Benchmarks end flat, Nifty settles above 22,550 mark; RIL jumps 3%

The key equity benchmark indices closed almost flat on Friday, reflecting a cautious sentiment among investors. Global financial markets were unsettled by ongoing concerns regarding US tariffs and fluctuating international trade policies. The Nifty 50 index managed to close slightly above the 22,550 mark. Sector-wise, energy and metal stocks saw gains, while IT, realty, and consumer durables shares experienced declines.

The S&P BSE Sensex shed 7.51 points, or 0.01%, to 74,332.58. The Nifty 50 index rose 7.80 points, or 0.03%, to 22,552.50.

Reliance Industries (up 3.18%), Nestle India (up 1.62%) and Tata Motors (up 1.36%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index shed 0.30% and the S&P BSE Small-Cap index added 0.75%.

The market breadth was strong. On the BSE, 2512 shares rose and 1468 shares fell. A total of 134 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.85% to 13.47.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.77% to 6.799 as compared with previous close 6.789.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.9375, compared with its close of 87.1200 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement shed 0.10% to Rs 85,914.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.56% to 103.64.

The United States 10-year bond yield fell 0.30% to 4.269.

In the commodities market, Brent crude for May 2025 settlement added $1.03, or 1.48% to $70.49 a barrel.

Global Markets:

European markets traded lower on Friday as investors digested the latest European Central Bank rate reduction ahead of the release of key U.S. employment data amid uncertainty over U.S. trade policies.

The ECB cut interest rates once more on Thursday, as widely expected, its sixth cut since June, but said monetary policy was becoming less restrictive as inflation falls towards its 2% target. The central bank also lowered its growth forecast for 2025 due in large part to uncertainty around global trade tension. While this would point to further cuts, ECB President Christine Lagarde stopped short of reaffirming that rates were on a downward path and instead said that a reduction or a pause were both on the cards.

Most Asian stocks ended lower after Wall Street after U.S. President Donald Trump's tariff concessions failed to calm investors. Traders were also worried by economic data from the U.S., which raised alarm that Trump's policies could hinder the U.S. economy.

China's export growth slowed more than expected at the start of the year, according to data from the customs authority released on Friday, as higher U.S. tariffs partly offset momentum in the country's rare bright spot. Exports in the January to February period rose 2.3% in U.S. dollar terms from a year earlier, significantly undershooting expectations of a 5% increase.

US stocks closed sharply lower Thursday amid uncertainty around President Donald Trump's tariff policies, while investors remained cautious ahead of a key employment report expected to provide insights into the nation's economic health. The Dow Jones Industrial Average fell by 1%, while the NASDAQ Composite dropped 2.6%. The S&P 500 also declined 1.8%.

US President Donald Trump on 6 March 2025, announced a temporary exemption for goods imported from Canada and Mexico under the United States-Mexico-Canada Agreement (USMCA), delaying the implementation of a 25% tariff until April 2. In response to the U.S. tariff announcements, Canada has decided to postpone a planned second wave of retaliatory tariffs on $125 billion worth of U.S. products until April 2. Despite these temporary tariff exemptions, financial markets reacted negatively due to the prevailing uncertainty surrounding trade policies.

Technology stocks experienced significant losses. NVIDIA Corporation stock plunged 5.7%, while Tesla Inc. closed 5.6% lower. Broadcom Inc. closed 6.3% lower after jumping 13% in early trade on Thursday. The company reported upbeat guidance for the current quarter and better-than-expected first-quarter results on growing AI-led demand for its custom chips.

U.S. jobless claims fell more than expected last week to 221,000, signaling a strong labor market. For the week ending February 22, initial claims under the Unemployment Compensation for Federal Employees program rose to 1,634, up from 614 the previous week.

Investors now await Friday's employment report for insights on the economy and potential Fed rate moves amid tariff concerns and rising factory costs.

Meanwhile, U.S. President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, a day before meeting with executives from the crypto currency industry at the White House. The reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.

Stocks in Spotlight:

Inox Wind jumped 11.50% after the company secured a 153 MW order from a prominent renewable energy developer, a member of a large global clean energy company.

Quess Corp rose 1.39% after the company said it received an approval from the National Company Law Tribunal (NCLT) for its proposed three-way demerger. The demerger will result in three separate entities: Quess Corp (remaining company), Digitide Solutions (resulting company-1) and Bluspring Enterprises (resulting company-2). Quess Corp shareholders will receive one equity share in both Digitide Solutions and Bluspring Enterprises for each share they currently hold in Quess Corp.

Kamat Hotels (India) surged 10% after the company signed an agreement for the management and operations of the Orchid Hotel in Rishikesh, Uttarakhand.

Omaxe jumped 7.72% after the company said its subsidiary, BeTogether, secured a contract from the Uttar Pradesh State Road Transport Corporation (UPSRTC) to modernize six key bus terminals in the state under the PPP model.

Kalpataru Projects International rose 1.64% after the company and its international subsidiaries secured new orders worth Rs 2,306 crore.

Transrail Lighting fell 1.07% after the company's board approved the resignation of Ajit Pratap Singh as chief financial officer (CFO) and key managerial personnel (KMP) of the company, effective from 8 March 2025.

Bharat Electronics added 1.54% after the company announced that it has secured additional orders worth Rs 577 crore since 20 February 2025.

Gensol Engineering slipped 4.22% after the company announced the resignation of its chief financial officer (CFO) and key managerial personnel, Ankit Jain, effective from 6 March 2025.

Rail Vikas Nigam (RVNL) added 1.23% after the company announced that it has received a letter of acceptance (LoA) for an EPC contract worth Rs 156.35 crore from South Western Railway.

Bengal Tea & Fabrics soared 20% after the company said it launched a new product packet tea under brand name 1950 Origins.

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