Market Jitters: IT and Auto Stocks Hit the Brakes, FMCG Shines Bright

Unknown Apr 02, 2026 800 Views

The Indian stock markets witnessed a sharp selloff by midday, with benchmark indices tumbling amid weak corporate earnings and renewed global trade tensions. The Sensex was down over 650 points, slipping below 82,600, while the Nifty breached the 25,200 mark. Broader indices like BSE Midcap and S...

Key highlights from the trading session:

Indian Stock & Sector Movements

IT stocks led the decline after Tata Consultancy Services posted disappointing Q1 results. The Nifty IT index slumped nearly 2 percent, with TCS, Infosys, Wipro, and LTIMindtree all trading sharply lower. Persistent margin pressures and muted revenue outlooks weighed on sentiment.

Auto stocks faced significant pressure, with the BSE Auto index down over 1 percent. Companies like M&M, Apollo Tyres, and Bajaj Auto saw notable declines, partly due to Tesla’s impending entry into India and sector-wide profit booking.

Banking stocks extended their slide for a third consecutive session. Major banks including HDFC Bank, ICICI Bank, and SBI were in the red, reflecting concerns over asset quality and subdued loan growth.

FMCG and Pharma bucked the trend, with Hindustan Unilever surging over 5 percent following the appointment of Priya Nair as MD & CEO, and Glenmark Pharma hitting a 52-week high after clinching a $700 million cancer drug licensing deal with AbbVie.

Defence and media stocks also saw profit-taking, with BEML, Bharat Dynamics, and Zee Entertainment among the top losers.

Other Market Developments

The Indian rupee weakened, trading at 85.86 per dollar.
Gold and silver prices rose on safe-haven demand, with gold futures up 0.6 percent and silver hitting a lifetime high.
Key block deals included Bharti Airtel, which dropped over 2 percent amid large trades and a downgrade by UBS.

Global Market Snapshot

US stock futures slipped as President Trump announced fresh tariffs on Canada, escalating trade tensions. The S&P 500 and Nasdaq had closed at record highs the previous day, buoyed by the AI sector and strong earnings from Delta Air Lines and Nvidia.
Asian markets were mixed: Japan’s Topix rose 0.8 percent, Shanghai Composite gained 0.5 percent, while Euro Stoxx 50 futures fell 0.5 percent.
Oil prices steadied after a sharp drop, while the US dollar strengthened against major currencies.

Sources: Moneycontrol, Economic Times, CNBC-TV18

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