and South Korea, meanwhile, hit the snooze button for public holidays.

India may be angling for a tariff truce, reportedly floating a zero-duty deal on steel, auto parts, and pharma goodies'provided the favor is returned. Over in Malaysia, officials said the U.S. is game for more talks and might even consider trimming tariffs.

Adding to the optimism, U.S. Treasury Secretary Scott Bessent chimed in Monday, saying deals were 'very close''a tune President Trump had already been humming over the weekend.

Meanwhile, China's markets reopened post-Labor Day to a slightly more diplomatic mood between Washington and Beijing.

China's Caixin Services PMI clocked in at 50.7 for April'a seven-month low and a step down from March's 51.9. Still above the 50-mark (which separates growth from contraction), but just barely.

Across the Pacific, U.S. stocks dipped slightly on Monday as investors braced for the Federal Reserve's next move. Energy stocks led the decline, with Wall Street adopting a 'wait-and-see' stance amid shifting trade winds.

The Dow Jones edged down 0.24%, while the S&P 500 fell 0.64% and NASDAQ slipped 0.74%. Investors are eyeing the Fed's two-day policy meeting starting Tuesday, with an interest rate verdict expected Wednesday.

Oil majors Exxon Mobil and Chevron both took hits as crude prices tumbled to a four-year low. Blame it on OPEC+ deciding to pump more oil for the second month running.

Skechers USA shares sprinted up over 24% after the company agreed to a $9.4 billion buyout by 3G Capital. Berkshire Hathaway stumbled 5% after reporting a 14% drop in Q1 operating earnings.

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