Now, financial stocks were the main drivers of this rally, with an increase of 1.5% in the banking sector. This comes amid expectations of improved net interest margins following recent cuts in savings deposit rates by major lenders. IndusInd Bank was a standout performer, surging by 7%. Other notable gainers included Axis Bank, which rose by 4.3%, and two heavyweight lenders, HDFC Bank and ICICI Bank, each gaining 0.6%.
In contrast, the auto and pharma sectors faced some headwinds. The auto sector dipped by 0.4%, while pharma stocks saw a slight decline of 0.2%. This mixed performance highlights the current sectoral shifts in the market.
Since April 2, Indian benchmark indices have outperformed their regional peers, particularly after the announcement of reciprocal tariffs by U.S. President Donald Trump. Investors seem to be betting that India’s domestically focused economy is better positioned to handle global trade disruptions.
Looking ahead, market participants are closely watching for comments from Federal Reserve Chair Jerome Powell, as well as U.S. retail sales data, both of which are expected later today. These factors could have an impact on market sentiment moving forward. That’s a wrap for today’s market update. Stay tuned for more insights and analysis on ET Market Watch. Thank you for listening!
