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Below the Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"The markets began the new financial year on a weak note, declining nearly 1.5% due to unfavorable global cues. Uncertainty surrounding the U.S. reciprocal tariff rates ahead of the April 2 deadline and its potential impact on global trade led to a negative opening, which worsened as the session progressed. As a result, the Nifty index closed near the day's low at 23,165.70 level. 

All major sectors came under pressure, with realty, IT, and financials among the top losers. However, the broader indices showed relative resilience, losing less than a percent each. 

Market participants are closely monitoring the ongoing tariff talks and their sectoral impact, leading to profit-booking following the recent rebound. Additionally, the Nifty index, which had been consolidating, has slipped below its range and breached the moving average ribbon support at 23,400. The next crucial support lies around 23,100 (20 DEMA), and a breakdown below this level could further dampen sentiment, whereas holding above it may pave the way for a recovery. Given the mixed signals, it is advisable to be cautious with index positions and maintain a stock-specific trading approach."

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