Blue-chip Stocks Drag Markets Down as Investors Brace for Trump's Tariff Announcement
Mumbai, April 1 – Indian equity markets took a steep dive on Tuesday, with benchmark indices sinking sharply amid rising global uncertainty ahead of former US President Donald Trump’s proposed reciprocal tariffs.The BSE Sensex dropped by 1,233.95 points, slipping to 76,180.97 in late morning trade, while the NSE Niftytumbled 321.5 points to 23,197.85.
Heavyweight Stocks Lead the Fall
The sell-off was led by several large-cap stocks. Major laggards from the Sensex pack included:- Bajaj Finserv
- HDFC Bank
- Bajaj Finance
- Infosys
- Axis Bank
- HCL Technologies
- Titan
- Tech Mahindra
- TCS
- Sun Pharma
Global Cues Stir Investor Anxiety
Asian markets such as Seoul, Tokyo, Shanghai, and Hong Kong traded positively, reflecting a more stable sentiment regionally. However, Indian markets remained jittery due to global policy risks.US indices had ended mostly higher on Monday, but focus remains on Donald Trump’s impending tariff policy. The former president is set to unveil a set of reciprocal tariffs on April 2, a day he dubbed "Liberation Day" for the US.
Despite the current sell-off, Vijayakumar noted that India had outperformed in March, delivering a 6.3% return. The rally was largely driven by foreign institutional investors (FIIs) turning net buyers and subsequent short covering.
FIIs Turn Sellers, Brent Crude Climbs
Data from stock exchanges shows that FIIs offloaded equities worth ₹4,352.82 crore on Friday, adding pressure on domestic indices.Meanwhile, Brent crude edged up by 0.20% to $74.88 a barrel, adding another layer of concern amid inflationary pressures.
Previous Close and Market Holiday
On Friday, the Sensex had declined by 191.51 points (0.25%) to 77,414.92, while the Nifty dropped 72.60 points(0.31%) to 23,519.35. Indian stock markets remained closed on Monday in observance of Eid-Ul-Fitr.
Last updated by a enewsx: