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Indices remain weak in late morning deals
Apr-06-2026

Domestic equity indices remained weak with Sensex dropping over 0.50 percent and Nifty falling over 0.35 percent in late morning deals on account of selling in Reliance Industries, Kotak Mahindra Bank, Sun Pharma, Maruti Suzuki and Interglobe Aviation companies’ stocks. Sentiments were weak as Moody's Ratings slashed India's economic growth estimates for the current fiscal to 6% from 6.8% earlier, saying the ongoing conflict in West Asia will moderate growth momentum and raise inflation risks. Besides, market participants remained on sidelines as the RBI Monetary Policy Committee (MPC) meeting for April 2026 begins today, April 6, with a decision expected on April 8. The MPC is expected to keep the benchmark repo rate unchanged at 5.25 per cent, as escalating geopolitical tensions and rising crude oil prices complicate the inflation outlook.

On the global front, Asian markets were trading mostly higher despite President Donald Trump issued a fresh round of threats to attack Iran’s power plants and civilian infrastructure starting Tuesday, if Tehran failed to fully reopen the Strait of Hormuz. Back home, on the BSE sectoral front, traders were seen piling up positions in Consumer Durables, Consumer Disc, Realty, IT and Utilities, while selling was witnessed in Oil & Gas, Energy, Healthcare, FMCG and PSU.

The BSE Sensex is currently trading at 72946.35, down by 373.20 points or 0.51% after trading in a range of 72728.66 and 73588.75. There were 12 stocks advancing against 18 stocks declining on the index.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.07%, Consumer Disc up by 0.49%, Realty up by 0.44%, IT up by 0.35% and Utilities up by 0.20%, while Oil & Gas down by 1.85%, Energy down by 1.62%, Healthcare down by 0.74%, FMCG down by 0.33% and PSU down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Trent up by 5.73%, Titan up by 2.50%, Axis Bank up by 1.45%, Infosys up by 0.67% and HDFC Bank up by 0.53%. On the flip side, Reliance Industries down by 3.62%, Kotak Mahindra Bank down by 1.65%, Sun Pharma down by 1.61%, Maruti Suzuki down by 1.53% and Interglobe Aviation down by 1.34% were the top losers.

Meanwhile, ratings agency ICRA in its latest report has said that India's passenger vehicle (PV) industry is projected to experience moderation in growth to 4-6 per cent in the current fiscal year (FY27), due to high base effect and evolving macroeconomic conditions. It said that PV industry is projected to achieve 7-9 per cent wholesale volume growth in FY26, fueled by strong festive demand, GST rate reductions and numerous new model launches.      

According to the report, the industry continues to witness structural shifts, with utility vehicles accounting for nearly 67 per cent of total PV sales in India, reflecting sustained premiumisation trends. Further, it said increasing penetration of alternative powertrains, specifically Compressed Natural Gas (CNG) and Electric Vehicles (EV), is diversifying demand in the automotive sector. Despite the anticipated moderation in growth, it said passenger vehicle original equipment manufacturers (OEMs) are projected to continue investing heavily in new product development and electric vehicle platforms, while tractor manufacturers are likely to benefit from stable input costs and operating leverage. It said going forward, key monitorables for the PV industry include inflationary pressures arising from geopolitical developments and interest rate movements.

Similarly, ICRA said the tractor industry is also expected to see moderated growth of 1-4 per cent in FY27, following a high base and expected normalisation in demand. It said the tractor industry has witnessed strong momentum, with wholesale volumes rising 22.8 per cent in the first 11 months of FY26, aided by favourable monsoons, improved farm output and GST reduction on tractors. It added that going forward, tractor demand will remain closely linked to monsoon performance and rural income levels, with potential El Nino conditions posing a downside risk.

The CNX Nifty is currently trading at 22629.30, down by 83.80 points or 0.37% after trading in a range of 22542.95 and 22798.25. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Trent up by 5.90%, Titan up by 2.51%, Coal India up by 1.87%, Axis Bank up by 1.54% and Bajaj Auto up by 1.39%. On the flip side, Reliance Industries down by 3.60%, ONGC down by 1.76%, Kotak Mahindra Bank down by 1.66%, JSW Steel down by 1.66% and Cipla down by 1.64% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 496.51 points or 0.93% to 53,620.00, Straits Times rose 19.75 points or 0.4% to 4,967.25 and KOSPI increased 47.46 points or 0.87% to 5,424.76. However, Jakarta Composite fell 55.77 points or 0.80% to 6,971.01.
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