The Indian stock market ended in negative territory on Wednesday, weighed down by weak global cues and concerns over fresh US trade tariffs, despite a repo rate cut by the Reserve Bank of India (RBI).
The central bank’s Monetary Policy Committee (MPC) reduced the repo rate by 25 basis points to 6 per cent from 6.25 per cent, aiming to support economic growth amid global uncertainties. Alongside the rate cut, the RBI also shifted its policy stance from ‘accommodative’ to ‘neutral.’
However, investor sentiment remained subdued. The Sensex fell 379.93 points, or 0.51 per cent, to settle at 73,847.15. Similarly, the Nifty dropped 136.70 points, or 0.61 per cent, ending the session at 22,399.15.
Among the top gainers on the Sensex were Nestle India, which rose over 3 per cent, Hindustan Unilever, which gained 2.52 per cent, and Titan, up 1.66 per cent. Other gainers included Adani Ports, Power Grid, Asian Paints, and ITC.
On the losing side, State Bank of India (SBI), Tech Mahindra, Tata Steel, and Larsen & Toubro were among the worst performers, with some stocks falling as much as 3.4 per cent.
Broader markets also witnessed selling pressure. The BSE Midcap index declined 0.73 per cent, while the Smallcap index slipped 1.08 per cent.
Sector-wise, the most pronounced losses were seen in Nifty IT, Pharma, PSU Bank, Realty, and Healthcare indices, which declined between 1.11 per cent and 2.25 per cent.
“Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs,” said Vinod Nair, Head of Research at Geojit Financial Services. He added that while the RBI’s rate cut and shift in policy stance were constructive steps, they failed to significantly lift market sentiment amid growing recessionary fears.
Ajit Mishra, SVP of Technical Research at Religare Broking, noted that the announcement of new US tariffs on China triggered a gap-down opening and led to a largely range-bound session.
Markets will remain closed on April 10 in observance of Mahavir Jayanti.
— IANS