Sensex jumps 470 pts to 76,490; Nifty at 23,280; March mfg PMI at 58.1

Indian benchmark equity indices BSE Sensex and Nifty50 are higher on Wednesday as investors await the announcement of reciprocal tariffs by US President Donald Trump later in the day.

At 10 AM, the BSE Sensex was higher by 341.15 points, or 0.45 per cent, at 76,365.66, and the Nifty50 was at 23,242.50, ahead by 76.80 points, or 0.33 per cent.

Investors in the Indian stock markets are likely to remain cautious while awaiting details of reciprocal tariffs that US President Donald Trump has been teasing since he assumed office. Latest reports from the While House indicate that the tariffs will come into effect as soon as they are announced, which is planned to be unveiled at an event to be held at the White House Rose Garden at 4 PM on April 2.

Apart from that, investors will also be keeping an eye on global markets and trading activities of foreign institutional investors for further cues.

According to Shrikant Chouhan, head equity research, Kotak Securities, a long bearish candle on daily charts, combined with a correction continuation formation on intraday charts, indicates further weakness from the current levels.

“For day traders, 23,100/75,800 would be the key support zone. If the market manages to trade above this level, we could expect a pullback rally to 23,300-23,350/76,500-76,650. On the flip side, a dismissal of 23,100/75,800 could accelerate the selling pressure. If this level is breached, the Nifty could retest the levels of 50 day SMA (Simple Moving Average), or 23,000-22,950. For Sensex 75,500-75,300, given the current market texture is volatile, level-based trading would be the ideal strategy for day traders,” he said.

In the primary markets today, Infonative Solutions IPO (BSE SME) and Spinaroo Commercial IPO (BSE SME) will have Day 3 of their subscription window, and Retaggio Industries IPO (BSE SME) will close for subscription. ATC Energies System IPO (NSE SME) and Shri Ahimsa Naturals IPO (NSE SME) will list on the bourses.