Key Points
Sensex drops 544 points amid global market sell-off
FIIs continue selling for fourth consecutive session
Trump tariffs spark international market nervousness
At 9:23 am, Sensex was down 544 points or 0.71 per cent at 75,750 and Nifty was down 194 points or 0.82 per cent at 23,059.
Midcap and smalcap stocks witnessed selling pressure in the early trading hour. Nifty midcap 100 index was down 669 points or 1.34 per cent at 51,464 and Nifty small 100 index was down 253 points or 1.56 per cent at 16,001.
On the sectoral front, auto, IT, PSU bank, pharma, FMCG, metal, realty and energy were major laggards. Only finance services was trading with gains.
In the Sensex pack, HDFC Bank, Bajaj Finance, Bharti Airtel and M&M were top gainers. Tata Motors, Tata Steel, L&T, IndusInd Bank, Maruti Suzuki, Reliance Industries, Sun Pharma, Infosys and Tech Mahindra were the top losers.
Following the announcement of Trump tariffs, global markets experienced jitters overnight, leading to a gap-down opening indicated by the Gift Nifty.
Selling was seen in most Asian markets. Tokyo, Bangkok and Seoul were in the red.
The US markets witnessed a massive sell-off on Thursday after reciprocal tariffs were announced. The Dow closed by nearly 4 per cent down and the technology index Nasdaq down by nearly 6 per cent.
On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fourth consecutive session on April 3, offloading equities worth Rs 2,806 crore. In contrast, domestic institutional investors (DIIs) remained net buyers for the fifth consecutive day, purchasing equities worth Rs 221.47 crore.
According to market observers, on the upside, immediate resistance is seen at 23,350, followed by 23,600 for Nifty.
“A breakout beyond these levels could trigger a continuation of the uptrend, targeting the 200 DSMA in the 24,000–24,100 range. While the index may remain range-bound in the near term, stock-specific trades are offering better opportunities, and traders should focus on individual names for potential gains,” said Sameet Chavan, Head Research, Technical and Derivative - Angel One.
Comments:
Rahul K.
Not surprised by the market reaction at all. Trump's trade policies always cause volatility. Hope DIIs continue buying to balance out FII selling 🤞
Priya M.
This is why I've been holding onto cash reserves! Perfect buying opportunity coming up if the correction continues. Auto and IT sectors looking interesting.
Amit S.
The article could have explained more about which specific tariffs caused this reaction. Just mentioning "Trump tariffs" is too vague for retail investors trying to understand the situation.
Neha J.
Seeing Tata Motors and Tata Steel as top losers hurts 😅 My portfolio is bleeding red today. Maybe time to average down?
Vikram P.
Interesting to see finance services as the only sector in green. Bajaj Finance continues to be resilient despite market conditions. Their business model seems solid.
Sanjay D.
Markets will stabilize soon. This is just short-term noise. Remember 2008? 2020? We bounced back stronger every time! 💪
