Markets recoup partial losses; NIFTY Midcap turns green, NIFTY50 and SENSEX still in red

Mirroring weak global cues, Indian equity markets continued to trade with losses in the early afternoon session amid Donald Trump’s tariff-related threats. Besides, traders were cautious about key macroeconomic data i.e. Consumer Price Index (CPI) and Index of Industrial Production (IIP), which due on tomorrow.

Market participants overlooked the report that the government has sought Parliament's nod to spend a net additional Rs 51,462.86 crore in the current financial year ending March (FY25), with a large chunk going towards pension and subsidy fertiliser.

The gross additional spending sought by the government is over ₹6.78 lakh crore, of which ₹6.27 lakh crore would be matched by savings and receipts. On the global front, all Asian markets are trading lower on concerns about U.S. President Donald Trump's flip-flop tariff policy and its impact on inflation, interest rates and global growth.

The SENSEX traded at 73939.07, down by 176.10 points or 0.24% after trading in a range of 73663.60 and 74095.46. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.17%, while Small cap index was down by 0.95%.

The NIFTY50 traded at 22447.60, down by 12.70 points or 0.06% after trading in a range of 22314.70 and 22485.85. 27 stocks were advancing against 23 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.93%, Trent up by 2.84%, ICICI Bank up by 2.12%, BPCL up by 1.87% and Shriram Finance up by 1.51%. On the flip side, Indusind Bank down by 25.36%, Infosys down by 2.81%, Bajaj Finserv down by 2.25%, Mahindra & Mahindra down by 1.86% and Wipro down by 1.78% were the top losers.

All Asian markets are trading lower; Taiwan Weighted lost 388.06 points or 1.76% to 22,071.09, Nikkei 225 slipped 235.16 points or 0.64% to 36,793.11, Hang Seng declined 184.77 points or 0.78% to 23,598.72, Straits Times fell 74.27 points or 1.94% to 3,824.80, Jakarta Composite plunged 56.35 points or 0.86% to 6,541.86, KOSPI dropped 32.79 points or 1.29% to 2,537.60 and Shanghai Composite was down by 0.82 points or 0.02% to 3,365.34.