Indian frontline indices opened in the red on Friday following a global sell-off in the equity markets in reaction to the reciprocal tariffs announced by U.S. President Donald Trump. At 9:23 am (IST), Sensex was down 544 points or 0.71% at 75,750 and Nifty was down 194 points or 0.82% at 23,059. Midcap and smallcap stocks witnessed selling pressure in the early trading hours.
Nifty midcap 100 index was down 669 points or 1.34% at 51,464, and Nifty small 100 index was down 253 points or 1.56% at 16,001. On the sectoral front, auto, IT, PSU bank, pharma, FMCG, metal, realty, and energy were major laggards. Only the finance services were trading with gains.
In the Sensex pack, HDFC Bank, Bajaj Finance, and Bharti Airtel were top gainers. Tata Motors, Tata Steel, L&T, IndusInd Bank, Maruti Suzuki, Reliance Industries, Sun Pharma, Infosys, and Tech Mahindra were the top losers. Following the announcement of Trump tariffs, global markets experienced jitters overnight, leading to a gap-down opening indicated by the Gift Nifty.
Selling was seen in most Asian markets. Tokyo, Bangkok, and Seoul were in the red. The U.S. markets witnessed a massive sell-off on Thursday after reciprocal tariffs were announced. The Dow closed nearly 4% down, and the technology index Nasdaq down by nearly 6%. On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fourth consecutive session on April 3, offloading equities worth Rs 2,806 crore.
In contrast, domestic institutional investors (DIIs) remained net buyers for the fifth consecutive day, purchasing equities worth Rs 221.47 crore. According to market observers, on the upside, immediate resistance is seen at 23,350, followed by 23,600 for Nifty.
“A breakout beyond these levels could trigger a continuation of the uptrend, targeting the 200 DSMA in the 24,000–24,100 range. While the index may remain range-bound in the near term, stock-specific trades are offering better opportunities, and traders should focus on individual names for potential gains,” said Sameet Chavan, Head Research, Technical and Derivative – Angel One.-IANS
