Nifty trades below 24,300; European mrkt opens lower

The frontline indices traded with moderate losses in the afternoon trade, amid mixed global cues. Investor sentiment remained cautious amid signs of escalation in geopolitical tensions between India and Pakistan after the Pahalgam terror attack. Additionally, the market is volatile as the monthly Nifty50 F&O contracts are set to expire today.

The Nifty traded below the 24,300 level. Realty, FMCG and consumer durables shares declined while Pharma, metal and media stocks edged higher.

Investors will also closely watch the market's response to India's latest diplomatic and economic measures against Pakistan, announced following Tuesday's terrorist attack in Pahalgam in Jammu & Kashmir, which claimed 26 lives. These measures include the suspension of the Indus Waters Treaty, shutting down the Wagah-Attari border, and cancelling visas for Pakistanis, along with other measures.

At 13:30 IST, the barometer index, the S&P BSE Sensex declined 260.41 points or 0.33% to 79,854.20. The Nifty 50 index lost 72.62 points or 0.30% to 24,256.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index added 0.31%.

The market breadth was positive. On the BSE, 2,081 shares rose and 1,756 shares fell. A total of 166 shares were unchanged.

Economy:

On the macroeconomic front, the World Bank on Wednesday revised its growth outlook for India, trimming its forecast by 0.4 percentage points to 6.3% for the current fiscal year. The revision reflects rising global uncertainty, which the institution warned could dampen growth prospects across South Asia.

Gainers & Losers:

IndusInd Bank (up 3.58%), Grasim Industries (up 1.71%), UltraTech Cement (up 1.51%), Sun Pharmaceutical Industries (up 0.76%) and Cipla (up 0.76%) were the major Nifty50 gainers.

Hindustan Unilever (down 3.80%), Bharti Airtel (down 1.65%), ICICI Bank (down 1.34%), Eicher Motors (down 1.33%) and Mahindra & Mahindra (down 1.29%) were the major Nifty50 Losers.

Hindustan Unilever (HUL) fell 3.80%. The company reported a 3.61% jump in standalone net profit to Rs 2,493 crore in Q4 FY25, compared with Rs 2,406 crore in the corresponding quarter last year. Revenue from operations rose 2.08% to Rs 15,000 crore in Q4 FY25, compared with Rs 14,693 crore in Q4 FY24.

Meanwhile, the company's board has recommended a final dividend of Rs 24 for the financial year ended 31 March 2025 on equity shares of Rs 1 each.

Stocks in Spotlight:

Tata Consumer Products added 0.79%. The company reported a 52.06% jump in consolidated net profit to Rs 407.07 crore in Q4 FY25 as compared with Rs 267.71 crore in Q4 FY24. Revenue from operations jumped 17.35% to Rs 4,608.22 crore in Q4 FY25 as compared with Rs 3,926.94 crore in Q4 FY24.

Meanwhile, the company's board has recommended a dividend of Rs. 8.25 per equity share of Rs. 1 each for FY25, which, if approved by the shareholders at the ensuing 62nd Annual General Meeting, will be paid on or after June 21, 2025.

Bajaj Housing Finance rose 0.66%. The company reported a 53.84% rise in standalone net profit to Rs 586.68 crore on a 25.62% increase in revenue from operations to Rs 2,507.96 crore in Q4 FY25, compared with Q4 FY24.

Dalmia Bharat gained 3.64% after the company's consolidated net profit surged 38.09% to Rs 435 crore in Q4 FY25 as against Rs 315 crore posted in Q4 FY24. However, revenue from operations declined 5.01% YoY to Rs 4,091 crore posted in Q4 FY25.

Persistent Systems advanced 2.37% after the company's net profit advanced 6.1% to Rs 395.76 crore on a 5.87% increase in revenue to Rs 3,242.11 crore in Q4 FY25 over Q3 FY25.

Rallis India dropped 4.31% after the pesticides maker's standalone net loss widened to Rs 32 crore in Q4 FY25 as against a net loss of Rs 21 crore reported in Q4 FY24. Revenue from operations declined 1.37% YoY to Rs 430 crore in the quarter ended 31 March 2025. Meanwhile, the company's board has recommended a dividend of Rs 2.50 per share for the financial year 2024-25. The dividend, if approved by the shareholders at the ensuing Annual General Meeting of the company, will be paid within five days of the AGM.

Vascon Engineers jumped 5.79% after the company received a letter of intent (LoI) worth Rs 85.43 crore from Yucca Promoters LLP, Pune, for the construction of a commercial building at Kalyani Nagar, Pune.

Global Markets:

European shares opened lower on Thursday as the relief rally lost momentum.

Asian stocks traded mixed, following gains on Wall Street driven by renewed optimism over potential progress in U.S.-China trade relations.

In the latest development, China indicated a willingness to engage in trade talks with the United States. However, it emphasized that it would not participate in negotiations under continued threat of sanctions or tariffs from the U.S. administration. This dual stance contributed to cautious optimism among global investors.

In South Korea, advance estimates released Thursday showed that GDP contracted by 0.1% in the first quarter of 2025, signaling potential economic headwinds in the region.

On Wall Street, the three major indices closed higher overnight, supported by hopes that trade tensions may ease in the near term. Additionally, President Donald Trump signaled that he does not intend to remove Federal Reserve Chair Jerome Powell, a move that appeared to reassure financial markets.

At the close in NYSE, the Dow Jones Industrial Average rose 1.07%, while the S&P 500 index gained 1.67%, and the NASDAQ Composite index added 2.50%.

On Thursday, investors will look for quarterly earnings reports from Alphabet, Intel and PepsiCo. On the economic data front, durable gods orders and weekly jobless claims are also due.

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