The key equity benchmarks traded with major losses in the mid-afternoon trade, weighed down by profit booking. Sentiment remained subdued due to the expiry of BSE derivatives contracts and FII selling, prompting a shift toward a risk-off approach. The Nifty hovered below the 25,850 mark. Oil & gas shares tumbled after rallying for four consecutive trading sessions.
Media shares declined after advancing in the past three trading sessions.
At 14:25 ST, the barometer index, the S&P BSE Sensex declined 455.46 points or 0.54% to 83,772.58. The Nifty 50 index fell 127.90 points or 0.49% to 25,824.55.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 0.55% and the BSE 250 SmallCap Index slipped 0.67%.
The market breadth was negative. On the BSE, 1,675 shares rose and 2,448 shares fell. A total of 187 shares were unchanged.
Direct Tax Collection :
The central government’s net direct tax collections, after accounting for refunds, stood at Rs 19.43 lakh crore so far this fiscal year, up 9.4% from a year earlier. Net corporate tax collection rose 14.51% to Rs 8.90 lakh crore, while taxes from non-corporates, including individuals and Hindu Undivided Families (HUFs), rose 5.91 % to about Rs 10.03 lakh crore.
Buzzing Index:
The Nifty Media index declined 1.13% to 1476.70. the index increased 7.4% in the past three trading sessions.
Network 18 Media & Investments (down 2.96%), PVR Inox (down 2.86%), Saregama India (down 2.52%), Prime Focus (down 2.41%) and Hathway Cable & Datacom (down 1.97%) were the top losers. Among the other losers were Sun TV Network (down 1.48%), Tips Music (down 1.09%), Zee Entertainment Enterprises (down 1.07%), D B Corp (down 0.84%) and Nazara Technologies (down 0.07%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell 0.01% to 6.709 compared with previous session close of 6.710.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.6125 compared with its close of 90.7800 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement declined 0.42% to Rs 158,083.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 96.87.
The United States 10-year bond yield rose 0.17% to 4.179.
In the commodities market, Brent crude for April 2026 settlement rose 11 cents or 0.16% to $69.51 a barrel.
Stocks in Spotlight:
Hindalco Industries shed 0.48%. The company said its wholly owned subsidiary Novelis Inc. has provided an update on the twin fire incidents at its Oswego plant in New York that occurred in September and November 2025. Novelis estimates the total free cash flow impact at $1.3-1.6 billion, which includes repair costs, operational downtime, working capital timing and other related expenses. The company said 70-80% of the free cash flow and adjusted EBITDA impact is expected to be recoverable through insurance, subject to policy terms, conditions and potential coverage disputes. No firm estimate for insurance recovery has been accrued at this stage. The Oswego hot mill is expected to restart by late Q2 calendar 2026.
Meanwhile, Novelis reported its Q3 earnings. The Hindalco subsidiary reported a net loss attributable to common shareholders of $160 million, compared with a net income of $110 million in the prior year, Net sales rose 3% YoY to $4.2 billion.
Jupiter Wagons slipped 3.60% after its consolidated net profit tanked 35.28% to Rs 62.99 crore in Q3 FY26, compared with Rs 97.33 crore recorded in Q3 FY25. Revenue from operations fell 13.54% YoY to Rs 890.36 crore in the quarter ended 31 December 2025.
Bombay Dyeing & Manufacturing Company declined 2.32% after the company reported a consolidated net loss of Rs 9.85 crore in Q3 FY26, compared with a net profit of Rs 70.06 crore posted in Q3 FY25. Revenue from operations declined 21.9% year-on-year to Rs 324.02 crore in the quarter ended 31 December 2025.