Mumbai– The Indian stock market ended in the red on Wednesday, weighed down by weak global cues and rising concerns over U.S. trade tariffs, despite a rate cut by the Reserve Bank of India (RBI).
The RBI’s Monetary Policy Committee (MPC) lowered the repo rate by 25 basis points—from 6.25% to 6.00%—in an effort to bolster economic growth amid global uncertainty. Along with the rate cut, the central bank shifted its policy stance from ‘accommodative’ to ‘neutral.’
However, investor sentiment remained subdued amid fears of retaliatory trade measures. The BSE Sensex fell 379.93 points, or 0.51%, to close at 73,847.15, while the NSE Nifty declined 136.70 points, or 0.61%, to finish at 22,399.15.
Among the top gainers on the Sensex were Nestlé India, which rose more than 3%, Hindustan Unilever with a 2.52% gain, and Titan, which advanced 1.66%. Other notable gainers included Adani Ports, Power Grid, Asian Paints, and ITC.
On the losing side, major draggers included State Bank of India (SBI), Tech Mahindra, Tata Steel, and Larsen & Toubro, with some stocks shedding as much as 3.4%.
Broader market indices also came under pressure, with the BSE Midcap index dropping 0.73% and the Smallcap index sliding 1.08%.
Sector-wise, the worst performers were Nifty IT, Pharma, PSU Bank, Realty, and Healthcare, which posted losses between 1.11% and 2.25%.
“Global financial markets are experiencing renewed selling pressure following the implementation of reciprocal tariffs,” said Vinod Nair, Head of Research at Geojit Financial Services. He noted that although India’s rate cut and policy shift are constructive moves, they have not been enough to lift market sentiment amid global recession concerns.
Ajit Mishra, SVP of Technical Research at Religare Broking Ltd, added that sentiment soured following the announcement of new U.S. tariffs on China, resulting in a gap-down opening and a largely range-bound trading session.
Indian stock markets will remain closed on Thursday, April 10, in observance of Mahavir Jayanti. (Source: IANS)
