Weekly Musings – Index performance for week ended April 04, 2025

7 Apr 2025 , 10:33 AM

The week saw FPIs revert back to $(1,210) Million of selling in Indian equities. VIX spiked from 12.72 levels to 13.76 levels this week. However, the one factor that really hit market sentiments was the 27% reciprocal tariffs imposed by the US government on India.

BSE SENSEX 30 INDEX – TRUMP TARIFFS SPOOK SENSEX

Date	Open	High	Low	Close
04-Apr-25	76,160.09	76,258.12	75,240.55	75,364.69
03-Apr-25	75,811.86	76,493.74	75,807.55	76,295.36
02-Apr-25	76,146.28	76,680.35	76,064.94	76,617.44
01-Apr-25	76,882.58	77,487.05	75,912.18	76,024.51
31-Mar-25	77,690.69	77,766.70	77,185.62	77,414.92
28-Mar-25	77,690.69	77,766.70	77,185.62	77,414.92
		Weekly Returns		-2.65%

Data Source: BSE

For the week April 04, 2025, Sensex lost -2,050 points or -2.66%. Trump tariffs resulted in Sensex correcting sharply on 3 out of the 4 trading sessions this week. Sensex touched a weekly high of 77,767 and a low of 75,241; making lower highs and lower lows.

NIFTY 50 INDEX – IT SECTOR TRIGGERED NIFTY FALL

Date	Open	High	Low	Close
04-Apr-25	23,190.40	23,214.70	22,857.45	22,904.45
03-Apr-25	23,150.30	23,306.50	23,145.80	23,250.10
02-Apr-25	23,192.60	23,350.00	23,158.45	23,332.35
01-Apr-25	23,341.10	23,565.15	23,136.40	23,165.70
31-Mar-25	23,600.40	23,649.20	23,450.20	23,519.35
28-Mar-25	23,600.40	23,649.20	23,450.20	23,519.35
		Weekly Returns		-2.61%

Data Source: NSE

It was less about FPI flows and more about market sentiments and the impact of the IT crash. For the week to April 04, 2025, Nifty fell by -615 points or -2.61%, largely on an IT led market correction. Nifty touched a weekly high of 23,649 and a low of 22,857 this week.

NIFTY MID-CAP 100 INDEX – IT WAS A SHARP FALL ON FRIDAY

Date	Open	High	Low	Close
04-Apr-25	52,044.20	52,059.90	50,349.80	50,645.95
03-Apr-25	51,587.25	52,210.75	51,562.65	52,162.15
02-Apr-25	51,358.75	52,082.10	50,893.45	52,053.20
01-Apr-25	51,554.15	52,039.10	51,097.05	51,229.60
31-Mar-25	52,083.15	52,473.20	51,447.40	51,672.25
28-Mar-25	52,083.15	52,473.20	51,447.40	51,672.25
		Weekly Returns		-1.99%

Data Source: NSE

The Mid-Cap 100 did show alpha hunting signals in last few weeks, but this week, the pressure was back, as tariffs queered the pitch. Nifty Mid-cap touched weekly high of 52,473 and a low of 50,350; seeing bulk of the correction on Friday.

NIFTY SMALL-CAP 100 INDEX – STRESS HITS SMALL CAPS TOO

Date	Open	High	Low	Close
04-Apr-25	16,220.80	16,252.75	15,559.05	15,675.95
03-Apr-25	16,041.30	16,287.10	16,025.20	16,255.45
02-Apr-25	16,006.75	16,175.75	15,804.35	16,162.45
01-Apr-25	16,062.65	16,186.55	15,911.25	15,982.95
31-Mar-25	16,197.60	16,350.85	16,046.10	16,095.70
28-Mar-25	16,197.60	16,350.85	16,046.10	16,095.70
		Weekly Returns		-2.61%

Data Source: NSE

After some signs of alpha hunting in the last few weeks, it was back to reality for small caps. Trump tariffs have raised the fear factor for small caps. Nifty Small-cap touched weekly high of 16,351 and a low of 15,559; trading in a rather narrow range for the week.

BANK NIFTY INDEX – TRIES TO HOLD UP THE MARKETS A BIT

Date	Open	High	Low	Close
04-Apr-25	51,711.60	51,893.60	51,360.40	51,502.70
03-Apr-25	50,910.00	51,661.60	50,906.65	51,597.35
02-Apr-25	50,966.90	51,404.20	50,908.35	51,348.05
01-Apr-25	51,178.15	51,683.85	50,742.00	50,827.50
31-Mar-25	51,608.40	51,839.10	51,335.35	51,564.85
28-Mar-25	51,608.40	51,839.10	51,335.35	51,564.85
		Weekly Returns		-0.12%

Data Source: NSE

For the week to April 04, 2025, Nifty Bank fell just -62 points or -0.12%; as it largely offset the sharp correction in IT sector stocks. The Bank Nifty touched a weekly high of 51,894 and a low of 50,742; surprisingly staying in a thin range.

NIFTY IT INDEX – PLUMMETS ON POSSIBLE IT SPENDING SLOWDOWN

Date	Open	High	Low	Close
04-Apr-25	34,224.60	34,361.65	33,418.65	33,511.40
03-Apr-25	35,676.45	35,686.55	34,642.40	34,757.25
02-Apr-25	36,024.45	36,368.85	35,970.70	36,283.50
01-Apr-25	36,422.85	36,538.60	35,890.40	35,980.65
31-Mar-25	37,376.60	37,540.80	36,767.25	36,886.15
28-Mar-25	37,376.60	37,540.80	36,767.25	36,886.15
		Weekly Returns		-9.15%

Data Source: NSE

For the week to April 04, 2025, Nifty IT Index was down -3,375 points or -9.15%, as concerns over US tech spending and margin contraction remained the key headwinds. The IT Index touched a weekly high of 37,541 and a low of 33,419, driving the Nifty lower in the week.

NIFTY OIL & GAS INDEX – WEAK CRUDE PRICES HITS OIL STOCKS

Date	Open	High	Low	Close
04-Apr-25	10,529.35	10,543.25	10,064.95	10,134.10
03-Apr-25	10,466.25	10,589.80	10,466.25	10,532.15
02-Apr-25	10,541.35	10,593.35	10,449.70	10,584.15
01-Apr-25	10,491.85	10,646.10	10,485.15	10,558.15
31-Mar-25	10,582.05	10,727.60	10,530.25	10,549.70
28-Mar-25	10,582.05	10,727.60	10,530.25	10,549.70
		Weekly Returns		-3.94%

Data Source: NSE

For the week to April 04, 2025, Nifty Oil & Gas Index was down -416 points or -3.94%, as crude prices fell 10% to touch a 4-year low. The IT Index touched a weekly high of 10,728 and a low of 10,065, falling sharply on Friday in tandem with crude prices.

NIFTY AUTO INDEX – IT WAS TRUMP TARIFFS ALL OVER AGAIN

Date	Open	High	Low	Close
04-Apr-25	21,081.05	21,081.05	20,507.55	20,593.15
03-Apr-25	21,140.20	21,320.30	21,095.00	21,164.00
02-Apr-25	21,250.85	21,433.45	21,175.85	21,408.85
01-Apr-25	21,177.00	21,543.80	21,100.20	21,235.25
31-Mar-25	21,570.20	21,577.20	21,200.75	21,295.50
28-Mar-25	21,570.20	21,577.20	21,200.75	21,295.50
		Weekly Returns		-3.30%

Data Source: NSE

For the week to April 04, 2025, Nifty Auto Index fell -702 points or -3.30%. It began with the 25% Trump tariffs on cars and auto components, but now it looks like the rot could be deeper. Nifty Auto Index touched a weekly high of 21,577 and a low of 20,508 levels.

NIFTY FMCG INDEX – PRESENTS RARE POSITIVE NARRATIVE

Date	Open	High	Low	Close
04-Apr-25	53,603.70	54,223.35	53,310.00	53,830.70
03-Apr-25	53,330.25	53,861.80	53,283.35	53,806.75
02-Apr-25	53,286.60	53,738.45	52,851.50	53,702.60
01-Apr-25	53,615.15	54,029.90	52,982.80	53,101.75
31-Mar-25	53,198.80	54,150.90	53,198.80	53,589.80
28-Mar-25	53,198.80	54,150.90	53,198.80	53,589.80
		Weekly Returns		+0.45%

Data Source: NSE

For the week to April 04, 2025, FMCG index closed +0.45% higher. Amidst urban demand risks, investors still remain positive on India consumption being immune to Trump tariffs. Nifty FMCG Index touched a weekly high of 54,223 and a low of 52,852 levels.

NIFTY HEALTHCARE INDEX – HAD SOME REASONS TO CHEER

Date	Open	High	Low	Close
04-Apr-25	13,861.10	13,863.00	13,140.40	13,426.80
03-Apr-25	13,878.45	14,147.15	13,819.45	13,849.50
02-Apr-25	13,481.15	13,599.65	13,399.85	13,581.15
01-Apr-25	13,660.85	13,760.80	13,434.20	13,474.95
31-Mar-25	13,747.40	13,793.05	13,594.25	13,681.30
28-Mar-25	13,747.40	13,793.05	13,594.25	13,681.30
		Weekly Returns		-1.86%

Data Source: NSE

For the week to April 04, 2025, Nifty Healthcare Index fell a modest -255 points or -1.86%. Pharma was kept out of the 27% reciprocal tariffs imposed by Trump. The Healthcare Index touched a weekly high of 14,147 and a low of 13,140, but lost steam on Friday.