The key equity benchmarks traded with notable gains in mid-afternoon trade, driven by the U.S. decision to suspend its planned tariffs on Canada and Mexico, offering a temporary reprieve from escalating trade tensions. This move was seen as a positive development in easing trade concerns and fostering market optimism. The Nifty traded above the 23,650 mark. Private Bank shares advanced after declining for the previous two consecutive trading sessions.
At 14:30 IST, the barometer index, the S&P BSE Sensex, soared 1,031.91 points or 1.34% to 78,218.65. The Nifty 50 index rallied 314.30 points or 1.35% to 23,675.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.98% and the S&P BSE Small-Cap index added 0.92%.
The market breadth was strong. On the BSE, 2,420 shares rose and 1,425 shares fell. A total of 152 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index rose 1.67% to 24,670.40. The index tumbled 6.08% in the past two consecutive trading sessions.
IndusInd Bank (up 3.73%), Axis Bank (up 2.71%), HDFC Bank (up 2.24%), Bandhan Bank (up 2.24%), Kotak Mahindra Bank (up 2%), City Union Bank (up 1.63%), RBL Bank (up 1.29%), ICICI Bank (up 0.95%), and Federal Bank (up 0.49%) added.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.71% to 6.784 as compared with previous close 6.778.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.0825, compared with its close of 87.1100 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement shed 0.09% to Rs 83,249.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 108.60.
The United States 10-year bond yield added 0.51% to 4.566.
In the commodities market, Brent crude for the April 2025 settlement lost 76 cents, or 1%, to $75.20 a barrel.
Stocks in Spotlight:
Gland Pharma declined 4.57%. The company’s consolidated net profit increased 6.67% to Rs 204.70 crore despite a 10.42% decline in revenue from operations to Rs 1,384.1 crore in Q3 FY25 over Q3 FY25.
Dev Information Technology (DEV IT) gained 2.74% after the company announced that it has secured two significant cybersecurity orders from an existing USA-based enterprise client.
Avantel added 8.87% after the company said that it has received a purchase order worth Rs 5.81 crore from Satish Dhawan Space Centre (SHAR, ISRO).
Paradeep Phosphates tanked 5.83% after the company’s net profit declined 30.25% to Rs 158.75 crore in Q3 FY25 as against Rs 227.63 crore in Q2 FY25. Revenue from operations rose 6.79% to Rs 4,104.92 crore in Q3 FY25 over Q2 FY25.