Indian equity markets started Wednesday’s session on a cautious note. Both benchmark indices opened in the red and extended losses through the early hours of trading. The Sensex fell 335.10 points to 73,891.98, while the Nifty 50 dropped 138.95 points to 22,396.90. The banking index, Nifty Bank, also declined by 174.10 points, settling at 50,336.90 during the early trading window.
Selling pressure dominated broader indices as well, with market sentiment leaning toward risk-off. Traders booked profits in heavyweight sectors while concerns around global tech earnings, bond yields, and domestic inflation outlook weighed on investor confidence.
Market Snapshot (As of Early Hours – April 09, 2025)
| Index | Price | Change | Change (%) |
|---|---|---|---|
| Sensex | 73,891.98 | -335.10 | -0.45% |
| Nifty 50 | 22,396.90 | -138.95 | -0.62% |
| Nifty Bank | 50,336.90 | -174.10 | -0.34% |
Nifty 50 Performance
The Nifty 50 slipped further in mid-morning trade and touched 22,388.40, down by 147.45 points or 0.65%. Broader markets mirrored the weakness, especially in IT and metal counters. Analysts attributed this fall to weak cues from US markets overnight and disappointing quarterly projections from major global tech firms.
Sectoral Overview
1. FMCG Gains Lead the Pack
Nifty FMCG emerged as the best-performing sector of the morning. It advanced 331.75 points to reach 54,632.00, marking a 0.61% increase. Defensive buying supported stocks like Hindustan Unilever, ITC, and Dabur. Investors chose safe havens amid volatility in growth-centric sectors.
2. IT Sector Sees Sharp Decline
Nifty IT turned out as the worst-performing sector. It dropped 717.50 points to 32,526.90, registering a decline of 2.16%. IT giants like Wipro, Infosys, and HCL Tech pulled the sector lower. Wipro, in particular, tanked sharply after issuing a muted revenue guidance and citing weak client demand from North America and Europe.
Top Stock Movers
Biggest Gainer: Power Grid Corporation
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Price: ₹296.25
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Change: +₹7.30
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Change %: +2.53%
Power Grid Corporation led the gainers’ list. Strong quarterly results and recent announcements on green energy expansion boosted sentiment. The stock gained over 2.5% in early trading and saw increased volumes from institutional buyers.
Biggest Loser: Wipro
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Price: ₹236.65
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Change: -₹10.60
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Change %: -4.29%
Wipro plunged over 4% following the release of its Q4 business update. The IT major flagged revenue pressure and slower deal conversion, which sparked investor concern. Market participants also reacted to the company’s conservative outlook for FY2025, prompting heavy selling.
Market Trends and Technical Analysis
Technical indicators signaled bearish momentum on the Nifty 50. The index broke below its 20-day exponential moving average (EMA), and traders spotted early signs of trend reversal. Volume charts showed increased selling at higher levels, especially near the 22,500 mark. If the index breaches 22,350 decisively, analysts expect further downside toward the 22,200 zone.
On the other hand, FMCG and pharma stocks attracted defensive buyers. Traders shifted focus to less volatile counters amid concerns over high valuations in the broader markets.
Global and Domestic Factors Driving Sentiment
1. Global Tech Earnings Miss Targets
Tech stocks in the US took a beating after weaker-than-expected Q1 earnings from major players like Alphabet and Meta. The Nasdaq closed lower for the third consecutive day, setting a negative tone for global markets.
2. Bond Yields Stay Elevated
US 10-year Treasury yields hovered near 4.3%, and rising borrowing costs reignited fears of tight monetary policy. Global fund flows moved cautiously, pulling liquidity out of risk assets in emerging markets.
3. Domestic Inflation Worries Resurface
Oil prices remained firm, with Brent crude trading above $92 per barrel. Rising fuel costs could impact transport and food inflation in India. The Reserve Bank of India (RBI) recently maintained its neutral stance but flagged upside risks to inflation, especially in urban consumption patterns.
4. Q4 Earnings Season Begins
The Indian earnings season for Q4 FY24–25 officially kicks off this week. Investors expect strong numbers from FMCG and select auto stocks. However, analysts predict muted results in IT, banking, and real estate due to slower demand and margin pressure.
Expert Opinions
Ravi Subramanian, Equity Strategist at Vertex Capital:
“Markets are going through a healthy correction. The Nifty saw a strong rally in March, so a 0.5–1% dip offers entry opportunities in defensives. We remain bullish on FMCG and auto.”
Sneha Jaiswal, Technical Analyst at Axis Securities:
“Charts suggest Nifty may retest 22,200 if it fails to hold 22,350. Traders should remain cautious with long positions. Banking and FMCG look more stable at the moment.”
Aditya Roy, CIO at Magna Wealth:
“The IT sector continues to face margin compression and top-line issues. Investors need to focus on value stocks over growth this quarter. Watch out for power and infrastructure plays.”
Mid-Cap and Small-Cap Movement
The mid-cap and small-cap indices also faced mild pressure. Nifty Midcap 100 fell by 0.48%, and Nifty Smallcap 100 declined by 0.62% in early trade. Stocks in capital goods, chemicals, and media saw scattered selling. Traders booked profits in high-flying midcaps from March’s rally.
However, select PSU and energy-related small caps witnessed buying interest after government signals to increase renewable energy investments and improve discom reform measures.
Currency and Commodities
The Indian Rupee opened slightly weaker at ₹83.10 against the US dollar. Rising crude prices and foreign fund outflows kept the domestic currency under pressure. Gold prices stayed firm near ₹66,500 per 10 grams, reflecting global safe-haven demand amid equity volatility.
Crude oil continued its upward climb, with Brent at $92.25 per barrel. Supply concerns from OPEC+ and geopolitical tensions in the Middle East contributed to price strength.
Outlook for the Rest of the Day
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Traders should watch support levels near 22,350 on Nifty and 73,700 on Sensex.
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Defensive sectors like FMCG and pharma may outperform if volatility continues.
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IT, realty, and financials may face more pressure due to valuation concerns and poor forward guidance.
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Power, PSU, and infra stocks may see rotational buying if broader weakness persists.
Conclusion
Markets opened weak on April 09, 2025, as selling pressure gripped benchmark indices in early hours. The Sensex fell over 330 points and Nifty slipped below the 22,400 mark. IT stocks, especially Wipro, dragged the market lower while Power Grid and FMCG names provided limited support.
Investors should approach the session with caution. The Q4 earnings season, global yield trends, and sector-specific signals will continue to dictate momentum in the coming days. Defensive plays look attractive in this correction phase, while overbought names may undergo more profit booking before stability returns.
