Markets Midday Report: Indian Markets Cut Losses; IT Stocks Advance  

Mumbai, April 7: Indian stock indices pared losses during midday trading on Tuesday, narrowing from earlier losses at the market open as select buying in IT and pharma stocks supported equity markets. The Sensex traded 121 points or 0.16% lower at 73,984 as of 11: 40 AM IST while the Nifty 50 lost 43 points or 0.19% at 22,925 by 11:42 AM IST, bouncing back sharply from opening losses of over 500 points on the Sensex as bargain hunters helped absorb early selling pressures.

Asian markets traded mixed as Japan’s Nikkei 225 (+0.21% to 53,526) and Australia’s S&P ASX All Ordinaries (+1.67%) both advanced sharply while Hong Kong’s Hang Seng (-0.70%) and Vietnam’s HNX 30 (-2.84%) traded lower.

Nifty 50 Stocks Likely to Outperform at Midday Close

The largest gainers on the Nifty 50 at midday were largely IT stocks, showing strength in the broader rotation into defensive technology stocks following US President Donald Trump’s hawkish warning against Iran. Wipro led the Nifty 50 with gains of 3.33% to ₹203 while Tata Consultancy Services (TCS) jumped 2.53% to ₹2,536 and HCL Technologies climbed 2.27% to ₹1,435. Infosys rose 2.25% to ₹1,335 and Tech Mahindra advanced 1.80% to ₹1,475. Hindalco followed up with gains of 2.54% to ₹951 and Sun Pharma climbed 1.27% while Bharti Airtel added 0.87%.

IndiGo was the worst-performing Nifty 50 stock at midday, down 1.91% to ₹4,230 as crude oil prices broke past $110 per barrel, threatening to undercut margins at India’s largest airline by market cap. Adani Enterprises fell 1.63%, Dr Reddy’s Laboratories declined 1.63% and Mahindra & Mahindra dropped 1.60%, while Axis Bank fell 1.57% and State Bank of India declined 1.46%. Eicher Motors lost 1.37% and UltraTech Cement slid 1.20%.

Nifty IT Index Outperforms; Gains 2.32% at Midday

The Nifty IT index was leading sectoral movers at midday, trading 2.32% higher at 31,347 – among the top performing sectors of the day. Mphasis surged 4.32% to ₹2,331 and Wipro gained 3.21% to ₹203 while TCS was up 2.53% to ₹2,536. LTIMindtree advanced 2.68% to ₹4,422 and HCL Technologies gained 2.37% to ₹1,436, while Infosys climbed 2.05% to ₹1,333. OFSS added 2.12% to ₹7,165 and Tech Mahindra rose 2.08%, with all stocks trading in the green in the Nifty IT index at midday.

Oil Prices Continue to Rally Amid Trump’s Warning on Iran

Benchmark Brent crude oil prices were trading over $110 per barrel at midday on Tuesday amid escalating tensions between the US and Iran. US President Donald Trump spoke to the media at the White House earlier in the session and reiterated his warning that Iran needs to reopen the Strait of Hormuz by today or else face American military action. Trump claimed that Iran’s bridges and power plants “will be destroyed very quickly, probably in about four hours,” before adding that Iran could be “taken out in one night if I wanted” and that “Iran will never want to fight” after conflict. Iranian deputy youth affairs minister said young Iranians should form human chains around power plants.

Nifty Auto index traded lower by 0.74% at 24,170 as rising oil prices impact auto companies’ margins as well as curb potential consumer demand for automobiles. Hero MotoCorp was the biggest loser among auto stocks, down 1.81% at ₹5,011 while Uno Minda slipped 2.42% to ₹1,023. Eicher Motors fell 1.14% to ₹6,520 and Mahindra & Mahindra declined 1.13% to ₹2,987. Exide Industries dropped 1.10% to ₹295 while Ashok Leyland rose 0.56% to ₹151. Sona BLW and Bajaj Auto are marginally positive but the Nifty Auto index continues to feel pressure from rising crude oil prices.

Gold Prices Dip Across Indian Metro Cities

Gold prices declined across major Indian cities on Tuesday as 24K gold settled at ₹14,984 per gram at the national level. Chennai continues to be the most expensive market for gold with rates at ₹15,120 per gram for 24K followed by ₹13,860 for 22K and ₹11,560 for 18K gold. Mumbai and Delhi shadowed the national gold price of ₹14,984 and ₹14,999 respectively as investors booked profits in precious metals despite tensions with Iran.

Sources: 

• https://www.bseindia.com/markets/equity/EQReports/mktwatchR.html?filter=gainer*all$all$
• https://www.nseindia.com/market-data/live-market-indices
• http://nseindia.com/market-data/live-equity-market?symbol=NIFTY%20IT
• https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY%20AUTO