Stock Market LIVE: India’s benchmark indices fell sharply on Monday, with concerns over a global trade war and growing recession fears in the US also sparking a stock market rout on Wall Street and in other Asian markets. The GIFT Nifty futures were trading at 22,089 as of 7:55 am IST, indicating that the blue-chip Nifty 50 will open about 3.6% lower than Friday’s close of 22,904.45.
Asian shares nosedived on Monday after the meltdown Friday on Wall Street over Donald Trump’s tariff hikes and the backlash from Beijing. All major sectors ended in negative territory, with Nifty Metal sinking 8% and Nifty IT sliding over 7%. Nifty Auto, Realty, and Oil & Gas each fell by more than 5%. In the broader market, the small-cap index dropped 10%, while the mid-cap index declined 7.3%.
Japan’s Nikkei fell by 7.8 per cent to lows previously seen only in late 2023, while South Korea’s KOSPI Index lost 4.6 per cent. Meanwhile, Hong Kong’s Hang Seng index and the Taiwanese benchmark TAIEX sank by 10 per cent.
Indian Equities Lose 3.5%
Sensex crashed 3, 939.68 points to 71,425.01 in early trade as trading resumed at 9 am after the weekend holidays. Nifty tumbled 1,160.8 points to 21,743.65 during this period. Sensex, a pack of India’s top 30 companies listed on the Bombay Stock Exchange, was down over 2,500 points at 9:35 am. Nifty, the National Stock Exchange index, is just above the 22,000 mark.
Donald Trump’s “reciprocal” tariffs came into effect on April 2, with a 10 per cent baseline tax declared on imports from all countries, as well as higher rates for many nations which run trade surpluses with the US.
Among them, a 34 percent tax is now charged on imports from China, a 20 percent tax on imports from the European Union, 25 percent on South Korea, 24 percent on Japan, and 32 percent on Taiwan.
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