Sensex, Nifty Open Lower as Trump Tariffs Trigger Global Sell-Off
Indian equity indices opened lower on Thursday, following a sharp sell-off in global markets after US President Donald Trump announced reciprocal tariffs, triggering concerns over global economic stability.
Mumbai: Indian equity indices opened lower on Thursday, following a sharp sell-off in global markets after US President Donald Trump announced reciprocal tariffs, triggering concerns over global economic stability.
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Market Opening
At around 9:20 am, the Sensex was down by 470 points, or 0.61%, at 76,197, while the Nifty declined by 105 points, or 0.45%, at 23,227. In the early trading hours, mid-cap and small-cap indices showed minor gains compared to large-cap stocks. The Nifty Midcap 100 index was up by 125 points, or 0.24%, at 52,183, and the Nifty Smallcap 100 index rose by 121 points, or 0.75%, at 16,283.
Sectoral Performance
On the sectoral front, Auto, IT, PSU Banks, FMCG, Metals, and Media were the top laggards. In contrast, Pharma, Realty, and Energy sectors emerged as the major gainers.
Top Gainers and Losers in the Sensex Pack
In the Sensex pack, key losers included Infosys, HCL Tech, TCS, Tech Mahindra, Tata Motors, M&M, Bharti Airtel, Reliance, HDFC Bank, Maruti Suzuki, and Kotak Mahindra Bank. On the other hand, the major gainers were Sun Pharma, Power Grid, NTPC, Bajaj Finance, Bajaj Finserv, Titan, and UltraTech Cement.
Also Read: Sensex, Nifty End Higher Ahead of US Reciprocal Tariffs Announcement
Global Impact of Trump’s Tariffs
Vikram Kasat, Head-Advisory at PL Capital-Prabhudas Lilladher, commented on the potential global impact of the tariffs, saying, “Large Tariff shocks threaten the US and global recession. If these policies are sustained, they would likely push the US and global economy into recession this year.”
He further added, “Canada and Mexico have been less affected, while Asian countries, particularly China and Vietnam, have been hit hard. The European Union and Japan are in a middle ground. The hope is that no one retaliates because retaliation could lead to escalation.”
Global Markets React
Most Asian markets saw heavy selling due to the tariffs, with Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul all witnessing declines. However, US markets closed in the green during Wednesday’s trading session.
Institutional Selling and Buying Trends
On the institutional front, Foreign Institutional Investors (FIIs) continued their selling streak for the third consecutive session on April 2, offloading equities worth Rs 1,538 crore. In contrast, Domestic Institutional Investors (DIIs) remained net buyers for the fourth consecutive day, purchasing equities worth Rs 2,800 crore.
