| The key equity benchmarks traded with major losses in the early afternoon, tracking global risk aversion after Donald Trump's hawkish stance on Iran. Brent crude surged toward $105, raising inflation concerns. Domestic markets remained cautious ahead of the weekly expiry of BSE Sensex contracts. Being the final session of a truncated week, volatility is expected to stay elevated with global cues guiding trade. The Nifty slipped below the 22,250 mark. PSU Bank shares declined after advancing in consecutive trading session. At 11:30 ST, the barometer index, the S&P BSE Sensex, tanked 1,493.01 points or 2.04% to 71,641.31. The Nifty 50 index slipped 468.50 points or 2.07% to 22,210. The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 2.44% and the BSE 250 SmallCap Index slipped 2.30%. The market breadth was weak. On the BSE, 1,118 shares rose and 2,785 shares fell. A total of 176 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 4.14% to 26.05. Economy: India's manufacturing activity eased to 53.9 in March 2026, down from 56.9 in February, according to the latest Purchasing Managers' Index (PMI) data released on April 2. The reading marks a 45-month low, with the last comparable level seen in September 2021 (53.7), indicating a moderation in manufacturing momentum. The March print also reverses the uptrend seen earlier in 2026, when PMI rose from 55.0 in December to 55.4 in January and 56.9 in February. While the index remained in the 55'59 range during 2024'2025, with peaks above 59, the latest decline suggests softening demand conditions and rising input cost pressures. The moderation comes amid heightened geopolitical tensions and elevated crude oil prices, which have begun to weigh on business sentiment and cost structures. Buzzing Index: The Nifty PSU Bank index declined 3.58% to 7,872.25. The index added 3.70% in the consecutive trading session. Bank of Maharashtra (down 4.67%), Indian Bank (down 4.13%), Bank of India (down 3.87%), State Bank of India (down 3.62%) and Union Bank of India (down 3.61%), Bank of Baroda (down 3.54%), Canara Bank (down 3.28%), Punjab National Bank (down 3.08%), UCO Bank (down 2.53%) and Central Bank of India (down 2.21%) declined. Stocks in Spotlight: Dhanlaxmi Bank fell 1.95%. The bank reported 23.96% jump in gross advances to Rs 15,130 crore as of 31 March 2026 as against Rs 12,206 crore as of 31 March 2025. Indian Bank fell 3.86%. The banksaid that its total deposits rose 12.6% to Rs 8.30 lakh crore as of 31 March 2026, compared with Rs 7.37 lakh crore as of 31 March 2025. Global Markets: Asia markets reversed gains on Thursday as investors assess an address by President Donald Trump on the Iran war. During his speech, Trump reiterated that the U.S. objectives in Iran were almost met and said that 'we have all the cards' in the conflict. He also said that Washington will hit Iran 'very hard' over the next two to three weeks. Early Wednesday stateside, Trump claimed that Iran's 'New Regime President' had asked the U.S. for a ceasefire, a claim that Tehran reportedly has denied. Trump added that the U.S. will 'consider' the offer only once the Strait of Hormuz was 'open, free, and clear,' he said on social media platform. Trump previously said he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remained closed, according to a media report. Overnight on Wall Street, stocks rose on Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon. The S&P 500 advanced 0.72% and closed at 6,575.32, and the Nasdaq Composite gained 1.16% and settled at 21,840.95. The Dow Jones Industrial Average added 224.23 points, or 0.48%, to end at 46,565.74. |