Mumbai, April 7 (IANS) The Indian stock markets crashed on Monday morning over fears of US reciprocal tariffs set to come into force from April 9. The Nifty 50 and Sensex were trading 3.85 per cent and 4.16 per cent down, respectively, in early trade.
All the sectoral indices were trading in the red with IT and metal down 7 per cent each. BSE Midcap and smallcap indices were down 6 per cent each in early trade..
Tata Steel, JSW Steel, Tata Motors and ONGC were among major losers on the Nifty.
However, there was some recovery seen after the mayhem at the opening bell as buying returned.
According to experts, equity markets were expected to open on a bearish note today, as suggested by the GIFT Nifty, which hovered around 22,090 in early trades — reflecting a significant decline of 867 points.
“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,” said experts.
On the technical front, the Nifty 50 has formed a bearish candle on the daily chart, signaling selling pressure at key resistance levels.
“Immediate support is seen at 22,400 and 22,000 for intraday trading, as the index has historically shown stability around these zones. These levels could potentially act as reversal points, offering buying opportunities if supported by favourable price action. On the upside, 23,000 acts as the immediate resistance level. A sustained move above this mark could pave the way for further upside toward 23,100 and 23,400,” experts noted.
Similarly, the Bank Nifty also displayed a bearish candle on the daily chart, indicating heightened selling interest.
In terms of institutional activity, foreign institutional investors (FIIs) remained net sellers for the fifth consecutive session on April 4, offloading equities worth Rs 3,483 crore.
Meanwhile, domestic institutional investors (DIIs), who had been net buyers over the past five sessions, turned sellers and offloaded equities worth Rs 1,720 crore on the same day.
—IANS
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