Market Wrap, April 9: Indices extend losses amid weak global cues, SENSEX falls 380 pts, NIFTY50 slips 0.50%; Wipro biggest index loser

The Indian stock market on Wednesday, April 9, continued to remain under pressure, taking cues from the global market as the tariff war kept investors jittery.

China urging for dialogues with the US to resolve trade disputes also gave some hope to the indices.  

At close, the S&P BSE SENSEX stood at 73,847.15, falling 379.93 points, or 0.51%, while the NSE's NIFTY50 index settled at 22,399.15, declining 136.70 points, or 0.61%.

SENSEX had touched an intraday low of 73,673.06 and a high of 74,103.83. NIFTY50’s intraday low was at the 22,353.25 level and high at 22,468.70.  

The market breadth remained in favour of negatives as 1,747 stocks declined on the NSE out of 2,909 traded.

The broader market also ended the session with losses.

PSU Bank and Information Technology sectors were most affected on Wednesday.

Foreign institutional investors (FIIs) offloaded equities worth ₹4,994.24 crore on a net basis on Tuesday, while the domestic institutional investors (DIIs) bought equities worth ₹3,097 crore, according to exchange data.

Stock markets in India will remain close on Thursday, April 10, on the occasion of Shri Mahavir Jayanti.

Globally, the Asian market extended losses as the Nikkei 225 lost 3.9% to 31,714.03. In Hong Kong, the Hang Seng declined 0.4% to 20,041.03.

The Shanghai Composite Index reversed early losses, gaining 0.9% to 3,173.56.

China on Wednesday promised to take “resolute and forceful” measures to safeguard its rights and interests after net total tariffs of 104% by President Donald Trump on Chinese imports into the US took effect.

The US markets on Tuesday witnessed wild moves as trade war escalation dominated the news. The Dow Jones, NASDAQ and S&P 500 opened nearly 3% higher on Tuesday on reports of negotiations with key countries on tariffs but pared all gains at the end to close down.

The Dow Jones Industrial Average fell 320.01 points, or 0.84%, to close at 37,645.59, while the Nasdaq Composite lost 335.35 points, or 2.15%, to end at 15,267.91.

As many as 2,909 stocks traded on the NSE on Wednesday. Out of this, 1,747 declined and 1,093 stocks advanced, while 79 scrips remained unchanged.

A total of 19 stocks hit their 52-week highs, while 45 stocks touched their one-year lows. Besides, 80 stocks hit their upper circuit limits, and 52 touched their lower circuit bands on Wednesday.

NSE-listed firms market capitalisation stood at ₹391.69 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 21.43 levels, slumping 4.83%.

The Nifty Midcap 100 index closed at the 49,582.05 level, slipping 0.51%, while the Nifty Smallcap 100 index declined 0.86% to the 15,256.75 level.

Nifty PSU Bank (-2.52%), Nifty IT (-2.19%), Nifty Pharma (-1.97%), Nifty Realty (-1.90%) and Nifty Midsmall IT and Telecom (-1.83) were the top losing sectoral gauges.

Nifty FMCG (1.78%), Nifty Consumer Durables (0.23%) and Nifty Auto (0.01%) were the only gainers.

Wipro, State Bank of India, Tech Mahindra, Larsen and Toubro and Trent were the biggest losing stocks on the NIFTY50 index, tumbling as much as 4.23%.

On the flip side, Nestlé India, Hindustan Unilever, Titan, Power Grid and Tata Consumers were the most gaining stocks, rising as much as 3.28%.

The sector became attractive as the Reserve Bank of India (RBI) lowered the inflation projection to 4% for the financial year 2025-26.