Mumbai (Maharashtra) [India], April 7 (ANI): The Indian markets followed the path of the global bloodbath in stock indices, and both the indices of India opened with heavy selling pressure.
The Nifty 50 index tanked 5 per cent in the opening, marking one of the highest falls since COVID during opening, and opened at 21,758.40 points with a decline of 1,146.05 points or -5 per cent.
Meanwhile, the BSE Sensex was down by 5.29 per cent, opening with a decline of 3,984.80 points or 5.29 per cent, at 71,379.8.
Experts stated that the need of the hour is a reform package by the government to help the markets navigate this global selloff amid Trump’s announcements.
Ajay Bagga Banking and Market Expert told ANI “India will face the heat, not due to domestic reasons, but as an interlinked chain in the global portfolio flows. India will need a fiscal, monetary and reform package to protect the domestic economy from this global economic winter that is threatening to settle in. The consequences of an Economic-Nuclear policy which has announced the highest tariffs of a century on all trading partners are now coming home to roost”.
He further added “Taking the cue from the USD 5.4 trillion 2-day meltdown in the US markets, we are seeing unprecedented selling in Asian markets, with Taiwan which was closed on Thursday and Friday seeing a 20 per cent down day and Hong Kong seeing a 10 per cent cut and then some recovery”.
The experts also noted that the economic situation needs a rollback by the Trump administration, either as a postponement of the reciprocal tariffs or as some reduction. However, Trump Administration officials have stated that they see the tariffs being in place for the next few weeks/months.
In the other Asian markets Japan’s Nikkei 225 index dropped sharply by 5.79 per cent. Hong Kong’s Hang Seng index followed with a steep fall of around 10 per cent. Taiwan’s Taiwan Weighted Index also saw a major slide, losing 9.61 per cent in early trade.
South Korea’s KOSPI index was down by 4.14 per cent, while China’s Shanghai Composite fell by 6.5 per cent at the time of filing this report.
Australia’s benchmark index S&P/ASX 200 also registered a decline of 3.82 per cent, indicating that the sell-off was not limited to major manufacturing economies alone but had spread across the Asia-Pacific region.
“Nifty 50 did not perform well and remained down, showing a strong bearish trend in the sector. A big red candle indicated the dominance of sellers in the sector, potentially pushing the price to a lower low. Currently, the price has broken one support level and is hovering towards the second. A breakdown below this support would confirm the continuation of the downtrend in the sector” said Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services.
The impact of Trump’s tariff announcement was also visible in the American markets. Futures of the US stock index Dow Jones were down by 2.22 per cent, suggesting a negative start for the US markets as well.
The price of Brent crude also declined to 52-week low and trading at USD 63.97 at the time of filing this report. (ANI)
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