Synopsis
On April 2, the Indian stock market saw a significant recovery, with both the Sensex and Nifty indexes closing higher in anticipation of the US reciprocal tariffs announcement. Analysts noted strong buying in key sectors, particularly banking and IT, contributing to positive market sentiment.Key Takeaways
- The Sensex surged by 592.93 points or 0.78%.
- The Nifty rose by 166.65 points or 0.72%.
- Major gainers included Zomato, Titan, and IndusInd Bank.
- Midcap and smallcap indices outperformed broader markets.
- All sectoral indices closed in the green.
Mumbai, April 2 (NationPress) The Indian stock market experienced a rebound on Wednesday, with both the Sensex and Nifty closing on a positive note, right before the deadline for reciprocal tariffs set by US President Donald Trump.
This upward trend was fueled by a recovery in the banking and IT sectors. The Sensex jumped by 592.93 points, or 0.78 percent, finishing at 76,617.44. Throughout the trading session, the index fluctuated between an intra-day peak of 76,680.35 and a low of 76,064.94.
Similarly, the Nifty index reflected this rebound, increasing by 166.65 points, or 0.72 percent, to close at 23,332.35. It recorded an intra-day high of 23,350 and a low of 23,158.45.
Among the 30 stocks in the Sensex, 21 finished in the green. Notable performers included Zomato, Titan, IndusInd Bank, Maruti Suzuki India, and Tech Mahindra, which saw gains of up to 4.75 percent.
Conversely, Ultratech Cement, Nestle India, Bajaj Finance, Power Grid Corporation, and Bajaj Finserv were among the biggest decliners, with losses of up to 1.36 percent.
Midcap and smallcap stocks outperformed the broader market, with the Nifty Midcap100 index soaring 1.61 percent, while the Nifty Smallcap100 index gained 1.12 percent.
All sectoral indices on the NSE ended in positive territory, with the Nifty Realty index leading the way, soaring 3.61 percent. Following closely were Consumer Durables, Banks, and Financial Services, which increased by as much as 2.51 percent.
This market rally is especially significant as investors anticipate the effects of new trade tariffs effective April 2 (US time).
“Despite global uncertainties, the Indian markets demonstrated resilience, bolstered by robust buying in key sectors,” commented market analysts.
Investor sentiment was further boosted by India's manufacturing PMI for March, which reached an eight-month high, indicating a potential recovery in corporate earnings for Q4 FY25.
After a recent correction, the index appears to be finding support near the critical 50 EMA on the daily timeframe,” stated Rupak De of LKP Securities.
The Rupee remained stable around 85.47 as markets prepared for the US tariff measures and their possible impact on the global economy.
