Investors displayed caution in the domestic market, which was clearly reflected in the initial decline of the Sensex and Nifty. At the start of trading, the Sensex opened at 83,398, down 34 points, while the Nifty fell by 11 points to reach 25,450. Bank Nifty also showed weakness, opening at 56,938, down 93 points.
Weakness in the Rupee, Value Falls Against the Dollar
The currency market also saw a slight weakness. The rupee opened at 86.57 against the US dollar, weakening by 18 paise. This affected sectors related to import-export, especially oil and gas companies, on which investors kept a close watch.
Sectoral Performance Mixed, Metal and Media Under Most Pressure
The impact of the market decline was also visible on various sectors. Almost all sectors started in the red, except for FMCG and Oil & Gas. The most pressure was seen in the metal and media sectors, where the selling continued.
Today's Top Gainers and Losers
Despite the sluggish start, some stocks opened in the green.
Top gainers included TRENT, ASIANPAINT, HINDUNILVR, BAJAJFINSV, and HDFCBANK.
On the other hand, top losers included stocks like MARUTI, ETERNAL, HCLTECH, TECHM, and BEL.
India's Response: Trade Policy Will Not Change
On this tariff deadline, India has clearly indicated that it will not change its trade policy under any international pressure. Commerce Minister Piyush Goyal said that India makes decisions only keeping in mind the national interest and will not be influenced by any external forces.
Selling by Foreign Investors Remains a Concern
Selling by Foreign Institutional Investors (FIIs) is currently weighing heavily on the domestic market. Last Friday, FIIs sold shares worth approximately ₹1,900 crore. This was the fifth consecutive day they were withdrawing money from the market.
Regarding Domestic Institutional Investors (DIIs), they also sold ₹1,000 crore this time. The decrease in investment from both sides has put pressure on the market.
Weak Q1 Updates Increased Caution
Recent updates from the corporate sector have also affected the market. IndusInd Bank's performance in the first quarter was weaker than expected. However, Bank of India showed an advance growth of 11 percent, which has created some hope in the banking sector. Additionally, IDBI, Dhanlaxmi Bank, and Bank of Maharashtra have also performed bly.
Weak Signals from Global Markets
The market did not receive positive signals from the global market either. GIFT Nifty is flat near 25,525, while the Dow Futures have fallen by 150 points and the Nikkei has fallen by 250 points. Crude oil has fallen below $68, which could be beneficial for the Indian economy. However, the price of gold has fallen by $25 to $3,320, while silver has reached a 14-year high of $37.
