Synopsis
On April 4, Indian frontline indices opened lower due to a global sell-off in equity markets, a reaction to the reciprocal tariffs imposed by US President Trump. The Sensex and Nifty both fell significantly, with various sectors experiencing declines. Market analysts suggest immediate resistance levels for Nifty.Key Takeaways
- Indian indices opened lower due to global market reactions.
- Sensex and Nifty both showed significant declines.
- Midcap and small-cap sectors faced heavy selling pressure.
- Foreign institutional investors continued selling while domestic investors bought.
- Immediate resistance levels for Nifty are at 23,350 and 23,600.
Mumbai, April 4 (NationPress) The Indian benchmark indices commenced trading lower on Friday due to a global sell-off in equity markets triggered by the reciprocal tariffs announced by US President Donald Trump.
As of 9:23 am, the Sensex had decreased by 544 points, representing a 0.71 percent drop at 75,750, while the Nifty was down by 194 points or 0.82 percent at 23,059.
Midcap and small-cap stocks faced significant selling pressure in the early session. The Nifty midcap 100 index fell by 669 points or 1.34 percent to reach 51,464, and the Nifty small 100 index dropped by 253 points or 1.56 percent to 16,001.
Sector-wise, the auto, IT, PSU bank, pharma, FMCG, metal, realty, and energy sectors were the primary underperformers, with only the finance services sector showing gains.
Within the Sensex constituents, HDFC Bank, Bajaj Finance, Bharti Airtel, and M&M emerged as top gainers. Conversely, Tata Motors, Tata Steel, L&T, IndusInd Bank, Maruti Suzuki, Reliance Industries, Sun Pharma, Infosys, and Tech Mahindra were the biggest losers.
The announcement of Trump tariffs caused global markets to react negatively overnight, which was reflected in the gap-down opening indicated by the Gift Nifty.
Most Asian markets showed selling trends, with Tokyo, Bangkok, and Seoul all trading in the red.
The US markets experienced a massive sell-off on Thursday following the tariff announcement, with the Dow closing down nearly 4 percent and the technology index Nasdaq falling by almost 6 percent.
Institutionally, foreign institutional investors (FIIs) continued their selling streak for the fourth consecutive session on April 3, offloading equities worth Rs 2,806 crore. In contrast, domestic institutional investors (DIIs) remained net buyers for the fifth consecutive day, acquiring equities worth Rs 221.47 crore.
Market analysts indicate that immediate resistance levels for Nifty are seen at 23,350 and 23,600. A breakout beyond these thresholds could potentially lead to a continuation of the uptrend, targeting the 200 DSMA in the range of 24,000–24,100. While the index may remain within a range in the near term, there are better opportunities in stock-specific trades, and traders are advised to focus on individual stocks for potential gains,” stated Sameet Chavan, Head Research, Technical and Derivative - Angel One.
