India&rsquo;s equity benchmark indices, Sensex and Nifty, slumped in early trade on Thursday, weighed down by IT stocks and tracking a sharp decline in Asian markets. The drop follows US President Donald Trump&rsquo;s announcement of steep reciprocal tariffs targeting over 60 countries, including a 27% levy on India, aimed at slashing the US trade deficit and bolstering American manufacturing.
The 30-share BSE Sensex fell 478.41 points to 76,139.03 in morning trade, while the broader NSE Nifty declined 117.70 points to 23,214.65. Key laggards in the Sensex pack included Tata Consultancy Services, Infosys, Tech Mahindra, and Reliance Industries, with Sun Pharmaceuticals, NTPC, and Bajaj Finance among the few gainers.
Asian markets mirrored the downturn, with Tokyo&rsquo;s Nikkei plunging over 3%, Hong Kong dropping 2%, Seoul&rsquo;s KOSPI falling 1%, and Shanghai dipping 0.39%. Devarsh Vakil, Head of Prime Research at HDFC Securities, linked the global sell-off to Trump&rsquo;s policy, saying, &ldquo;Global stock markets plunged after US President Donald Trump announced harsher-than-expected tariffs.&rdquo; Unveiled on Wednesday, the US plan imposes reciprocal rates on over 180 countries and territories, including EU members, to counter high import duties on American goods.
The 26% tariff on India is set to impact its exports to the US, though experts argue India may weather the storm better than competitors facing similar levies. &ldquo;India is better-placed than its peers despite the tariff hike,&rdquo; Vakil observed. The rupee weakened in early trade amid the uncertainty, while Brent crude fell 2.31% to $73.22 a barrel.
Wednesday had offered a brief reprieve, with the Sensex rebounding 592.93 points to 76,617.44 and the Nifty climbing 166.65 points to 23,332.35, driven by Domestic Institutional Investors (DIIs) purchasing ₹2,808.83 crore in equities against Foreign Institutional Investors (FIIs) offloading ₹1,538.88 crore. However, Thursday&rsquo;s weak Asian trends and tariff jitters erased those gains, casting a shadow over the trading session.
(With agency input)

The 30-share BSE Sensex fell 478.41 points to 76,139.03 in morning trade

Asian markets slide, Sensex falls 478 pts, Nifty down 117 pts after US tariff announcement

Sensex, Nifty Drop as Trump Tariffs Rattle Markets

Asian markets slide, Sensex falls 478 pts, Nifty down 117 pts after US tariff announcement

April 3, 2025 | 11:02 IST