Sensex Tanks 500 Points, Nifty Slips Below 23,200 as Trump Tariffs Jolt Markets
Indian stock markets opened sharply lower on Thursday, with the Sensex plunging over 500 points and the Nifty falling below 23,200, driven by global uncertainty following US President Donald Trump’s tariff announcement. IT stocks bore the brunt of the sell-off, reacting to fears of trade disruptions, as investors adopted a cautious stance amid mixed international cues.
By 9:31 am, the S&P BSE Sensex was down 344.27 points at 76,273.17, while the NSE Nifty50 shed 80.60 points to settle at 23,251.75. The drop came after Trump’s Wednesday announcement of reciprocal tariffs, including a 26% levy on Indian imports, effective April 9, unsettling global markets.
The IT sector, heavily reliant on US revenue, emerged as the hardest-hit segment, dragging the benchmark indices lower.
Among the top losers, TCS saw the steepest fall, declining 2.46%, followed closely by Infosys at 2.38%. HCLTech dropped 2.32%, and Tech Mahindra lost 2.25%. Tata Motors also slipped 1.60%, reflecting broader market pressure.
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In contrast, some stocks bucked the trend, with Sun Pharma surging 5.40%, NTPC gaining 1.36%, and Power Grid Corporation rising 1.34%. Bajaj Finance and Bajaj Finserv advanced 0.66% and 0.52%, respectively.
Aditya Gaggar, Director of Progressive Shares, provided key technical levels for traders. “For Nifty50, immediate resistance is at 23,250, with support at 23,000,” he said. “BankNifty has support at 50,740 and a potential cap at 51,100.”
He added, “Most sectors are trading within their ranges, but we’ll wait for market reactions to the tariff news before deciding further moves.”
The US tariff announcement, dubbed “Liberation Day” by Trump, includes a baseline 10% duty on all imports from April 5, with an additional 16% for India from April 10. This follows Trump’s claim that India imposes 52% tariffs on US goods, prompting the reciprocal 26% rate.
The move has raised fears of trade tensions, particularly for export-oriented sectors like IT, which could face higher costs and reduced demand in the US market.
While IT stocks led the decline, gains in select stocks like Sun Pharma offered some relief. However, the broader market sentiment remained shaky as investors awaited clarity on the tariffs’ full impact.
Analysts noted that sectors with domestic focus, such as pharmaceuticals and power, showed resilience, while export-heavy industries faced selling pressure.
