In the week ended on Friday, 11 April 2025, the S&P BSE Sensex tumbled 207.43 points or 0.28% to settle at 75,157.26. The Nifty 50 index slumped 75 points or 0.33% to settle at 22,828.55. The BSE Mid-Cap index fell 0.58% to close at 40,274.24. The BSE Small-Cap index dropped 0.15% to end at 45,798.35.

Weekly Index Movement:

The domestic equity market endured a brutal blow on Monday, closing deep in the red for the third straight session. The S&P BSE Sensex plummeted 2,226.79 points, or 2.95%, to close at 73,137.90, while the Nifty 50 nosedived 742.85 points, or 3.24%, settling at 22,161.60. In just three trading sessions, the Sensex has shed 4.54%, and the Nifty has lost a staggering 5.01%

The key equity benchmarks bounced back sharply on Tuesday, snapping a three-day losing streak, buoyed by upbeat global cues. The S&P BSE Sensex soared 1,089.18 points or 1.49% to 74,227.08. The Nifty 50 index climbed 374.25 points or 1.69%, to 22,535.85. In the previous three trading sessions, the Sensex shed 4.54%, and the Nifty lost a staggering 5.01%.

The key equity benchmarks closed with modest losses on Wednesday, weighed down by weak global cues and escalating trade tensions. The S&P BSE Sensex slipped 379.93 points or 0.51% to 73,847.15. The Nifty 50 index lost 136.70 points or 0.61%, to 22,399.15.

The stock market was shut on Thursday, 10 April 2025, due to Shri Mahavir Jayanti.

The domestic equity indices ended with robust gains Friday after the U.S. announced a 90-day suspension of an additional 26% tariff on India, lifting investor sentiment despite global trade uncertainties. The barometer index, the S&P BSE Sensex, jumped 1,310.11 points or 1.77% to 75,157.26. The Nifty 50 index climbed 429.40 points or 1.92% to 22,828.55.

RBI Monetary Policy Meeting Outcome:

The Reserve Bank of India (RBI) monetary policy committee (MPC) unanimously voted to reduce the policy repo rate by 25 basis points to 6% with immediate effect.

Consequently, the standing deposit facility (SDF) rate under the liquidity adjustment facility (LAF) shall stand adjusted to 5.75%, and the marginal standing facility (MSF) rate and the bank rate to 6.25%.

This decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

MPC also decided to change the stance from neutral to accommodative. However, it noted that uncertainties remain high in the wake of the recent spurt in global volatility. Hence, the rapidly evolving situation requires continuous monitoring and assessment of the economic outlook.

On the domestic front, the RBI slightly lowered its GDP growth forecast for FY26 to 6.5%, down from 6.7% in its previous outlook. In Q1 it is projected at 6.5%; Q2 at 6.7%; Q3 at 6.6%; and Q4 at 6.3%. The risks are evenly balanced.

On inflation, the RBI appears more optimistic. It now projects CPI inflation for FY26 at 4%, down from the earlier 4.2%. Here is the quarterly split: Q1 at 3.6%; Q2 at 3.9%; Q3 at 3.8%; and Q4 at 4.4%. The risks are evenly balanced.

The MPC noted that inflation is currently below the target, supported by a sharp fall in food inflation. Moreover, there is a decisive improvement in the inflation outlook. As per projections, there is now greater confidence of a durable alignment of headline inflation with the target of 4% over a 12-month horizon.

Economy:

In India, growth is projected to accelerate to 6.7% in fiscal year (FY) 2025 and 6.8% in FY2026, according to the latest forecast by the Asian Development Bank (ADB). Growth in the sub-region is expected to rise from 5.8% in 2024 to 6.0% in 2025 and 6.2% in 2026.

Inflation in India is projected to moderate to 4.3% in FY2025 and 4.0% in FY2026, supported by easing food and global oil prices.

Stocks in Spotlight:

Trent nosedived 14.05%. The investors were left underwhelmed by its Q4 business update. The Tata Group-backed brand posted Q4FY25 revenue of Rs 4,334 crore, up 28% year-on-year (YoY). This growth is lower than its five-year compound annual growth rate (CAGR) of 36%. It is also behind Trent's 39% annual revenue growth in FY25 at Rs 17,624 crore. Market sentiment and high valuations also dragged the stock lower.

Tata Motors dropped 3.06%. The media reported that Jaguar Land Rover (JLR), its UK-based subsidiary, will temporarily suspend vehicle exports to the U.S. starting April 7. The move comes in response to the Trump administration's recent 25% import tariff on foreign automobiles. JLR plans to use this pause to work with business partners, reassess trading strategies, and chart a course for the mid- to long-term. Meanwhile, the company said that JLR’s wholesales for Q4 FY25 were 111,413 units, up 1.1% as compared with Q4 FY24.

Tata Consultancy Services declined 2.04%. On a consolidated basis, the company reported a 1.26% decline in net profit to Rs 12,224 crore while revenue from operations rose 0.79% to Rs 64,479 crore in Q4 March 2025 over Q3 December 2024. On a year-on-year basis, the company’s consolidated net profit fell 1.69% while revenue from operations increased 5.29% in Q4 March 2024.

Cipla rallied 3.28% after the firm received final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Paclitaxel, a generic version of Bristol Myers Squibb’s Abraxane.

Siemens soared 6.18%. The stock turned ex-demerger, following the spin-off of its energy business in India. The record date and ex-date for the demerger both fell on Monday, 7 April 2025. Eligible shareholders will receive one share of Siemens Energy India for every share held in Siemens India, in a 1:1 ratio.

Bajaj Housing Finance lost 1.85%. The company said that its gross disbursement jumped 25.08% to Rs 14,250 crore in Q4 FY25 compared with Rs 11,393 crore in Q4 FY24.

Macrotech Developers dropped 5.04%. The company said that it has achieved pre-sales of Rs 4,810 crore in Q4 FY25, which is higher by 14% as compared with the pre-sales of Rs 4,230 crore posted in Q4 FY24.

FSN E-Commerce Ventures (Nykaa) added 1.75%. The company said that it witnessed a continued growth momentum in Q4 FY2025 with consolidated net revenue growth expected to be in low to mid twenties YoY.

Transformers and Rectifiers (India) surged 9.96%. The company's consolidated net profit surged 125% to Rs 94.17 crore on a 32% increase in revenue from operations to Rs 676.48 crore in Q4 March 2025 over Q4 March 2024.

Mahindra & Mahindra (M&M) fell 0.56%. The company said that its total production jumped 23.51% to 88,701 units in the month of March 2025, compared with 71,814 units produced in the same period last year.

Titan Company rallied 5.16%. The company’s standalone revenue jumped 25% year on year (YoY) in fourth quarter of FY25. The company’s consolidated retail network increased by 72 stores (net) in the quarter, taking its total to total retail network to 3,312 stores.

Adani Ports and Special Economic Zone (APSEZ) rose 1.35%. The company said that it has commenced operations at the Colombo West International Terminal (CWIT), located at the Port of Colombo.

Jio Financial Services jumped 3.51%. The company’s NBFC subsidiary, Jio Finance, has introduced fully digital loan against securities (LAS) facility for its customers to leverage their investments. The customers can avail loans of up to Rs 1 crore in just 10 minutes through the JioFinance App, with interest rates starting at 9.99%.

Global Markets:

The U.K.’s monthly real GDP has increased by 0.5% in February 2025, with all major sectors contributing to the growth. This marks a positive turnaround following January 2025, which initially showed a 0.1% decline but has since been revised to reflect flat growth.

China’s consumer prices contracted for the second consecutive month, as the Consumer Price Index (CPI) slipped 0.1% year-on-year in March. The index remained in deflationary territory following a sharper decline of 0.7% in February, according to data released by the National Bureau of Statistics on Thursday.

U.S. consumer prices rose 2.4% in the 12 months through March, easing from February’s 2.8%. On a month-to-month basis, prices actually declined by 0.1%, raising fresh questions about inflation trends and Fed policy going forward.

U.S. nonfarm payrolls data provided a positive signal in March, coming in at 228,000 jobs added — a notable increase from February’s revised figure of 117,000.

The escalating tensions had left global investors rattled. President Donald Trump had announced a 10% universal import tariff, which took effect on April 5. Additional tariffs targeting key trade partners, including China, Vietnam, Japan, and the European Union, had been scheduled to take effect on April 9.

In retaliation, China had imposed a 34% tariff on a range of American goods, marking a sharp escalation in trade tensions.

US President Donald Trump had slapped a whopping 50% tariff on imports from Beijing. This had come in response to China’s own counterpunch: a 34% tit-for-tat tariff on US goods. Not to be outdone, China’s Commerce Ministry had doubled down on Tuesday, vowing to 'fight to the end' and warning of further 'countermeasures' if Washington follows through.

U.S. President Donald Trump had geared up to impose a jaw-dropping 104% tariff on Chinese goods. Late Tuesday, Washington confirmed that the tariff hike would take effect just after the stroke of midnight on Wednesday.

Trump had also accused China of currency manipulation in a late-night press appearance but added that he still believed a deal would be struck eventually. In retaliation, China on Wednesday hiked the tariffs on U.S. goods to 84% from 34% starting on April 10. According to the Office of the U.S. Trade Representative, the U.S. exported $143.5 billion of goods to China in 2024, while importing $438.9 billion of goods.