Mid-day trade (March 4, 2025): Nifty, Sensex stage smart rebound; PSU Banks lead

Indian equities after a weak opening mirroring weak global cues staged recovery from the day's low as gains in banking stocks offered support. At around 1:26 pm, the 30-share BSE Sensex was trading lower by 0.21 per cent or 156.82 at 72,929.12, while the Nifty50 benchmark was down 0.3 per cent or 66.2 points at 22,053.1.

Meanwhile, broader markets which started today's trade with a sharp downside, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining over 1 per cent each, staged recovery too. At the time of writing this copy, broader markets staged a mixed performance, with smallcap stocks trading in the green, while midcap index pared most of its early losses.

Sectoral gauges

Of the 13 major sectoral gauges, banks, financial services, media, metal and oil & gas indices traded in the green, with the media and PSU banking stocks leading the gains.

PSU Banking index stole the limelight with 11 out of 12 stocks trading in the green, with stocks like Union Bank of India, Indian Overseas Bank and SBI emerging as the top gainers from the basket.

Oil and gas index surged as crude oil prices declined to a 3-month low overnight as the OPEC + decided on increasing the long-stalled oil production.

Expert view

President Trump's tariffs on Canada, Mexico, and China raise uncertainty, which could deepen Nifty's mild decline if trade tensions worsen. FIIs have sold over Rs 4,08,984 crore this fiscal year, creating fear in the market. If Nifty falls below 22,000, the next support is at 21,281, said Prashanth Tapse, Senior VP (Research), Mehta Equities.