Indian stock markets continued to trade in the red during late afternoon sessions as tensions escalated between the US and China. The sharp decline followed the implementation of new US tariffs, prompting China to retaliate and vowing to "fight to the end" after US President Donald Trump threatened an additional 50% tariff unless China withdrew its 34% tariff on American goods.

Despite the turmoil, some downside was capped as the Reserve Bank of India (RBI) provided support by cutting the repo rate by 25 basis points to 6.00% — marking the second consecutive rate cut.

On the global front, Asian equity markets largely traded in the red as the US imposed sweeping new tariffs, including levies exceeding 100% on Chinese goods. European markets also traded lower.

Key Indices Performance:

• BSE Sensex is trading at RS. 73840.24, down 386.84 points or 0.52%, after moving between RS. 73673.06 and RS. 74103.83. The index showed 11 stocks advancing and 19 declining.

• CNX Nifty stands at RS. 22402.60, down 133.25 points or 0.59%, with 17 stocks in green and 33 in red.

Sectoral Performance:

• Gainers: FMCG up by 1.50%, Auto by 0.22%, and Consumer Durables by 0.15%.

• Losers: IT down by 2.18%, Realty by 1.88%, TECK by 1.67%, Metal by 1.61%, and Capital Goods by 1.57%.

Top Gainers on Sensex:

• Nestle (up 2.87%), Hindustan Unilever (2.61%), Titan Co (1.75%), Power Grid Corporation (1.45%), and Ultratech Cement (1.07%).

Top Losers on Sensex:

• SBI (down 3.19%), Larsen & Toubro (2.98%), Tech Mahindra (2.88%), Infosys (2.39%), and Tata Steel (2.27%).

Top Gainers on Nifty:

• Nestle (up 2.87%), Hindustan Unilever (2.66%), Tata Consumer Products (1.82%), Titan Company (1.74%), and Hero MotoCorp (1.70%).

Top Losers on Nifty:

• Wipro (down 4.53%), SBI (3.22%), Trent (3.00%), Larsen & Toubro (2.99%), and Tech Mahindra (2.84%).

Asian Markets Overview: Most major Asian indices were in decline —

• Jakarta Composite fell 0.56%,

• KOSPI dropped 1.77%,

• Nikkei 225 slipped 4.09%,

• Straits Times was down 2.25%,

• Taiwan Weighted plunged 6.14%.
  Only Hang Seng and Shanghai Composite closed in green, up 0.68% and 1.29%, respectively.

European Markets also opened weak —

• FTSE 100 fell 2.59%,

• CAC declined 2.72%,

• DAX lost 3.18%.

ADB Outlook: In its April 2025 Asian Development Outlook, the Asian Development Bank (ADB) projected India’s GDP to grow by 6.7% in FY2025, citing strong domestic demand, rising rural income, a robust services sector, and declining inflation. ADB also forecast 6.8% growth in FY2026, driven by continued supportive fiscal and monetary policies. Consumption is expected to play a key role, backed by tax cuts and improving rural prosperity.

Inflation is projected to average 4.3% in FY2025 and 4.0% in FY2026, creating room for further rate cuts despite global uncertainty. The services and agriculture sectors are expected to lead growth, while manufacturing is anticipated to rebound after a weak FY2024.