Stock Market Today: Sensex, Nifty Trade Flat As Powell’s Remarks Weigh On Sentiment
Indian benchmark indices, Nifty 50 and Sensex, opened on a weaker note on Thursday, mirroring negative cues from Wall Street after US Federal Reserve Chair Jerome Powell’s comments dampened investor sentiment. At 10 am, the Sensex slipped 36.97 points, or 0.05 per cent, to 77,007.32, while the Nifty declined 36.05 points, or 0.15 per cent, to 23,401.15. Market breadth was relatively positive, with 1,708 stocks advancing, 1,293 declining, and 145 remaining unchanged.
The Nifty IT index tumbled 2 per cent in early trade, led by a sharp decline in Wipro shares. The company’s Q4 earnings disappointed the Street, and a downward revision in forward revenue guidance prompted several brokerages to downgrade the stock.
Adding to the pressure, a tech-led sell-off in the Nasdaq Composite overnight spilled over to domestic IT stocks, as investor caution grew amid rising tariff concerns.
Despite the prevailing negative sentiment in global markets, Indian equities have stood out with resilient performance. “India is the only large market which has erased all losses incurred after April 2nd has closed above the pre-April 2nd level. What accounts for this outperformance? One, India, which is a domestic consumption-driven economy, will be one of the least impacted by the tariff crisis. Two, the market is discounting the possibility of a bilateral trade agreement between US and India,” noted VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Fed Chair Powell Signals No Market Intervention Amid Tariff Concerns
US Federal Reserve Chair Jerome Powell stated that the central bank does not intend to step in to stabilise equity markets, even amid recent volatility. He warned that inflation is likely to rise due to former President Trump’s tariff measures, which could also strain the labor market.
Powell, along with other Fed policymakers, reiterated support for maintaining interest rates at current levels while assessing the broader economic impact of evolving trade policies. Emphasising the Fed’s dual mandate, Powell noted, “We will continue to balance our goals of maximum employment and price stability, keeping in mind that, without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.”
Q4 Earnings
Investors will be keeping a close eye on shares of Infosys, Jio Financial, HDFC Bank, and ICICI Bank as these companies are set to announce their quarterly earnings on Thursday or Friday, April 18.
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