17 hours Ago By [email protected] (Gunjan Rajput)
Updated April 4th 2025, 09:26 IST A day after US President Donald Trump’s steep 26% tariff on Indian goods rattled global markets, Indian indices opened marginally lower. Indian markets opened on a tepid note on Friday, April 4, mirroring global jitters after US President Donald Trump announced a 26% tariff on Indian imports. The BSE Sensex started the day at 76,158.
39, down 136.97 points or 0.18%, while the NSE Nifty slipped to 23,190.
40, down 59.70 points or 0.26%.
This cautious start comes on the heels of steep declines in global indices and rising geopolitical-economic tensions stemming from Trump’s protectionist trade policy shift. US Markets Reel from Hefty Tariff Blow On Thursday, April 3, 2025, US stock markets experienced their most brutal single-day drop since 2020, triggered by President Trump’s sweeping tariffs on imports. The Dow Jones Industrial Average slumped around 4%, the S&P 500 fell 4.
8%, and the tech-heavy Nasdaq Composite plunged nearly 6%. The sell-off was broad-based and driven by fears of a renewed trade war and its impact on global economic recovery. Technology stocks led the fall, reflecting investor anxiety over a potential slowdown in enterprise and consumer tech spending.
Indian Market Recap: Pharma Soars, IT Crashes On April 3, the Indian market was not immune to global contagion. The 30-share BSE Sensex ended 322.08 points lower, down 0.
42%, at 76,295.36, after hitting an intraday low of 75,807.55 (down 1.
05%). The broader NSE Nifty closed 82.25 points lower, or 0.
35%, at 23,250.10, having touched a low of 23,145.80 during early trade.
Sectoral Movers: Pharmaceutical stocks stood out as top gainers due to exemptions from the new US tariffs. Heavyweights like Dr. Reddy’s, Cipla, and Sun Pharma surged, helping the Nifty Pharma Index climb 5%.
On the flip side, IT stocks saw heavy selling amid fears of reduced US tech spending. Infosys, TCS , and Wipro led the declines, with the Nifty IT Index crashing over 4%, marking its worst day in two years. Expert View: “Nifty Showing Resilience, But Rangebound” Despite global headwinds, Indian equities showed relative resilience.
Sudeep Shah, Deputy Vice President & Head of Technical & Derivatives Research at SBI Securities, noted: “Nifty found support near its 20- and 50-day EMA after a gap-down opening. While it ended 0.35% lower, broader indices like Midcap and Smallcap 100 closed in green, suggesting underlying strength.
” He highlighted that 23130–23100 is a crucial support zone due to its confluence with 20, 50 EMA levels and the 38.2% Fibonacci retracement of the previous rally (21964–23870). A breakdown below 23100 could drag Nifty toward 22900, while 23250–23280 remains the immediate upside hurdle.
On the derivatives front, April futures dropped 0.48%, while combined Open Interest (OI) rose 3.05%.
Among Nifty constituents, 17 stocks showed short build-up, and 12 saw long unwinding, indicating continued caution. Sensex Outlook: Holding Crucial Fib Levels According to Shah, the Sensex took support at the 50% Fibonacci retracement of its rally from 72,633 to 78,742, rebounding slightly. “The support zone lies at 75,800–75,700, while resistance is around 76,500–76,600,” he added.
Weekly futures dipped 0.43%, while OI for the current series surged 12.53%.
The 76,500 strike saw high call OI, signaling tough resistance, with strong put OI at 76,000. Read More Stocks To Watch Today: Mazagon Dock, Nestle, HDFC Bank, Jio Financial & Bajaj Finance - List Sensex Crashes 500 Points, Nifty Below 23,200 As Trump’s 26% Tariff On Indian Goods Shakes Markets Today’s Market Outlook Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan, expects Nifty to remain rangebound between 23,000–23,650. “Key support lies at 23,150–23,100, and resistance at 23,550–23,600.
A breakout above 23,600 could lead to a rally toward 24,000–24,200,” Gedia said. Bottom Line Despite global tremors, Indian markets remain relatively stable, thanks to sector-specific gains and resilient mid- and small-cap stocks. However, traders should brace for volatility, with crucial support levels being tested amid uncertain global cues.
Published April 4th 2025, 09:23 IST.
