Nifty IT index falls while Nifty Pharma rises
Shares of Sun Pharmaceuticals, Cipla, Power Grid, Adani Enterprises and Shriram Finance led the gainers of Nifty 50 components, while IT majors dragged the market.
Tech Mahindra, TCS, Infosys, HCL Tech and Wipro traded as major laggards.
The broader indices were off the day’s low, however, traded lower. Sensex traded 289.86 pts 0.38 per cent lower at 76,327.58 as at 12.30 pm, and Nifty 50 dipped 67.10 pts or 0.29 per cent to 23,265.25.
Although the market response was mixed amid the US tariff announcement, the IT sector dragged the market. The Nifty IT index fell 4.20 per cent to ₹34,759.95 as at 12.37 pm.
Kotak Securities’ VP-Fundamental Research Sumit Pokharna expect a sequential revenue decline for all large Indian IT service companies for the Mar’25 quarter due to seasonal weakness, lower billing days, and marginal deterioration in demand. “The fallout of tariff threats by the US is a slowdown and uncertainty in spending,” Pokharna added.
Meanwhile, Nifty Pharma traded 2.51 per cent positive at 21,478.75. The sector gained momentum after the US administration exempted pharmaceuticals from reciprocal tariffs.
Top gainers & losers today
Shares of Sun Pharma traded 3.92 per cent positive at ₹1,780.80, leading the gainers. Cipla shares were up 3.08 per cent to ₹1,497.10.
Power Grid gained 2.98 per cent to ₹295.30.
Adani Enterprises rose 2 per cent to ₹2,416.70 and Shriram Finance surged 2.35 per cent to ₹564.40.
On the flip side, tech majors Tech Mahindra, TCS, Infosys, HCL Tech and Wipro shares plunged over 4 per cent. Persistent Systems and Coforge tumbled nearly 10 and 8 per cent, respectively.
A total of 2,781 stocks were traded on the National Stock Exchange, of which 1,817 advanced and 894 declined. Nearly 233 stocks hit the upper circuit and 21 hit the lower circuit.
Gallantt Ispat and JSW Holdings were among the 33 stocks that hit 52-week high.
In addition to Avanti Feeds, shares of Apex Frozen Foods and Coastal Corporation also slumped due to tariffs.
On the BSE, shares of Vardhman Textiles, Tejas Networks, CSB Bank and Raymond led the gainers, while Avanti Feeds and Garware Hi Tech plummeted 17 and 16 per cent, respectively.
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Published on April 3, 2025
