Mumbai: Indian benchmark indices started Friday’s trading session in the red, mirroring a global sell-off triggered by reciprocal tariffs announced by US President Donald Trump.
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Indices Take a Hit in Early Trade
At 9:23 am, the BSE Sensex was down 544 points (0.71%) at 75,750, while the NSE Nifty dropped 194 points (0.82%) to 23,059.
Midcap and Smallcap Stocks Under Pressure
Selling pressure was evident across the broader market.
- The Nifty Midcap 100 fell 669 points (1.34%) to 51,464.
- The Nifty Smallcap 100 slipped 253 points (1.56%) to 16,001.
Sectoral Indices Mostly in the Red
Most sectors were trading lower in early trade:
- Losers: Auto, IT, PSU banks, pharma, FMCG, metal, realty, and energy.
- Gainer: Financial services was the only sector holding in positive territory.
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Top Gainers and Losers in Sensex
Top Gainers:
- HDFC Bank
- Bajaj Finance
- Bharti Airtel
- M&M
Top Losers:
- Tata Motors
- Tata Steel
- L&T
- IndusInd Bank
- Maruti Suzuki
- Reliance Industries
- Sun Pharma
- Infosys
- Tech Mahindra
Global Markets React to Trump Tariffs
Global markets were spooked overnight by the announcement of reciprocal tariffs from the US:
- Dow Jones fell nearly 4%
- Nasdaq plunged close to 6%
- Asian markets like Tokyo, Bangkok, and Seoul opened lower
The Gift Nifty indicated a gap-down start for Indian equities.
FIIs Extend Selling Streak
Foreign Institutional Investors (FIIs) continued selling for the fourth consecutive session on April 3, offloading equities worth Rs 2,806 crore. In contrast, Domestic Institutional Investors (DIIs) were net buyers for the fifth day, purchasing equities worth Rs 221.47 crore.
Technical Outlook for Nifty
Market expert Sameet Chavan (Head Research, Technical & Derivative, Angel One) commented:
“Immediate resistance is seen at 23,350, followed by 23,600. A breakout above these could trigger a continuation of the uptrend toward the 200 DSMA zone between 24,000–24,100. While the broader index may remain range-bound, stock-specific action continues to offer better trading opportunities.”