Mumbai– Indian stock markets ended in the red for the second consecutive day on Friday, as investor sentiment turned sour following the announcement of reciprocal tariffs by former U.S. President Donald Trump.
The BSE Sensex tumbled 930.67 points, or 1.22%, to close at 75,364.69. During the trading session, the index fluctuated between an intraday high of 76,258.12 and a low of 75,240.55.
The broader NSE Nifty also posted significant losses, falling 345.65 points, or 1.49%, to settle at 22,904.45.
“The newly imposed U.S. tariffs, which came in higher than expected, have sent shockwaves through global markets,” said market analysts. “While the direct impact on India may be less severe than on other major economies, it is still greater than initially projected.”
Among the top laggards on the Sensex were Tata Steel, Tata Motors, Larsen & Toubro, IndusInd Bank, Tech Mahindra, and Reliance Industries, with some stocks declining as much as 8.36%.
However, a few heavyweight stocks bucked the trend. HDFC Bank, Bajaj Finance, Nestlé India, ICICI Bank, Asian Paints, ITC, and Axis Bank posted gains of up to 1.59%, offering some support to the otherwise weak market.
The broader market saw even sharper declines. The Nifty Smallcap100 index crashed 3.56%, while the Nifty Midcap100 fell 2.91%.
Nearly all sectoral indices ended the day in the red, with the exception of Nifty Financial Services and FMCG. The most affected sectors included Metals, IT, Oil & Gas, PSU Banks, Auto, and Real Estate, all of which saw losses ranging from over 2% to as much as 6.5%.
Despite the equity market slide, the Indian rupee traded stronger, gaining 0.16 to close at 85.20 against the U.S. dollar, supported by a drop in crude oil prices.
Gold prices experienced a bout of profit-taking, falling by ₹650 to ₹89,450 on the Multi Commodity Exchange (MCX), following the formal announcement of the tariff hikes.
“Markets had already priced in much of the impact of the reciprocal trade tariffs over the past few months,” said Jateen Trivedi, Research Analyst at LKP Securities. “So this correction in gold is a natural result of profit booking.”
Meanwhile, India’s volatility index, India VIX, which measures investor sentiment and market uncertainty, rose by 1.13% to close at 13.76, signaling growing caution among investors amid rising global trade tensions. (Source: IANS)
