Crime Today News
File picture: People watch the stock market updates on a screen outside the Bombay Stock Exchange building in Mumbai.
Equity markets extended their morning losses in mid-day trading on Wednesday as investors continued to process the Reserve Bank of India’s anticipated rate cut against the backdrop of escalating global trade tensions. The central bank lowered its key policy rate by 25 basis points to 6 per cent and shifted its stance from “neutral” to “accommodative,” signalling a growth-focused approach.
By 12.47 pm, the BSE Sensex stood at 73,910.56, down 316.52 points or 0.43 per cent from Tuesday’s close. Similarly, the NSE Nifty declined 101.50 points or 0.45 per cent to 22,434.35. The broader market showed weakness, with 2,425 stocks declining, against 1,248 advances on the BSE.
RBI Governor announced the rate cut alongside a downward revision of FY26 growth forecasts to 6.5 per cent from 6.7 per cent previously, while also lowering inflation projections to 4 per cent from 4.2 per cent. The policy shift comes as the central bank acknowledges mounting global headwinds, particularly from the escalating US-China trade dispute.
“RBI’s path ahead is likely to be followed by rate cuts,” noted Anitha Rangan, Economist at Equirus Securities. “The trajectory has tilted towards a growth-inflation balance from inflation-growth in the previous regime, with a clear emphasis on supporting growth.”
Information technology stocks bore the brunt of selling pressure, with sector majors leading the losses. Wipro emerged the biggest Nifty loser, plummeting 4 per cent to ₹237.35. Other notable decliners included Tech Mahindra (-2.38 per cent), Infosys (-2.21 per cent), and Tata Steel (-2.12 per cent).
Consumer goods companies bucked the negative trend, with Nestle India leading gains at 3.15 per cent, followed by Hero MotoCorp (2.48 per cent) and Hindustan Unilever (2.47 per cent). Titan and Tata Consumer Products rounded out the top five gainers, rising 2.03 per cent and 1.71 per cent, respectively.
Market sentiment remained cautious as President Trump’s confirmation of a steep 104 per cent tariffs on Chinese goods and potential additional tariffs on pharmaceuticals continued to weigh on global markets. The measures have sparked retaliatory actions from China, deepening recession fears.
“While banks may see some NIMs compression, improved credit offtake could balance it,” said Pranay Aggarwal, Director & CEO of Stoxkart, regarding the impact of RBI’s rate cut. “Lower rates should boost home and vehicle loan demand. However, global headwinds, especially rising US tariffs, pose risks to export-driven sectors like IT and pharma.”
The Nifty Bank index declined 0.57 per cent to 50,223.75, while the financial services index fell 0.78 per cent. The Nifty Next 50 showed modest resilience, gaining 0.19 per cent.
Investors now look ahead to the market close, while monitoring developments in global trade tensions and assessing the potential impact of the RBI’s accommodative stance on various sectors.
Published on April 9, 2025
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