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Indian stock markets witnessed a sharp fall on Monday morning amid concerns over the US imposing reciprocal tariffs starting April 9. The Nifty 50 and Sensex opened deep in the red, trading lower by 3.85% and 4.16%, respectively, in early hours.
All sectoral indices suffered losses, with IT and metal stocks hit the hardest — both sectors declining around 7%. The BSE Midcap and Smallcap indices also slumped nearly 6% each in early trade.
Major laggards on the Nifty included Tata Steel, JSW Steel, Tata Motors, and ONGC, as the market reacted sharply to global cues. However, some recovery was seen after the initial panic, as selective buying emerged.
GIFT Nifty Indicates Bearish Sentiment
Experts pointed out that the equity markets were expected to open on a weak note, as reflected in the GIFT Nifty, which was hovering around 22,090 in early trade — down 867 points from the previous close.
“This indicates a cautious sentiment among investors, largely driven by weak global cues and the lack of strong domestic triggers. In the absence of local catalysts, market participants are likely to take cues from global market trends, crude oil prices, and institutional flows for further direction,” analysts noted.
Technical Outlook: Bearish Patterns Emerge
On the charts, the Nifty 50 formed a bearish candle on the daily timeframe, suggesting selling pressure near crucial resistance zones.
Immediate support levels for intraday trading are seen at 22,400 and 22,000. These levels have historically acted as zones of stability and could offer potential reversal points if supported by favorable price action. On the upside, resistance is placed at 23,000, with further hurdles at 23,100 and 23,400.
Bank Nifty Mirrors Weakness
Bank Nifty also formed a bearish candle on the daily chart, reflecting increased selling activity. The index followed broader market cues and showed signs of weakness throughout early trade.
FIIs Continue Selling Spree, DIIs Also Turn Sellers
Foreign institutional investors (FIIs) remained net sellers for the fifth consecutive session on April 4, offloading equities worth ₹3,483 crore.
Domestic institutional investors (DIIs), who had supported the market over the past five sessions, also turned sellers, offloading ₹1,720 crore worth of equities on the same day.
(With IANS Inputs)
