The domestic key equity indices closed on a negative note breaking ranks with the global markets. The markets cracked majorly on US President Donald Trump’s reciprocal tariff uncertainty, which is to be kicked in from Wednesday, April 02. It was more of a nervous sell-off by investors ahead of Trump’s ‘Liberation Day’ rather than a stock market crash, said Sunil Jain, Vice President at Elara Capital.
The NSE Nifty 50 lost 354 points or 1.50% to settle at 23,165,70, while the BSE Sensex declined 1,390 points or 1.80% to finish at 76,024.51.
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Nifty IT and Realty were the major losers among the sectoral indices, falling 2.45% and 3.11%, respectively, in Tuesday’s trade.
The Nifty Bank fell 737 points or 1.43% to close at 50,827.50. In line with the benchmarks, the BSE Midcap dipped 1.04% to close at 41,099.88.
Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a negative note. The volatility index India VIX shot up 8.37% to the 13.78 level.
However, the overall market breadth remained in favour of bulls as out of 2,994 stocks traded, 1,955 advanced and 960 declined. HCL Technologies (3.6%) was the major loser in the Nifty 50, followed by BEL (3.47%), Bajaj Finserv (3.26%), HDFC Bank (3.19%), and Hindalco (2.78%). Meanwhile, IndusInd Bank, Trent, Jio Financial Services, Bajaj Auto, and Hero MotoCorp were the top gainers in the weak market.
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“Market participants are closely monitoring the ongoing tariff talks and their sectoral impact, leading to profit-booking following the recent rebound. Additionally, the Nifty index, which had been consolidating, has slipped below its range and breached the moving average ribbon support at 23,400. The next crucial support lies around 23,100 (20 DEMA), and a breakdown below this level could further dampen sentiment, whereas holding above it may pave the way for a recovery,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
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