The Indian stock market experienced volatility on March 4 as benchmark indices Sensex and Nifty 50 attempted a recovery amid global uncertainty triggered by US President Donald Trump’s fresh trade tariffs on China, Canada, and Mexico. The new tariffs spurred a wave of risk aversion, weighing on investor sentiment. By the end of the trading session, Nifty 50 declined by 0.17%, while Sensex slipped 0.13%. Broader market indices showed a mixed trend, with the BSE Midcap index remaining flat and the BSE Smallcap index rising by over 1%.

Top Gainers

Coffee Day Enterprises (+20%)

Shares of Coffee Day Enterprises jumped 20% after the National Company Law Appellate Tribunal (NCLAT) dismissed a bankruptcy plea by IDBI Trusteeship related to a Rs 228 crore default, boosting investor confidence.

GRSE (+9.6%)

Garden Reach Shipbuilders & Engineers (GRSE) surged after four consecutive losing sessions, leading gains among defence stocks. A broader rally in HAL (+4.5%), Mazagon Dock (+5.5%), Cochin Shipyard (+7.4%), and Bharat Electronics followed US President Trump's refusal to guarantee European security, prompting EU nations to reconsider defence spending, which improved outlook for Indian defence manufacturers.

Tata Motors and Tata Investment (Up to +3%)

Both stocks advanced as a Bloomberg report suggested that Tata Capital is targeting an $11 billion IPO valuation. With Tata Motors holding a 4% stake and Tata Investment owning 2% in Tata Capital, a higher valuation could mean significant gains for both companies.

State Bank of India (SBI) (+3%)

SBI gained after Citi upgraded the stock from ‘Sell’ to ‘Buy’ and raised the price target to Rs 830, indicating a potential 20% upside. Citi cited cost-optimisation efforts and strong Net Interest Margins (NIMs) as key drivers.

Jupiter Wagons (+5%)

Jupiter Wagons rallied following the announcement of a new e-mobility manufacturing facility by Jupiter Electric Mobility (JEM) in Indore, Madhya Pradesh. The company also unveiled its new electric light commercial vehicle (e-LCV), the JEM TEZ.

Top Losers

Gensol Engineering (-20%)

The stock hit the lower circuit after CARE Ratings downgraded its credit rating to ‘default’ from ‘BB+’ due to delays in servicing term loans. Lenders such as IREDA, PFC, Bandhan Bank, ICICI Bank, and HDFC Bank raised concerns over its financial health.

Bajaj Auto (-5%)

Bajaj Auto hit a 52-week low after reporting disappointing February sales. While exports surged 23%, domestic sales fell 14%, dragging down overall growth to just 2% YoY.

Titan (-2%)

Titan declined after Macquarie cut its price target to Rs 4,000, citing rising gold prices and higher lease costs driven by Trump’s tariff policies. The brokerage maintained an ‘Outperform’ rating despite near-term concerns.

Indian Energy Exchange (IEX) (-2%)

IEX lost ground despite a 9% YoY increase in traded electricity volume to 9,622 MU in February. Lower market clearing prices (-11% YoY) indicated weaker power pricing trends.

Pharma Stocks Under Pressure

The Nifty Pharma index remained weak amid fears of higher costs due to Trump’s tariffs. Sun Pharma (-2%) led losses, followed by Gland Pharma, Mankind Pharma, Cipla, and Dr Reddy’s.

Conclusion Markets continue to grapple with global trade concerns and economic uncertainties. While select stocks such as defence and banking gained traction, weak sales and rating downgrades hurt auto, energy, and pharma stocks. Investors remain cautious as global cues continue to drive market sentiment.

The Current active IPO are NAPS Global, Balaji Phosphates.

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