Sensex slides 185 pts; PSU bank shares slides

The frontline indices traded with minor cuts in mid-morning trade amid mixed global cues. The Nifty traded below the 24,650 mark. PSU bank shares declined after rising for three straight sessions. Market volatility was heightened due to the weekly expiry of the Nifty F&O series today.

At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 184.50 points or 0.23% to 81,146.06. The Nifty 50 index fell 46.70 points or 0.19% to 24,617.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was strong. On the BSE, 2,389 shares rose and 1,268 shares fell. A total of 186 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index shed 0.47% to 6,578.65. The index gained 7.15% in three consecutive trading sessions.

Union Bank of India (down 2.11%), Canara Bank (down 0.73%), Bank of India (down 0.31%), Indian Bank (down 0.25%), State Bank of India (down 0.22%) and UCO Bank (down 0.1%) fell.

On the other hand, Indian Overseas Bank (up 0.69%), Punjab & Sind Bank (up 0.53%) and Bank of Baroda (up 0.33%) edged higher.

Stocks in Spotlight:

eClerx Services surged 8.83% after the company's consolidated profit after tax stood at Rs 152.2 crore in Q4 March 2025, marking a healthy 16.6% year-on-year growth and an 11% rise compared to Q3 December 2024. Operating revenue for the quarter came in at Rs 898.3 crore, up 17.2% from a year ago and 5.2% higher sequentially.

Brigade Enterprises fell 2.31%. The company reported a 19.76% jump in consolidated net profit to Rs 246.82 crore in Q4 FY25 as against Rs 206.09 crore reported in Q4 FY24. However, revenue from operations fell 14.21% year-on-year (YoY) to Rs 1,460.39 crore in the quarter ended 31 March 2025.

Sagility India slipped 2.32%. The company reported a consolidated net profit of Rs 182.57 crore in Q4 FY25, a 127.64% increase as against Rs 80.20 crore in Q4 FY24. Revenue from operations jumped 22.23% YoY to Rs 1,568.5 crore in Q4 FY25.

Global Markets:

The US Dow Jones index futures were currently down by 180 points, signaling a weak opening for US stocks today.

Most Asian stocks traded mixed on Thursday, supported by signs of easing trade tensions between the United States and China. While markets appear to have priced in the peak of tariff-related macroeconomic stress, investor sentiment remains cautious amid softening U.S. economic indicators.

On Wall Street, major indexes posted mixed performances on Wednesday. The S&P 500 gained 0.1%, and the NASDAQ Composite rose 0.7%, driven largely by sustained strength in technology stocks. The Dow Jones Industrial Average declined 0.2%.

Investor optimism around artificial intelligence continued to support technology shares. Several AI-related chipmakers and infrastructure firms delivered strong earnings and forward guidance. Server manufacturer SuperMicro surged over 15%, while cloud computing company CoreWeave rose 6.6% during the session. However, CoreWeave declined 7.9% in after-hours trading following comments that increased capital expenditures may compress its profit margins.

Technology stocks have been the primary drivers of this week's gains, particularly after the U.S. and China announced a meaningful step back from ongoing tariff escalations. Broader market sectors also advanced on the news, though their momentum slowed by Wednesday.

Market participants are now focused on the upcoming U.S. Producer Price Index (PPI) data, expected on Thursday, which is anticipated to show a moderation in factory-gate inflation for April.

Additionally, attention is centered on a scheduled speech by Federal Reserve Chair Jerome Powell later on Thursday. Powell is expected to provide further insight into the Fed's monetary policy framework and its approach to achieving the dual mandate of maximum employment and price stability, particularly in the context of unchanged interest rates and continued economic uncertainty highlighted during last week's policy decision.

Powered by Capital Market - Live News