POST-MARKET SUMMARY 9th April 2025

On April 9, Indian markets faced pressure after a strong rebound in the previous session, as weak global markets sparked selling across most sectoral indices. The Reserve Bank of India (RBI) delivered a widely anticipated 25 basis point cut in the repo rate, bringing it down to 6%, while shifting its stance from 'neutral' to 'accommodative' in its first policy review of the new financial year. Also read: RBI Repo Rate Cut: Impact on Home Loan EMIs, Investments & Market Outlook

 Sectorally, except for Consumer Durables, which rose by 0.3%, and FMCG, up 1.5%, most other sectors ended in the red. Realty, IT, and PSU Banks all saw a decline of around 2%.

NIFTY:  The index opened 75 points lower at 22,460 and made a high of 22,468 before closing at 22,399. Nifty has formed a bearish candle on the daily chart. Its major resistance level is now placed at 22,470 while its immediate support is at 22,350.

BANK NIFTY: The index opened 24 points lower at 50,487 and closed at 50,240. Bank Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed around 50,000 while immediate support is around 50,500.  

Stocks in Spotlight

▪  Glenmark Pharma: Stock tumbled by over 4% after the US pharma regulator announced the recall of 39 drugs from the American market. Most of these drugs were manufactured at the company's Pithampur plant in Madhya Pradesh.

▪  Hindalco: Stock slipped 3% intraday amid escalating US-China trade tensions, following US President Trump's announcement of a 104% tariff on all Chinese imports.

▪  Delhivery: Stock slipped 2%, driven by concerns that the recent acquisition of Ecom Express may not contribute positively to earnings in the near term.

 Global News 

▪  Asia-Pacific markets extended their sell-off on Wednesday as fears over a global trade war, sparked by U.S. President Donald Trump's tariffs, fueled a risk-off mood.

▪  The European stock market sell-off intensified after China announced it would raise tariffs on U.S. goods to 84%, up from 34%, starting Thursday.

▪  Gold surged nearly 3% to above $3,060 per ounce on Wednesday, driven by safe-haven demand as fears of a full-blown trade war raised concerns about a global recession.

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