Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, crashed in trade on Tuesday. While BSE Sensex gave up the 77,000 level, Nifty50 went below 23,350. At 10:44 AM, BSE Sensex was trading at 76,543.53, down 871 points or 1.13%. Nifty50 was at 23,320.40, down 199 points or 0.85%.
Indian benchmark indices declined on Tuesday with banking and IT sectors leading the downturn, as markets awaited Donald Trump’s forthcoming tariff announcement.
Within the Sensex components, technology firms including Infosys, TCS, and HCL Tech registered losses. Bajaj Finance, HDFC Bank, Bajaj Finserv, and Titan showed negative performance, whilst IndusInd Bank, M&M, Power Grid, Bharti Airtel, and NTPC advanced.
Hindustan Aeronautics Ltd (HAL) shares increased by 7.5% following their Rs 62,700-crore agreement with the Ministry of Defence to supply 156 Made-in-India Light Combat Helicopters (LCH) Prachand to the Indian Army and Air Force.
HBL Engineering shares rose 9.2% after securing Rs 762.56-crore contracts from Central Railway for Kavach implementation.
“Globally markets are focused on the details of Trump’s reciprocal tariffs to be announced tomorrow. The market trends after the announcements will depend on the details of the tariffs and how they will impact different countries and sectors,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
“India outperformed most markets in March with 6.3% return. FIIs turning buyers and the consequent short covering contributed to the rally,” Vijayakumar said.
Hardik Matalia, Derivative analyst at Choice Broking, said, “After a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,100. On the higher side, 23,550 can be an immediate resistance, followed by 23,650 and 23,800.”
Foreign institutional investors (FIIs) remained net sellers on March 28, offloading equities worth Rs 4352 crore. Domestic institutional investors (DIIs) maintained their buying position for the second consecutive day, acquiring equities worth Rs 7646 crore.
Oil prices increased approximately 2% to a five-week peak on Monday due to concerns about supply reductions if U.S. President Donald Trump implements additional tariffs on Russia and potentially takes action against Iran.
Brent futures increased by $1.11, or 1.5%, closing at $74.74 per barrel, while U.S. West Texas Intermediate crude advanced by $2.12, or 3.1%, settling at $71.48.
The Indian rupee weakened by 32 paise to 85.47 against the US dollar in early trading. The dollar index, measuring the US currency against six major global currencies, reduced by 0.14% to 104.04.
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