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• The equity benchmarks Nifty and Sensex closed with a slight decline, mainly due to a sharp drop in IT stocks. However, they outperformed most Asian markets, as the 27% duty imposed by the Trump administration on Indian exports made India one of the least-tariffed Asian exporters. The tariff rates on India are lower compared to countries like China (54%), Vietnam (46%), and Indonesia (32%), which helped reduce the overall impact on the domestic market. A major positive development came when Trump excluded tariffs on drug exports, leading to a strong rally in domestic pharma stocks, which have significant exposure to the US market.

• The Nifty fell by 82 points to close at 23,250, after opening more than half a percent lower at 23,145. IT stocks were the biggest losers, with concerns over how slower US economic growth might impact the revenue of domestic IT companies. The Nifty IT Index dropped over 4%, led by a 9% fall in Persistent Systems, while companies like Coforge, TCS, HCL Tech, Mphasis, Infosys, and LTI Mindtree saw declines between 3-7%. On the other hand, the Nifty Pharma Index rose by 2% after Trump's tariff announcements excluded the pharma sector.

• The PSU Bank Index gained 2%, supported by a drop in the 10-year G-Sec yield to a two-year low, and expectations of a rate cut by the RBI next week, along with a positive business update from Bank of Baroda. Textile stocks posted strong gains, as India’s textile sector gained a competitive edge from the US’s lower tariffs compared to rivals like Vietnam, Bangladesh, and China. Stocks such as Vardhaman Textiles, Arvind Mills, Trident, and KPR Mills surged by 5-18%.

• Globally, markets in Asia and Europe saw sharp declines of 2-4% following Trump's announcement of stiff tariffs on major trading partners. Japan's stocks plunged after a 24% tariff was imposed on the country. US index futures also fell by nearly 3%, amid concerns that higher tariffs could fuel inflation in the US, hinder global growth, and escalate ongoing trade tensions.

Technical Outlook:

• Nifty Index opened negative on account of weaker global markets but managed to hold above 23150 zones and witnessed a sharp up move in the first tick. However it faced lack lustre move near 23300 zones and consolidated within a narrow band of 50-60 points for the rest of the day to close with losses of around 80 points.

• It formed a bullish candle on the daily frame but has been making lower highs from the last three sessions which indicates that even though support is being respected but lack of follow up is making the upside capped. Now it has to cross and hold above 23250 zones for strength to commence towards 23400 then 23550 zones whereas supports are placed at 23150 and 23000 zones.

Derivative Outlook:

• Nifty future closed negative with losses of 0.48% at 23325 levels. Positive setup seen in IDFC First Bank, AU Bank, GMR Airports, Indian Bank, IIFL, Power Grid, Angel One, Canara Bank, Bandhan Bank, Syngene, Poona Wala Fincorp, Cipla and Ultratech Cement while weakness in Persistent System, Coforge, Kpit Tech, Dabur, Mphasis, Sonacoms, TCS, VEDL, HCL Tech, Balkrishna Industries, Infy and Techm.

• On option front, Maximum Call OI is at 24000 then 23500 strike while Maximum Put OI is at 23000 then 23200 strike. Call writing is seen at 23300 then 23600 strike while Put writing is seen at 22800 then 23000 strike. Option data suggests a broader trading range in between 22700 to 23700 zones while an immediate range between 23100 to 23500 leve

• Tech Mahindra, ServiceNow collaborate to streamline Telecom operations for CSPs – Company an IT services provider, and American software firm ServiceNow have partnered to provide advanced broadband solutions for Communication Service Providers (CSPs). The collaboration aims to streamline network management, improve operations, and enhance customer service.

• India Trade Ministry Carefully Examining US Reciprocal Tariffs - India’s trade ministry is carefully examining the implications of the reciprocal tariff measures announced by US President Donald Trump and is engaged with all stakeholders to assess the situation, according to a statement. Government is in touch with the Trump administration on these issues and expects to take these forward in the coming days.

• Marico Expects Doubles Digit Revenue Growth in Q4 - Expect To Maintain Double Digit Revenue Growth Momentum In financial year 2026. Crude Oil Derivatives Remained Rangebound in the fourth quarter. Copra & Vegetable Oil Prices Remained Firm at Peak Level in fourth quarter. Consolidated Revenue Growth In financial year 2025, Likely To Be In Low Double Digits. Expect Marginal Operating Profit Growth fourth quarter.

• IDFC First Bank March Business Update - Total business as on March 31 rose 22.7% at Rs 4.8 lakh crore (YoY), Loans & advances as on March 31 rose 20.3% at Rs 2.4 lakh crore (YoY), Customer deposits as on March 31 rose 25.2% at Rs 2.4 lakh crore (YoY) and CASA ratio as on March 31 was at 46.9% vs 47.7% (QoQ)

• Poonawall Fincorp March Business Update - Asset Under Management as on March 31 rose 14.7% to Rs 35,550 crore (QoQ) and Liquidity as on March 31 stands at Rs 4,670 crore.

• Bank of Baroda FY25 Business update - retail advances rose over 19% - Domestic retail advances as On March 31 rises 19.4% to Rs 2.6 lakh crore. Domestic advances as on March 31 up 13.7% to Rs 10.2 lakh crore. Global Advances as on March 31 up 12.9% to Rs 12.3 lakh crore. Domestic Deposits as of March 31 up 9.3% to Rs 12.4 lakh crore. Global Deposits as of March 31 up 10.3% to Rs 14.7 lakh crore and Global Business as on March 31 up 11.4% to Rs 27 lakh crore.

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