Equity

At 12:30 ST, the barometer index, the S&P BSE Sensex, fell 52.07 points or 0.07% to 73,267.48. The Nifty 50 index rose 10.90 points or 0.06% to 22,727.90.

In the broader market, the BSE 150 MidCap Index rose 0.42% and the BSE 250 SmallCap Index added 0.54%.

The market breadth was weak. On the BSE, 2,794 shares rose and 1,344 shares fell. A total of 208 shares were unchanged.

RBI MPC update:

The Reserve Bank of India's Monetary Policy Committee (MPC) has begun its first meeting for FY 2026'27, scheduled from April 6 to April 8, with the policy announcement due on the final day.

Economists largely expect the central bank to keep the repo rate unchanged at 5.25%, as inflationary pressures remain a concern. Ongoing geopolitical tensions in West Asia are seen as a key risk to price stability, prompting policymakers to adopt a cautious approach despite earlier rate cuts.

Economy:

India's services sector saw a slight cooling in momentum in March, with the seasonally adjusted HSBC India Services PMI Business Activity Index easing to 57.5 from 58.1 in February. This marks the slowest pace of expansion in 14 months.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.15% to 26.65. The Nifty 28 April 2026 futures were trading at 22,744, at a discount of 16.1 points as compared with the spot at 22,727.90.

The Nifty option chain for the 28 April 2026 expiry showed a maximum call OI of 43.6 lakh contracts at the 24,000 strike price. Maximum put OI of 45 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty FMCG index shed 0.53% to 45,986.85. The index rose 1.52% in the past two trading sessions.

Marico (down 2.24%), United Breweries (down 2.01%), Dabur India (down 1.4%), Tata Consumer Products (down 1.26%) and Hindustan Unilever (down 0.82%), Varun Beverages (down 0.81%), Emami (down 0.51%), Patanjali Foods (down 0.5%), Nestle India (down 0.33%) and ITC (down 0.07%) declined.

Stocks in Spotlight:

L&T Finance jumped 3.33% after the company's retail disbursement climbed 62% to Rs 24,080 crore in Q4 FY26, compared with Rs 14,899 crore recorded in Q4 FY25.

Hi-Tech Pipes added 2.28% after its sales volumes for Q4 FY26 rose approximately 27% to 1,47,125 MT, compared with 1,16,032 MT in the same quarter last year.

Vedanta added 0.44%. The company's aluminium production jumped 2% to 613,000 tonnes in Q4 FY26, compared with 604,000 tonnes posted in Q4 FY25, supported by majorly through operational efficiencies.