New Delhi [India], April 1 (ANI): Indian stocks faced heavy selling pressure on Tuesday’s opening as both indices fell amid the April 2 tariff threat.
The Nifty 50 index declined 178 points, or 0.76 per cent, to open at 23,341.10, while the BSE Sensex opened at 76,878.59, with a decline of 536.33 points, or 0.69 per cent.
Experts stated that the Trump tariff announcement on April 2 is the major event now. However, the markets have discounted the impact, but the reality will seem worse initially and then improve as concessions and exclusions are announced.
Ajay Bagga, a Banking and Market Expert, told ANI, “For now, the consensus view is that 15 per cent to 20 per cent tariffs on all countries will be announced on April 2nd, and then the process of negotiating exclusions will begin. The markets will remain on edge, but any of three outcomes- Postponement of universal tariffs, lesser quantum of tariffs or wider exclusions- will see a sharp market rebound. We would stay cautious given the event-heavy next few days and would advise traders to keep position sizes small and stop losses tight.
He further added, “US markets had a dismal Q1, but the key question facing the markets is how much of the Trump Tariff impact is already baked in. We feel that markets globally have overestimated the Trump Tariff impact, and the reality will seem worse and then improve as concessions and exclusions are announced.”
Among sectoral indices on the National Stock Exchange, Nifty IT stocks faced the highest selling pressure, with the IT index declining more than 1.4 per cent. Nifty Media surged 0.98 per cent, while Nifty Auto gained 0.49 per cent. Other sectors largely opened flat or under pressure during the opening session.
In the Nifty 50 index, top gainers included Trent, which surged more than 4 per cent, while ONGC, Hero Moto, and IndusInd Bank also gained. The top losers included Infosys, TCS, and Shriram Finance.
Akshay Chinchalkar, Head of Research, Axis Securities, “The Nifty’s ongoing retreat from last week’s highs is increasingly looking like a dip within a larger advance. This is because, so far, the last gap-up area of 23402 continues to remain protected. Additionally, the index is also getting support from a flattening 100-day average at current levels. So tactically, as long as we don’t breach the 23275 – 23402 zone, the 23869 swing high will remain the first upside target.”
In other Asian markets, stocks recovered on Tuesday. Japan’s Nikkei 225 was up by 0.58 per cent, Hong Kong’s Hang Seng surged 1 per cent, Taiwan Weighted gained more than 2 per cent, and South Korea’s KOSPI index also gained more than 1.95 per cent. (ANI)
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