The weekly Nifty50 Futures & Options (F&O) series expiry has been shifted to today due to the market holiday tomorrow in observance of Shri Mahavir Jayanti.

At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 347.25 points or 0.47% to 73,884.41. The Nifty 50 index fell 124.15 points or 0.55% to 22,411.70.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index slipped 0.67% and the S&P BSE Small-Cap index declined 1.16%.

The market breadth was weak. On the BSE, 1,289 shares rose and 2,450 shares fell. A total of 164 shares were unchanged.

RBI Monetary Policy Meeting Outcome:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points with immediate effect.

The Monetary Policy Committee (MPC) held its 54th meeting from April 7 to 9, 2025 under the chairmanship of Sanjay Malhotra, Governor, Reserve Bank of India.

After assessing the current and evolving macroeconomic situation, the MPC unanimously voted to reduce the policy repo rate by 25 basis points to 6% with immediate effect.

Consequently, the standing deposit facility (SDF) rate under the liquidity adjustment facility (LAF) shall stand adjusted to 5.75%, and the marginal standing facility (MSF) rate and the bank rate to 6.25%.

This decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

MPC also decided to change the stance from neutral to accommodative. However, it noted that uncertainties remain high in the wake of the recent spurt in global volatility. Hence, the rapidly evolving situation requires continuous monitoring and assessment of the economic outlook.

On the domestic front, the RBI slightly lowered its GDP growth forecast for FY26 to 6.5%, down from 6.7% in its previous outlook. In Q1 it is projected at 6.5%; Q2 at 6.7%; Q3 at 6.6%; and Q4 at 6.3%. The risks are evenly balanced.

On inflation, the RBI appears more optimistic. It now projects CPI inflation for FY26 at 4%, down from the earlier 4.2%. Here is the quarterly split: Q1 at 3.6%; Q2 at 3.9%; Q3 at 3.8%; and Q4 at 4.4%. The risks are evenly balanced.

The MPC noted that inflation is currently below the target, supported by a sharp fall in food inflation. Moreover, there is a decisive improvement in the inflation outlook. As per projections, there is now greater confidence of a durable alignment of headline inflation with the target of 4% over a 12-month horizon.

The minutes of the MPC's meeting will be published on April 23, 2025. The next meeting of the MPC is scheduled from June 4 to 6, 2025.

Economy:

In India, growth is projected to accelerate to 6.7% in fiscal year (FY) 2025 and 6.8% in FY2026, according to the latest forecast by the Asian Development Bank (ADB). Growth in the sub-region is expected to rise from 5.8% in 2024 to 6.0% in 2025 and 6.2% in 2026.

Inflation in India is projected to moderate to 4.3% in FY2025 and 4.0% in FY2026, supported by easing food and global oil prices.

Gainers & Losers:

Nestle India (up 2.89%), Hindustan Unilever (up 2.29%), Heromotorcorp (up 1.81%), Powergrid Corporation of India (up 1.75%) and Titan Company (up 1.69%) were the major Nifty gainers.

Wipro (down 3.80%), Trent (down 3.16%), Tech Mahindra (down 2.48%) State Bank of India (down 2.08%) and Tata Steel (down 1.95%) were the major Nifty losers.

Stocks in Spotlight:

Insolation Energy rose 0.02%. The company said that it has achieved consolidated revenue of Rs 1,338 crore for the year ended on 31 March 2025, which is higher by 80.49% on a year-on-year (YoY) basis.

Vodafone Idea shed 0.28%. The company announced the allotment of equity shares worth Rs 36,950 crore to the Government of India, converting its spectrum dues into equity.

Senco Gold hit an upper circuit of 5% after the company's standalone revenue jumped 19.1% to over Rs 1,300 crore in Q4 FY25, driven by robust wedding season.

Bharat Petroleum Corporation (BPCL) advanced 1.44% after the company announced that Sembcorp Green Hydrogen India, a wholly owned subsidiary of Sembcorp Industries, will form a 50:50 joint venture (JV) with BPCL to develop renewable energy & green hydrogen projects across India.

Concord Biotech added 1.70% after the company has announced the receipt of final approval from the United States Food and Drug Administration (USFDA) for marketing its Teriflunomide Tablets in various strengths.

Hindustan Aeronautics (HAL) rose 0.09%. The company announced that the Ministry of Defence (MoD) has approved the appointment of DK Sunil as chairperson and managing director (MD), effective from 9 April 2025.

Borosil declined 1.17% after the company announced that it has incorporated a wholly owned subsidiary, Stylenest India (SIL), on 8 April 2025. SIL will be engaged, inter alia, in the business of manufacturing, marketing, and distribution of household and kitchenware products and related items, subject to the receipt of necessary approvals.

Global Market:

Dow Jones futures are up 150 points, indicating a positive opening in US stocks today.

European market declined with markets struggling to maintain the positive momentum of the previous session as the U.S.′ country-specific tariffs started taking effect.

Most Asian stocks declined as U.S. President Donald Trump geared up to slap a jaw-dropping 104% tariff on Chinese goods. Oil prices took the hit too, tumbling to their lowest levels in four years as fears of a global recession tightened their grip on financial markets.

Late Tuesday, Washington confirmed that the tariff hike would take effect just after the stroke of midnight on Wednesday. The offshore yuan responded by hitting a record low of 7.4287 per U.S. dollar overnight.

Trump accused China of currency manipulation in a late-night press appearance but added that he still believed a deal would be struck eventually.

Analysts are now sounding the alarm bells, warning that this tariff escalation could tip the global economy into a full-blown recession.

Over in the U.S., the markets had a rough session. The Dow Jones Industrial Average fell 0.84%, weighed down by big names like Apple, which faces surging costs from the new China tariffs. The Nasdaq nosedived 2.15%, while the S&P 500 shed 1.57%, narrowly dodging official bear market territory but still ending below the symbolic 5,000 mark for the first time since April 2024.

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