Sensex, Nifty tank over 3 pc as global trade war fear rises (Lead)

As of 9:55 am, Sensex was down 2,690 points or 3.57 per cent at 72,654 and Nifty was down 881 points or 3.85 per cent at 22,020.

Along with largecaps, massive selling was also seen in the midcaps and smallcaps. Nifty midcap 100 index was down 2,335 points or 4.61 per cent at 48,310 and Nifty smallcap 100 index was down 1,055 points or 6.73 per cent at 14,620.

On the sectoral front, all indices were in the red. Auto, IT, realty, media, energy and infra were major laggards.

In the Sensex pack, Tata Steel, Tata Motors, Infosys, Tech Mahindra, L&T, HCL Tech, TCS, Reliance Industries, NTPC, Axis Bank, M&M, Kotak Mahindra Bank, IndusInd Bank and M&M were major laggards.

Selling was seen in most Asian markets. Tokyo, Shanghai, Bangkok, Seoul and Hang Seng fell upto 11 per cent.

The US markets witnessed a massive sell-off on Friday due to reciprocal tariffs. The Dow closed by 5.50 per cent down and the technology index Nasdaq down by nearly 5.82 per cent.

Oil prices have been driven sharply lower amid global uncertainties, especially as Saudi Arabia issued its biggest price cut on the commodity in years. Brent crude slipped 2.67 per cent to $63.82 a barrel, while West Texas Intermediate fell 2.69 per cent to $60.31.

Hardik Matalia, Derivative Analyst, Choice Broking said, "On the technical front, the Nifty 50 has formed a bearish candle on the daily chart, signaling selling pressure at key resistance levels. Immediate support is seen at 22,400 and 22,000 for intraday trading, as the index has historically shown stability around these zones."

"These levels could potentially act as reversal points, offering buying opportunities if supported by favourable price action," he added.