Wipro shares plunge over 6% while UltraTech Cement sees gains after a strategic green energy investment
On April 17, 2025, the Indian equity markets remained cautious, pressure leaving the benchmark indices to close slightly in the red. The BSE Sensex dipped 36.97 points to settle at 77,007.32, while the NSE Nifty 50 gave up 36.05 points to close at 23,401.15. Mixed corporate earnings and foreign cues provided the backdrop to this poor performance.
Sectoral Performance
Pressure on the IT sector was enormous, majorly because of Wipro’s disappointing revenue guidance for the next quarter. Wipro shares fell by 6.2% and weighed on the IT index. Deteriorating prospects caused other IT heavies, like Infosys, to fall as well.
On the contrary, the PSU banks, media, and oil and gas resisted selling pressure. These sectors provided support to the market, which saw advancing issues outnumber declines.
Corporate Highlights
Recent happenings ripple the eyes of these business establishments:
UltraTech Cement signed a deal for the acquisition of a 26% stake in AMPIN C&I Power Eight to further its renewable energy agenda.
Bharat Heavy Electricals Ltd. (BHEL) entered into a technology transfer agreement with Bhabha Atomic Research Centre (BARC) for the advancement of green hydrogen production technology.
Hero MotoCorp has planned maintenance shutdowns of its manufacturing facilities from April 17 to April 19 with a resumption of operations on April 21.
Macroeconomic Indicators
With the opening at 85.62 against the U.S. dollar, the Indian rupee evidenced a strengthening trend as compared to the 85.6775 level the previous session. Foreign equity inflow and a correction in the dollar index, which dwindled by 0.8% on Wednesday, boosted the rupee.
In bond markets, the yield on the 10-year benchmark government bond dropped to 6.38%, a level not seen since December 2021. This decline is a reflection of a strengthening belief amongst investors on the potential of the Reserve Bank of India (RBI), in coming times, to cut interest rates amid receding inflationary pressures.
Global Markets
Global markets are mixed. The Hang Seng Index in Hong Kong rose 1.6%, on the back of gains in property and technology stocks. However, worries over U.S. trade policy and its implications for inflation and economic growth continue to plague global investor sentiment.
Near-term direction for the Indian market would likely depend on further releases of earnings reports and International economic scenarios. Investors will track sector specific movements together with macroeconomic indicators as a gauge for market direction.
All in all, declines in the Indian equity markets were muted on April 17, 2025, but certain valorous capabilities displayed by some sectors and macroeconomic factors are an indication of cautiously optimistic expectations.
