Senores Pharma Gains on Acquisition, Defence Stocks Surge, and Oil Prices Drive Energy Rally

Market Snapshot

• Indian equity indices closed lower but recovered from the day’s lows in a volatile session.
• Nifty slipped below 22,000 intraday for the first time since June 5, 2024, amid weak global cues.
• Global trade tensions escalated as former US President Trump reiterated plans to impose a 25% tariff on imports from Mexico and Canada.
• Trump also announced tariffs on “external” agricultural products starting April 2.
• Canada responded with retaliatory tariffs on US goods, effective immediately.
• Broader markets outperformed, with the BSE Midcap index closing flat, while the Smallcap index gained 1.3%.

Sectoral Trends

Top News

• Senores Pharma shares surged over 7% on March 4 after the company acquired 14 Abbreviated New Drug Applications (ANDAs) from Dr. Reddy’s Laboratories.
• Defence stocks, including HAL, Mazagon Dock, and GRSE, rallied up to 10%, driven by a surge in European defence stocks following Trump’s comments on European security, prompting leaders to reconsider defence strategies.
• Oil stocks surged as crude prices declined, following Trump’s policy shifts on military aid and tariffs, along with OPEC+ increasing oil production; HPCL shares rose 6% to Rs 315, despite a 29% decline in six months..

Top Gainers and Losers

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