Market Wrap, April 4: Indian market sees tariff impact, SENSEX tanks 930 pts, NIFTY50 slips below 23,000 mark; metal index falls 6%

Tracking the routs in the US and Asian markets, the Indian benchmark indices declined over 1.2% as market investors remain jittery amid tariff imposition by the Trump administration.

The broader market witnessed a deep correction as midcap stocks tanked over 2.9% and the small-cap index also shed 3.5%.

At close, the S&P BSE SENSEX stood at 75,364.69, plunging 930.67 points, or 1.22%, while the NSE's NIFTY50 index ended at 22,904.45, falling 345.65 points, or 1.49%.

The market breadth, however, remained in favour of negative as 2,230 stocks declined out of 2,947 traded on NIFTY50.

IT, auto, pharma and metal sectors saw a broad sell-off as tariff fears gripped.

Globally, the US markets witnessed one of the worst days since the COVID-19 pandemic amid market reactions post-tariff announcement. All three main indices settled lower on Thursday.

The S&P slid 4.84% to close at 5,396.52, its worst one-day fall since 2020. The Dow Jones Industrial Average sank 1,670 points, or 3.98%, to end at 40,545. The Nasdaq slipped 5.97% or 1,050 points to 16,550.

Following the US market, Asian shares also declined. Japan’s Nikkei average settled down 2.75%, registering a 9% drop for the week, its steepest weekly decline since March 2020. The Chinese stock markets remained closed on Friday for a holiday.

Meanwhile, foreign institutional investors (FIIs) offloaded equities worth ₹2,806 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased shares worth ₹221.47 crore on a net basis.

The global oil benchmark Brent Crude slipped 3.26% to $67.85 a barrel.

As many as 2,947 stocks traded on the NSE on Friday. Out of this, 2,230 declined, and only 646 stocks declined, while 71 scripts remained unchanged.

A total of 26 stocks hit their 52-week highs, while 66 stocks touched their one-year lows. Besides, 146 stocks hit their upper circuit limits, and only 108 touched their lower circuit bands on Friday.

NSE-listed firms lost ₹10.02 lakh crore in market capitalisation as it stood at ₹401.10 lakh crore at the end of the session.

The volatility index India VIX soared 1.13% to 13.76 levels.

The broader market saw steep cuts as Nifty Midcap 100 tanked 2.91% to the 50,654.95 level, while Nifty Smallcap 100 shredded 3.56% to the 15,675.95 mark.

All the sectoral indices settled in red, with Nifty Metal declining the most by 6.56%. Nifty Pharma (-4.03%), Nifty Oil and Gas (-3.78%), Nifty Midsmall IT and Telecom (-3.73%), Nifty Realty (-3.60%) and Nifty IT (-3.58%) were the other top losers on Friday.

Tata Steel, Hindalco, ONGC, Tata Motors and Cipla were the biggest losing stocks on the NIFTY50 index, plunging as much as 8.43%.

On the other side, only 8 stocks ended in the green on the 50-share index. Bajaj Finance, Tata Consumer Products, HDFC Bank, Apollo Hospitals and Nestle India were the most gaining scrips, rising as much as 1.69%.

Shares of Mazagon Dock closed at ₹2,737.55 apiece on the NSE on Thursday. This shows that the floor price for the OFS is 7.76% lower from its previous close.

The United States imposed an import duty of 26% on Indian goods, according to a White House document.

The bank's period-end advances under management stood at ₹27.73 lakh crore as of March 31, 2024, reflecting a growth of 7.7% from ₹25.75 lakh crore as of March 31, 2024.