The Indian equity benchmarks BSE Sensex and NSE Nifty are set to open lower on Wednesday, tracking mixed cues from Asian peers and negative trends in GIFT Nifty futures. Asian stocks moved sideways as investor turned cautious ahead of U.S. inflation and GDP data set to be released on Wednesday, while they also assessed developments in trade negotiations between the U.S. and its trading partners. At 8:20 AM, the GIFT Nifty index was down 102 points, or 0.41%, at 24,329, signaling gap-down opening for domestic equity benchmarks.

The developments in the Pahalgam terror attack case amid escalated border tensions with Pakistan may impact domestic equity market. The market sentiment is likely to get boost following U.S. President Donald Trump's positive comments about progress in trade talks with India, Japan and South Korea. The auto stocks will be in focus after Trump administration’s latest executive order reducing tariffs on some automotive imports. Gold stocks will be also in focus on eve of Akshaya Tritiya as investors buy gold on this auspicious occasion.  

The Street will also react to quarterly earnings report of Bajaj Finance, Bajaj Finserv, Bharat Petroleum Corporation (BPCL), Jana Small Finance Bank, Star Health and Allied Insurance Company, UTI Asset Management Company, Ceat, Vishal Mega Mart, Shoppers Stop, and Praj Industries.

On Tuesday, domestic bourses ended flat in a range-bound trade as investors took some breather after recent rally and booked profit at higher levels. The BSE Sensex ended 70 points, or 0.1%, higher at 80,288, and the NSE Nifty settled with a marginal gain of 7 points at 24,336. The broader market also witnessed lackluster trade, with the BSE MidCap and the SmallCap indices rising 0.2% and 0.1%, respectively. The top gainers on the BSE Sensex pack were Reliance Industries, Tech Mahindra, Eternal (formerly known as Zomato), HCL Technologies, and Infosys, rising up to 2%. Most sectors, except IT, witnessed profit booking, with pharma, metal, and energy among the top losers.

U.S. stocks end higher on earnings, macro data

In the overnight trade, Wall Street settled in positive terrain in choppy trade as investors digested latest round of corporate earnings reports, macro data, and some changes in trade policy front. U.S. Treasury Secretary Scott Bessent signaled that tariff talks with Japan and India are going on and trade deals may be signed soon. He also predicted that China may lose 10 million jobs quickly due to tariffs, indicating that trade deal between the world's two largest economies is yet to reach any conclusion. The Dow Jones Industrial Average ended 0.75% higher, the S&P 500 gained 0.58%, and the Nasdaq Composite rose 0.55%.

Asian markets trade mixed ahead of key economic data

Equity markets in Asia-Pacific region witnessed mixed trend on Tuesday, undermining firm cues from U.S. stocks overnight, as investor turned cautious ahead of key macro data. Traders also assessed developments in trade negotiations between the U.S. and China, and Beijing’s promises to support domestic businesses. The caution prevailed in the market ahead of the U.S. inflation and GDP data set to be released on Wednesday, which will give some indication how the economy performed just before President Donald Trump announced reciprocal tariffs on April 2.

Japan’s Nikkei 225 gained 0.2%, Singapore’s Straits Times climbed 0.3%, Taiwan Weighted index surged 0.35%, and Indonesia’s Jakarta Composite was up 0.1%. On the other hand, Hong Kong’s Hang Seng index slipped 0.4%, South Korea’s Kospi lost 0.7%, and China’s Shanghai Composite traded marginally lower in early trade. Meanwhile, Australia’s ASX 200 index ended 0.14% higher.

Stocks to watch

Q4 results today: Adani Power, Indus Towers, Indian Oil Corporation, Federal Bank, Godrej Agrovet, Greaves Cotton, Jindal Steel & Power, JSW Infrastructure, Ajanta Pharma, Bandhan Bank, Coromandel International, CRISIL, Equitas Small Finance Bank, Exide Industries, Paras Defence, Sona BLW Precision Forgings, Varun Beverages, and Vedanta will release their earnings report on April 30.

IndusInd Bank: Sumant Kathpalia has resigned as Managing Director & CEO of the bank, effective April 29.

Bajaj Finance: The board of the company has approved 1-for-2 stock split and also declared dividend of ₹56 per share.

State Bank of India: The board of the country’s largest lender will meet on May 3 to consider raising equity for FY26 through follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), or any other mode.

Infosys: The IT major has announced the launch of Infosys Topaz for SAP S/4HANA Cloud, an AI-first suite. 

Prestige Estates Projects: The realty major has launched the residential project ‘The Prestige City – Indirapuram’ in the National Capital Region (NCR) after receiving approval from the Real Estate Regulatory Authority (RERA).

Strides Pharma Science: The firm's subsidiary, Strides Pharma Inc, has acquired four approved ANDAs for the U.S. market from Nostrum Laboratories Inc., USA. 

V-Mart Retail: The board of the retail company will consider the issue of bonus shares on May 2.

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