On Wednesday, 1,529 stocks advanced, 2,359 declined and 142 remained unchanged, with an advance decline ratio of 0.64 on the Bombay Stock Exchange (BSE), indicating negative closing of stocks in broader markets. After the Indian markets closed, in a significant escalation of trade tensions, China has announced it will raise tariffs on US goods to 84%, effective Thursday. This has led to US futures GIFT Nifty weakening. The sharp increase by China from the previously announced 34% comes as a direct response to US President Donald Trump's latest tariff measures, which include a 104% tariff on Chinese imports that took effect on Wednesday. The trend of the major indices on Wednesday’s trading is given in the table below.
On NSE, 19 securities advanced and closed at a new 52-week high whereas 45 securities sank to close at their new 52-week lows. In sectoral indices, Nifty FMCG and Nifty Auto were the biggest gainers. Nifty PSU Bank, Nifty IT and Nifty Pharma were the biggest losers.
The Reserve Bank of India (RBI) reduced the key lending rate, or repo rate, by 25 basis points, bringing it down to 6%. After a detailed assessment of the evolving macroeconomic and financial conditions and outlook, the MPC voted unanimously to reduce the policy repo rate by 25 basis points to 6% with immediate effect," said Sanjay Malhotra. This is the second rate cut in a row, following a 25 basis point reduction in February.
Indian Railways formulated a new public-private partnership (PPP) policy to attract Rs30,000 crore in private investment for 50 identified projects. This revised framework aims to simplify processes, reduce litigation risks, and ensure a reasonable rate of return for investors in railway infrastructure, including freight terminals, mineral corridors, and port connectivity projects.
Vedanta (-1.48%) will explore a revised plan for a four-way demerger of its businesses, a shift from its earlier proposed six-way split. This comes after the National Company Law Tribunal (NCLT) rejected the initial plan due to objections from a Chinese firm, SEPCO, a creditor to Vedanta's power business, Talwandi Sabo Power (TSPL). The NCLT cited concerns about insufficient creditor disclosures regarding the demerger. Vedanta is now considering appealing the decision.
Indian Oil Corporation (IOC), (+0.42%) will invest over Rs61,000 crore in establishing a major petrochemical complex in Odisha. This investment aims to meet the increasing domestic demand for petrochemicals in the rapidly growing Indian economy. IOC signed a memorandum of understanding with the Odisha state government for this significant project. Separately, IOC, along with Petronet LNG will invest Rs6,500 crore to set up an LNG import terminal at Gopalpur Port, also in Odisha. These investments highlight the growing energy infrastructure in the region.
According to data shared by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), the United States remained the largest market for India’s pharmaceutical exports during April–February 2024–25, accounting for a significant 36.6% share, or $9.8 billion. Remarkably, the US market grew by 14% despite its already substantial base. However, with the US administration expected to introduce tariffs on pharmaceutical imports, Indian exporters are actively seeking alternative markets to reduce reliance on the US and mitigate potential challenges.
Infosys (-1.76%) extended its partnership with Allied Irish Banks (AIB) to further support the bank's digital transformation initiatives. The collaboration will focus on developing and enhancing AIB's application landscape.
Indian government notified the amalgamation of various regional rural banks (RRBs) within several states into single, larger RRBs. This consolidation aims to improve operational efficiency, enhance financial stability, and provide better customer service by creating stronger regional banking entities. The mergers are expected to streamline management and expand the reach of rural banking services across the concerned states.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:
