The Sensex ended the day 379.93 points lower, closing at 73,847.15, a drop of 0.51%. Similarly, the Nifty also fell by 136.70 points, ending at 22,399.15, or a 0.61% decline. This loss came after the Reserve Bank of India (RBI) made a key rate cut and revised down its GDP growth forecast for FY26 from 6.7% to 6.5%. While the rate cut was aimed at boosting growth, it was overshadowed by the broader negative market sentiment.
The broader market also showed weak performance. The midcap and smallcap indices fell by 0.5% and 0.9%, respectively, indicating that the broader market was also under pressure. Sector-specific performances also highlighted areas of concern.
Impact on the stock market
FMCG: The FMCG sector emerged as a silver lining in an otherwise gloomy market. It was one of the few sectors that saw growth, with FMCG stocks rising by nearly 2%, as expectations grew for stronger demand due to the RBI’s rate cut and its revised lower inflation forecast. Nifty Consumer Durables also posted a modest gain of 0.3%.
IT Stocks: The IT sector was one of the worst hit, with Nifty IT crashing over 2%. This was primarily due to concerns over tariffs and global trade tensions.
Pharma & Metal Stocks: Pharma and metal stocks were also down, both by over 1.8%, as fears of a global economic slowdown weighed heavily on the sector.
PSU Bank & Realty: Both the PSU Bank and Realty sectors saw declines of more than 1%, while Nifty Bank itself tumbled by 0.54%. This adds to the already cautious sentiment in the market.
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| Sector/Index | Performance |
| IT & BPM sector | -2.19% |
| Healthcare sector | -1.04% |
| Oil & Gas sector | -0.27% |
| Real estate sector | -1.90% |
| PSU Bank in India | -2.52% |
Top gainers today
| Company | Price | Change % |
| Nestle Share Price | 2,344.85 | 3.05 |
| HULÂ Share Price | 2,350.00 | 2.65 |
| TATA Cons. Prod Share Price | 1,089.75 | 1.87 |
| Titan Company Share Price | 3,174.15 | 1.66 |
| Power Grid Corp Share Price | 293.40 | 1.54 |
Top losers today
| Company | Price | Change % |
| Wipro Share Price | 236.65 | -4.29 |
| SBIÂ Share Price | 742.20 | -3.43 |
| Larsen Share Price | 3,054.15 | -3.38 |
| Tech Mahindra Share Price | 1,272.75 | -3.17 |
| Trent Share Price | 4,620.20 | -3.08 |
Market aftermath: Impact on stocks
Glenmark Pharma faces a setback
Shares of Glenmark Pharma took a severe hit on April 9, falling over 6%, after the US FDA announced that 39 of its drugs, mostly manufactured at its Pithampur plant, had been recalled from the American market. The recall was voluntary, and while it wasn’t expected to cause serious health consequences, it led to an immediate drop in the company’s stock price.Â
Glenmark’s shares were trading at ₹1,353 each, marking a significant loss for the pharma giant. This recall has added to the bearish mood in the pharma sector, which already struggled due to tariff concerns.
Jio Financial shares surge by 6%
In contrast to the downturn in other sectors, Jio Financial Services experienced a bright spot, with its shares rising by nearly 6%. This was after the company announced its entry into the digital loans market through a new service, Loan Against Securities (LAS).
Customers will be able to leverage their investments, like shares and mutual funds, to avail loans of up to ₹ 1 crore in just 10 minutes. This move into digital loans is a part of Jio Financial’s broader strategy to make financial services more accessible and customer-centric. This innovation has helped Jio Financial rise as the top gainer on the Nifty 50 index on April 8, trading at ₹ 225 per share.
Steel stocks drop amid trade tensions
The global trade situation also impacted Indian stocks, particularly in the metal sector. After President Donald Trump announced a 104% tariff on Chinese goods, shares of Tata Steel, JSW Steel, Hindalco, and Hindustan Zinc all saw declines of up to 3%.
This tariff escalation is part of a broader trade conflict between the US and China, which has triggered concerns about its impact on global growth and metal prices. Experts are now worried that this could lead to further pressure on metal stocks, which had already been underperforming in recent weeks.
Crude Oil’s Impact on Stock Prices
Another critical factor affecting the market was the significant fall in crude oil prices. Brent crude dipped below $62 per barrel, marking a drop of more than 30% over the past year. This decline in crude prices has provided some relief to India, as lower oil prices can help reduce inflationary pressures and boost domestic consumption.
It has been a positive for certain stocks, like Asian Paints and Berger Paints, which saw gains, thanks to lower raw material costs tied to crude oil prices. Additionally, this drop in crude prices may help India’s economic outlook, given that the country is a net importer of oil.
Conclusion
In summary, the Indian stock market had a challenging day on March 9, 2025. Despite the RBI’s rate cut and efforts to stimulate growth, concerns around global trade tensions, particularly the US-China conflict, weighed heavily on investor sentiment. The pharma sector, especially Glenmark Pharma, saw sharp losses, while Jio Financial Services emerged as a surprising winner due to its new loan offerings.
The decline in crude oil prices provided a much-needed boost to certain sectors, like FMCG and paints, which saw gains. However, the broader market remains cautious, with analysts warning about the impact of global economic pressures on stock performance. Moving forward, it will be crucial to watch how international trade dynamics and domestic consumption continue to shape the market.
For more stock market insights, check out the StockGro blog.
