Stock Market Highlights: Benchmark Indian equity indices settled lower on Thursday following US President Donald Trump’s announcement of reciprocal tariffs on several countries. Trump’s announcement, made on April 2, introduced a new tariff structure featuring a baseline 10 per cent tax on all US imports, with additional higher tariffs imposed on countries with a trade surplus. India now faces a 27 per cent tariff from the US.
The BSE Sensex shed 322.08 points or 0.42 per cent to settle at 76,295.36. The index traded in the range of 76,493.74 -75,807.55 today. The NSE Nifty50 also settled lower at 23,250.10, down 82.25 points or 0.35 per cent from its previous close.
18 out of the 30 constituent stocks of the BSE Sensex settled lower, led by losses in TCS, HCL Tech, Tech Mahindra, Infosys, and Tata Motors, with declines reaching up to 4.02 per cent. In contrast, Power Grid Corporation, Sun Pharma, Ultratech Cement, NTPC, and Asian Paints were among the top gainers, with increases of up to 4.57 per cent.
Small-cap shares outperformed the broader markets, with the Nifty Smallcap100 index rising 0.58 per cent.
Among the sectoral indices, the Nifty IT index was the top laggard, settling lower by 4.21 per cent dragged by Persistent Systems, Coforge, TCS, and Mphasis. Auto, Oil & Gas, and Realty were also among the underperforming sectors.
Pharma shares, however, were the top performers, with the Nifty Pharma index rising over 2.25 per cent. Banks, healthcare, FMCG, and consumer durables also advanced up to 1.94 per cent.
Global Cues
Stocks dived and investors scrambled to the safety of bonds, gold and the yen on Thursday as US President Donald Trump unveiled a bigger-than-expected wall of tariffs around the world’s largest economy, upending trade and supply chains.
Nasdaq futures tumbled 4 per cent and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7 per cent.
S&P 500 futures fell 3.3 per cent, FTSE futures fell 1.8 per cent, while European futures fell nearly 2 per cent.
In early trade in Tokyo, the Nikkei was down 3.9 per cent at an eight-month low, with nearly every index member falling as shippers, banks, insurers and exporters copped a beating.
Benchmark 10-year Treasury yields shot down 14 basis points to a five-month low of 4.04 per cent as investors braced for slower US growth, while interest rate futures priced in a higher chance of interest rate cuts in the months ahead.