Stock market fall: TCS, Dabur India, Central Bank Of India hit 52-week low; here's why

NIFTY50 and SENSEX recover some ground in the mid-afternoon session after opening lower in early morning trade, reacting to US reciprocal trade tariff. Around 11:45 am, the NIFTY 50 index was trading 55 points lower at 23,276 (-0.24%). The BSE SENSEX is down 229 points, or 0.30%, to 76,387.

US President Donald Trump announced a reciprocal tariff on India and several other countries on Wednesday night. For India, 26% reciprocal tariffs will be imposed. These reciprocal tariffs will be effective from April 9. The baseline tariff of 10% will kick in from April 5.

Indian markets remain fairly resilient despite 26% reciprocal tariffs as uncertainties around these trade tariffs settle down.

The India VIX index, or the volatility index, was down 1.36% to 13.54. Among the sectoral indices, the NIFTY Pharma and the NIFTY PSU Bank indices were the top gainers, up 2.5% and 0.7%, respectively. The NIFTY IT and the NIFTY Auto were the top losers, down 4.0% and 0.6%, respectively.

Tata Consultancy Services (52-week low: ₹3,411)

TCS shares declined as much as 3.5% on Thursday to hit a 52-week low of ₹3,411 apiece on the NSE. TCS, along with other IT stocks like Wipro, Infosys, Persistent Systems and others, declined up to 10% amid growth concerns after the US reciprocal tariff announcement.

Investors are cautious about rising inflation in the U.S. as higher import taxes are likely to be passed on to end consumers. Moreover, the U.S. could experience an economic slowdown if countries retaliate with counter-tariffs, potentially leading to a global trade war. This would negatively impact IT spending and new order opportunities for Indian IT firms, as the U.S. is their largest market.

TCS shares are trading 3.4% lower at ₹3,420 per share, with a trade volume of 16.8 lakh shares and a traded value of 580 crore. TCS shares are down over 16% so far this year.

Dabur India (52-week low: ₹458.20)

Shares of Dabur India tumbled more than 7% to hit a 52-week low of ₹458.20 after the company reported subdued Q4 business updates. The company expects its consolidated revenue to remain flatish during the March quarter due to delayed and truncated winters and a slowdown in urban markets.

Due to the impact of inflation coupled with operating deleverage, Dabur India anticipates the Q4 operating profit margin to contract by around 150-175 basis points y-o-y. Dabur India shares are down over 8% so far this year.

Central Bank of India (52-week low: ₹35.91)

Central Bank of India shares declined 2.5% intraday to hit a 52-week low of ₹35.91 per share. Banking shares are down over 14% so far this month despite decent business updates. The Central Bank of India reported a 10.7% YoY rise in total business to ₹7,05,196 lakh crore in FY25, while its total deposits grew by 7.18% to ₹4,12,665 lakh crore. Gross advances stood at ₹2,92,531 lakh crore, up 16.20% YoY.