Mumbai, April 2 – Stock market benchmark indices staged a recovery in early trade on Wednesday, following a sharp decline in the previous session. The rebound was primarily driven by buying activity in key blue-chip stocks, such as HDFC Bank and ICICI Bank.
The 30-share BSE benchmark Sensex rose by 256.82 points to reach 76,281.33, while the NSE Nifty gained 84.9 points, climbing to 23,250.60.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, commented, “The element of uncertainty regarding reciprocal tariffs is expected to decrease with the tariff declaration today. However, considering Trump's previous flip-flops on tariffs, uncertainty is likely to persist beyond today.”
Vijayakumar noted that the FII buying in the final days of March was likely driven by end-of-year considerations. “The short-covering triggered by FII buying contributed to India’s outperformance in March. Now, with FIIs selling equities worth Rs 10,255 crore in the cash market over two days, shorting has resumed, which was reflected in the 353-point sharp drop in the Nifty yesterday,” he added.
As markets remain volatile, investor sentiment continues to be influenced by both global and domestic factors.
The 30-share BSE benchmark Sensex rose by 256.82 points to reach 76,281.33, while the NSE Nifty gained 84.9 points, climbing to 23,250.60.
Key Gainers and Losers
Among the top gainers from the Sensex pack were Tech Mahindra, Infosys, HDFC Bank, Maruti, ICICI Bank, Bharti Airtel, Zomato, and Adani Ports. In contrast, companies like Nestle, UltraTech Cement, Hindustan Unilever, and Tata Motors faced declines.Global Market Trends
In Asian markets, both Shanghai and Hong Kong traded in the positive territory, while Seoul and Tokyo were in the red. Meanwhile, US markets ended mostly higher on Tuesday.Foreign and Domestic Investor Activity
Foreign Institutional Investors (FIIs) sold equities worth Rs 5,901.63 crore on Tuesday, according to exchange data. On the other hand, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 4,322.58 crore.VK Vijayakumar, Chief Investment Strategist at Geojit Investments, commented, “The element of uncertainty regarding reciprocal tariffs is expected to decrease with the tariff declaration today. However, considering Trump's previous flip-flops on tariffs, uncertainty is likely to persist beyond today.”
Vijayakumar noted that the FII buying in the final days of March was likely driven by end-of-year considerations. “The short-covering triggered by FII buying contributed to India’s outperformance in March. Now, with FIIs selling equities worth Rs 10,255 crore in the cash market over two days, shorting has resumed, which was reflected in the 353-point sharp drop in the Nifty yesterday,” he added.
Oil Prices
Global oil benchmark Brent crude remained steady, trading 0.03% higher at USD 74.51 per barrel.Previous Session’s Losses
The BSE Sensex had suffered a substantial drop of 1,390.41 points, or 1.80%, to close at 76,024.51 on Tuesday. Similarly, the Nifty fell by 353.65 points, or 1.50%, ending at 23,165.70.As markets remain volatile, investor sentiment continues to be influenced by both global and domestic factors.
