The stock market opened lower as the trading session for the day began on Friday, April 4, after US President Donald Trump’s reciprocal tariffs came into effect the previous day. IT, metal, and telecom stocks fell the most.
At 9.15 am, the benchmark BSE Sensex was down by 325.14 points or 0.43 per cent, reaching 75,970.22. The broader NSE Nifty opened 119.35 points down or 0.51 per cent in the red, reaching 23,130.75.
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Which stocks fell the most?
Among the 30 Sensex stocks, Infosys fell the most upon opening by 2.14 per cent, trading at ₹1,465. This was followed by HCL Technologies, which was down 1.67 per cent, trading at ₹1,446.30, and IndusInd Bank, which was down by 1.52 per cent, trading at ₹698.60.
Only five of the Sensex stocks were in the green.
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How did individual sectors perform?
Among the Nifty sectoral indices, the IT Index fell the most by 1.86 per cent, reaching 34,112.05. This was followed by Nifty Metal, which was down 1.28 per cent, reaching 8,889.85, and Nifty Midsmall IT & Telecom, which was down 1.05 per cent, reaching 8,808.30.
The Midsmall IT and Telecom Index fell the most on yesterday’s open by by 1.94 per cent, reaching 9,055.90, while the IT Index was down the second-most by 1.67 per cent, reaching 35,676.45.
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Stock market in the previous session
The market closed in the red after the previous trading session ended on Thursday, April 3. The Sensex was down by 322.08 points or 0.42 per cent, reaching 76,295.36. The Nifty meanwhile, opened 82.25 points down or 0.35 per cent in the red, reaching 23,250.10.
“The Nifty fell 82 points yesterday, but took support near the 23,141 level we are watching closely,” said Akshay Chinchalkar, Head of Research, Axis Securities. “Still, bulls will gain the upper hand in the near term only above 23,440.”
He added that “the 23,090 – 23,141 area will continue to serve as support, with the 22,800/900 zone the next key marker for bulls to defend.”
Among the Sensex stocks, TCS fell the most by 3.98 per cent, closing at ₹3,403.90. This was followed by Tech Mahindra, which was down 3.79 per cent, closing at ₹1,369.65, and HCL Technologies, which was down 3.71 per cent, closing at ₹1,470.80.
13 of the Sensex stocks were in the green.
Among the Nifty sectoral indices, the IT Index fell the most by 4.21 per cent, reaching 34,757.25. This was followed by Nifty Midsmall IT & Telecom, which was down 3.61 per cent, reaching 8,901.60, and the Nifty Auto Index, which was down 1.14 per cent, reaching 21,164.00.
In contrast, the Midsmall IT & Telecom Index was up the third most by 1.42 per cent, reaching 9,235 on Wednesday’s close.
In the Nifty IT Index, Persistent Systems fell the most (9.75% down), followed by Coforge (7.81% down), and TCS (3.97% down).
In the Nifty Midsmall IT & Telecom Index, Persistent Systems was down the most (9.75% down), followed by Coforge (7.81% down), and KPIT Technologies (7.40% down).
In the Nifty Auto Index, Bharat Forge fell the most (3.28% down), followed by Balkrishna Industries (3.27% down), and Tata Motors (2.43% down).
Foreign Institutional Investors (FIIs) were net sellers of ₹2,806.00 crore worth of equities, while Domestic Institutional Investors (DIIs) were net buyers, purchasing a difference of ₹221.47 crore worth of equities.
However, “India’s comparatively lower tariffs, especially relative to other Asian economies like China, Vietnam, and Thailand, offer a distinct advantage in attracting Foreign Institutional Investors (FIIs),” said Akhil Puri, Partner, Financial Advisory, Forvis Mazars in India. “With a 27% reciprocal tariff on India versus 34% on China, India presents a more cost-efficient destination for global investors.”
He added that “over the medium to long term, sustaining these inflows will depend on stable trade policies and investor-friendly regulations” and that “If India maintains a predictable policy environment, lower tariffs could ensure a steady and stable stream of FII investments.”
Meanwhile, the 10 year India Government Bond was trading flat at 0.00% change from previously, though it is still a downturn of ₹0.01, reaching a value of ₹102.11.
“The US tariffs introduce uncertainty in global trade, which could lead to volatility in commodity prices and currency movements, impacting investor sentiment,” said Mahendra Kumar Jajoo, CIO – Fixed Income, Mirae Asset Investment Managers (India). “However, India’s fixed income market remains resilient, backed by the RBI’s strong liquidity management.”
He added that “with inflation under control and a stable interest rate outlook, Indian bonds continue to offer an attractive investment opportunity” and that “while global disruptions may create short-term noise, India’s bond market fundamentals remain strong, providing investors with stability amid external uncertainties.”
